Corporate Social Responsibility Information Disclosure and Financial Performance: Is Green Technology Innovation a Missing Link?

Liang Li (), Yanghong Wang, Huaping Sun, Huihui Shen and Yuen Lin
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Liang Li: Research Institute for Environmental and Health, Nanjing University of Information Science and Technology, Nanjing 210044, China
Yanghong Wang: School of Business, Nanjing University of Information Science and Technology, Nanjing 210044, China
Huaping Sun: School of Economics and Management, University of Science and Technology Beijing, Beijing 100083, China
Huihui Shen: Financial Department, Jiangsu University, Zhenjiang 212013, China
Yuen Lin: Quantitative Economy Research Center, Jilin University, Changchun 130012, China

Sustainability, 2023, vol. 15, issue 15, 1-18

Abstract: Corporate social responsibility information disclosure integrates environmental and social practices to achieve sustainable development. Some studies have pointed out that promoting green technology innovation is essential for energy-intensive firms. Therefore, exploring the relationship between energy-intensive environmental information disclosure and green technology innovation and financial performance is essential. According to the generalized least squares with fixed model analysis results based on energy-intensive industry firms, the research findings are as follows: firstly, the disclosure information of corporate social responsibility has a significant effect on enterprises’ ROA. Secondly, there is a positive relationship between the shareholder responsibility score and employee responsibility score of information disclosure with financial performance. Thirdly, there is a significant positive correlation between the environmental responsibility score of CSR information disclosure with green technology innovation. Fourthly, green innovation is mediating in energy-intensive enterprises’ CSR information disclosure and financial performance. Lastly, combined with the theoretical and findings, we put forward the management implications and policy suggestions.

Keywords: energy-intensive enterprise; CSR; information disclosure; green technology innovation; financial performance (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2023
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