Does ESG Information Disclosure Improve Green Innovation in Manufacturing Enterprises?
Abstract
:1. Introduction
2. Literature Review and Research Hypotheses
2.1. ESG and Corporate Green Innovation
2.2. Government Environmental Attention and Corporate Green Innovation
3. Research Design
3.1. Model Design
3.2. Variable Measures
- (1)
- Explained variables
- (2)
- Explanatory variables
- (3)
- Regulating variable
- (4)
- Control variables
3.3. Data Sources and Descriptive Statistics
4. Empirical Results
4.1. Baseline Regression
4.2. Moderation Effect Test of Government Environmental Attention
5. Robustness Tests
5.1. Substitution of Explained Variables
5.2. Analyzing Corporate Green Innovation Data for the Next Two Periods
5.3. Adjusting the Regression Sample
5.4. Endogeneity Tests
6. Heterogeneity Analysis
6.1. Regional Heterogeneity Analysis
6.2. Analysis Based on Confucian Culture
7. Further Research and Discussion
7.1. Financing Constraints
7.2. Agency Costs
8. Conclusions and Implications
8.1. Conclusions
8.2. Implications
8.3. Limitations
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
References
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Variable Name | Variable Symbol | Variable Definition | |
---|---|---|---|
Enterprise level Control variable | company size | Natural Logarithm of Revenue | |
leverage | Proportion of total obligations to overall assets | ||
profitability | Net earnings to total assets ratio | ||
ownership concentration | Sum of Holdings Ratio by Top Five Shareholders | ||
cash holdings | Cash and cash equivalents as a percentage of total assets | ||
asset structure | Fixed assets to total assets proportion | ||
the proportion of independent directors | Proportion of Independent Directors | ||
Macro level Control variable | government regulatory capacity | Natural Logarithm of Scientific and Technological Expenditure in Each Region | |
human capital level | Natural Logarithm of the Average Wage of Urban Employees in Each Region |
Variables | Observations | Mean | SD | Min | Max |
---|---|---|---|---|---|
10,967 | 0.459 | 0.823 | 0 | 3.638 | |
10,967 | 0.158 | 0.365 | 0 | 1 | |
10,967 | 0.017 | 0.003 | 0.010 | 0.027 | |
10,967 | 21.64 | 1.390 | 18.42 | 25.40 | |
10,967 | 0.411 | 0.193 | 0.062 | 0.929 | |
10,967 | 0.033 | 0.072 | −0.323 | 0.200 | |
10,967 | 0.504 | 0.143 | 0.198 | 0.844 | |
10,967 | 0.163 | 0.106 | 0.019 | 0.556 | |
10,967 | 0.227 | 0.136 | 0.015 | 0.627 | |
10,967 | 3.581 | 0.521 | 0 | 4.151 | |
10,967 | 14.68 | 1.004 | 11.76 | 16.27 | |
10,967 | 11.25 | 0.409 | 10.35 | 12.06 |
Variables | (1) | (2) | (3) | (4) | (5) |
---|---|---|---|---|---|
Patent | Patent | Patent | Patent | Patent | |
0.484 *** | 0.220 *** | 0.205 *** | 0.220 *** | 0.722 ** | |
(23.176) | (9.161) | (8.336) | (9.170) | (2.032) | |
0.757 | |||||
(0.906) | |||||
−0.082 | |||||
(−0.918) | |||||
0.233 * | |||||
(1.932) | |||||
−0.077 *** | |||||
(−2.820) | |||||
0.155 *** | 0.137 *** | 0.155 *** | 0.155 *** | ||
(19.867) | (18.134) | (19.867) | (19.852) | ||
0.223 *** | 0.412 *** | 0.222 *** | 0.222 *** | ||
(4.640) | (8.346) | (4.622) | (4.616) | ||
−0.163 | −0.118 | −0.165 | −0.162 | ||
(−1.429) | (−0.981) | (−1.442) | (−1.417) | ||
−0.233 *** | −0.064 | −0.233 *** | −0.233 *** | ||
(−4.213) | (−1.197) | (−4.213) | (−4.207) | ||
