ESG disclosure and technological innovation capabilities of the Chinese listed companies

Lifeng Chen, Muhammad usman Khurram, Yuying Gao, Mohammad Zoynul Abedin and Brian Lucey

Research in International Business and Finance, 2023, vol. 65, issue C

Abstract: The main objective of this study is to explore how ESG disclosure effectively promotes technological innovation capabilities (TIC) and also in different industries (green vs. high-tech). Further, examine the role of financing constraint (FC) in the relationship between the ESG disclosure and TIC. We employed the panel regression model, Causal step approach, Bootstrap mediation effect test, 2SLS, and GMM model. We used Bloomberg’s ESG disclosure score of China’s A-share listed companies from 2011 to 2019 (1); we found that the ESG disclosure has a significant relationship with corporate innovation indicators (OTI, STI, NSTI) and play a significant role in promoting TIC at different levels of corporate innovation (2) ESG disclosure of non-green (high-tech) industry is more effectively promote TIC than green (non-high tech) industry (3) ESG disclosure can promote corporate innovation by reducing the level of corporate financing constraints, and FC has a partial intermediary role between ESG and TIC.

Keywords: Environmental, Social and Governance (ESG) disclosures; Technological Innovation Capabilities (TIC); Green and High-tech industries; Financing Constraints (FC); Chinese listed companies (search for similar items in EconPapers)
JEL-codes: G18 G30 O30 O32 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (19)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:riibaf:v:65:y:2023:i:c:s0275531923001009

DOI: 10.1016/j.ribaf.2023.101974

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