Does ESG Information Disclosure Improve Green Innovation in Manufacturing Enterprises?

Danni Wang and Tingwei Wang ()
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Danni Wang: College of Economics and Finance, Huaqiao University, Quanzhou 362021, China
Tingwei Wang: College of Economics and Finance, Huaqiao University, Quanzhou 362021, China

Sustainability, 2025, vol. 17, issue 6, 1-17

Abstract: Based on the data of Chinese A-share manufacturing firms from 2015 to 2021, this paper employs the multiple regression method to explore the relationship between ESG information disclosure and corporate green innovation, while also examining the impact of local government environmental attention on this relationship. The results indicate that: (1) ESG information disclosure significantly promotes corporate green innovation, particularly in the eastern and central regions of China, as well as areas with a strong Confucian cultural background; (2) Alleviating financing constraints and reducing agency costs are important channels through which ESG information disclosure influences corporate green innovation; and (3) Local government environmental attention exhibits an “inverted U-shaped” regulating effect on the relationship between ESG disclosure and corporate green innovation.

Keywords: ESG information disclosure; corporate green innovation; government environmental attention; financing constraints; agency costs (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2025
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