摘要
Abstract
With the implementation of the green development concept,the influence of corporate ESG(envi-ronmental,social,and governance)ratings is increasing.Implementing ESG governance can bind corporate environmental and social responsibilities to corporate profits,which is conducive to shifting corporate goals from profit maximization to sustainable development and promoting energy technology innovation.Therefore,it is of great significance to investigate the impact of ESG on energy technology innovation for Chinese enterprises to break free from"low-end locking"that relies on traditional energy and actively practice the strategic goals of carbon peaking and carbon neutrality("dual carbon"goals).
This paper takes A-share listed companies in Shanghai and Shenzhen from 2010 to 2019 as samples to investigate the impact of ESG performance on corporate energy innovation.It uses the dynamic fixed effect model to conduct benchmark regression to distinguish whether ESG acts as a burden or empowerment for energy technology innovation.In addition,this paper reviews three mechanisms of ESG on energy technology innovation and conducts heterogeneity analysis.
The findings reveal that corporate ESG performance can promote energy technology innovation and expedite enterprises'transition towards high-end,intelligent,and sustainable development.This conclusion is still robust after replacing explained and core explanatory variables and narrowing the sample interval.This paper unifies corporate ESG and energy technology innovation into a framework,proposing that ESG performance mainly promotes energy technology innovation by increasing R&D investment,reducing agency costs,and easing financing constraints.Heterogeneity analysis shows that the promotion of ESG performance on energy technology innovation is most evident in state-owned and private enterprises rather than in foreign enterprises,and it is more evident in non-high-tech enterprises and heavily polluting enterprises than in high-tech enterprises and non-heavily polluting enterprises.In addition,the impact is also significant in the innovation of waste management and energy conservation.
The contribution of this paper lies in the following.First,it extends the impact analysis of ESG to the field of energy technology innovation and identifies whether ESG promotes or hinders energy technology innovation.Against the background of comprehensive green transformation of China's economic and social development,this paper provides a literature reference for the impact of corporate ESG on energy technology innovation.Second,from the perspective of third-party rating agencies,this paper discusses the driving effect of informal incentives on enterprises'technological innovation,providing new empirical evidence for empowering energy technology innovation.Third,this paper systematically constructs the mechanism framework for corporate ESG to promote energy technology innovation,proposes and verifies the three mechanisms,and reveals the promotion effect of corporate ESG in state-owned enterprises,non-high-tech enterprises,and heavily polluting enterprises.关键词
ESG/能源技术创新/企业研发投入/代理成本/融资约束Key words
ESG/energy technology innovation/corporate R&D investment/agency cost/financing constraint分类
管理科学