−0.027 | 0.131 * | −0.028 | −0.025 | ||
(−0.368) | (1.719) | (−0.377) | (−0.349) | ||
−0.132 ** | −0.303 *** | −0.132 ** | −0.130 ** | ||
(−2.089) | (−5.165) | (−2.091) | (−2.059) | ||
0.015 | 0.009 | 0.015 | 0.015 | ||
(1.055) | (0.612) | (1.048) | (1.082) | ||
0.120 *** | 0.020 | 0.027 | |||
(11.872) | (0.382) | (0.505) | |||
−0.192 *** | −0.076 | −0.084 | |||
(−7.689) | (−0.684) | (−0.750) | |||
0.383 *** | −2.912 *** | −2.261 *** | −2.345 * | −4.098 * | |
(50.143) | (−17.693) | (−8.672) | (−1.882) | (−1.708) | |
Time, Industry, and Regional fixed | Yes | Yes | No | Yes | Yes |
10,967 | 10,967 | 10,967 | 10,967 | 10,967 | |
0.249 | 0.293 | 0.124 | 0.293 | 0.294 |
Variables | ||||
---|---|---|---|---|
(1) | (2) | (3) | (4) | |
0.176 *** | 0.139 *** | 0.267 *** | 0.126 *** | |
(7.565) | (9.427) | (8.919) | (2.614) | |
Controls | Yes | Yes | Yes | Yes |
−1.798 | −0.962 | −1.333 | 3.838 | |
(−1.486) | (−1.254) | (−0.901) | (1.643) | |
Time-fixed Time, Industry, and Regional fixed | Yes | Yes | Yes | Yes |
10,967 | 10,967 | 7808 | 2061 | |
0.260 | 0.173 | 0.300 | 0.343 |
Variables | ||
---|---|---|
(1) | (2) | |
0.980 *** | ||
(9.32) | ||
fundnumber | 0.009 *** | |
(25.52) | ||
Controls | Yes | Yes |
Kleibergen–Paap rk LM statistic | 625.86 (P: 0.000) | |
Kleibergen–Paap Wald rk F | 651.50 | |
Time, Industry, and Regional fixed | Yes | |
10,462 | ||
0.016 |
Variables | Eastern | Central | Western | The “Strong” Confucian Culture Group | The “Weak” Confucian Culture Group |
---|---|---|---|---|---|
(1) | (2) | (3) | (4) | (5) | |
0.250 *** | 0.162 *** | 0.084 | 0.249 *** | 0.163 *** | |
(8.167) | (3.079) | (1.501) | (8.255) | (4.106) | |
Controls | Yes | Yes | Yes | Yes | Yes |
−3.299 * | −3.022 | −0.276 | 0.300 | −4.034 *** | |
(−1.714) | (−1.423) | (−0.102) | (0.152) | (−2.611) | |
Time, Industry, and Regional fixed | Yes | Yes | Yes | Yes | Yes |
Formation coefficient difference test p-value | 0.070 | ||||
7360 | 2021 | 1586 | 7216 | 3751 | |
0.302 | 0.410 | 0.447 | 0.306 | 0.381 |
Variables | Financing Constraints | Agency costs | ||
---|---|---|---|---|
(1) | (2) | (3) | (4) | |
−0.198 *** | −0.160 *** | −0.027 *** | −0.011 *** | |
(−19.071) | (−15.619) | (−15.958) | (−6.514) | |
Controls | No | Yes | No | Yes |
−0.804 *** | −1.742 *** | 0.092 *** | 0.326 *** | |
(−212.135) | (−2.914) | (151.639) | (3.446) | |
Time, Industry, and Regional fixed | Yes | Yes | Yes | Yes |
10,967 | 10,967 | 10,967 | 10,967 | |
0.219 | 0.303 | 0.273 | 0.371 |
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Wang, D.; Wang, T. Does ESG Information Disclosure Improve Green Innovation in Manufacturing Enterprises? Sustainability 2025, 17, 2413. https://doi.org/10.3390/su17062413
Wang D, Wang T. Does ESG Information Disclosure Improve Green Innovation in Manufacturing Enterprises? Sustainability. 2025; 17(6):2413. https://doi.org/10.3390/su17062413
Chicago/Turabian StyleWang, Danni, and Tingwei Wang. 2025. "Does ESG Information Disclosure Improve Green Innovation in Manufacturing Enterprises?" Sustainability 17, no. 6: 2413. https://doi.org/10.3390/su17062413
APA StyleWang, D., & Wang, T. (2025). Does ESG Information Disclosure Improve Green Innovation in Manufacturing Enterprises? Sustainability, 17(6), 2413. https://doi.org/10.3390/su17062413