The Impact of ESG Performance on Corporate Innovation Performance: A Study Based on Listed Manufacturing Companies in China
DOI:
https://doi.org/10.54097/crb6ve24Keywords:
ESG, Corporate Innovation, Manufacturing.Abstract
In recent years, with the increasing awareness of sustainable development, the environmental, social, and governance (ESG) performance of enterprises has gradually attracted widespread attention from investors and has had a continuous impact on the long-term operation of enterprises. Based on stakeholder theory and signal transmission theory, this paper analyzes the impact and mechanism of ESG performance on innovation in manufacturing enterprises. Using data from 2,380 A-share listed manufacturing companies from 2009 to 2024. the study finds that the improvement of ESG performance has a significant positive impact on innovation in manufacturing enterprises; and this promoting effect is more pronounced in enterprises with larger scale. Further mechanism analysis reveals that ESG performance primarily promotes innovation in manufacturing enterprises through mechanisms such as alleviating financing constraints, increasing attention from securities analysts, and increasing government subsidies.
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