Corporate Social-Responsibility Information Disclosure, Patient Capital, and Corporate Green Transformation

Abstract

Enterprise green transformation is a strategic response to emerging development concepts and high-quality growth, as well as a key approach to achieving symbiotic integration between firms and their social environment. Using a sample of Chinese A-share listed companies from 2008 to 2023, this paper examines the relationship between corporate social responsibility (CSR) disclosure and green transformation. It further explores the underlying mechanisms, focusing on the role of patient capital as an external governance mechanism within the green governance environment. Empirical results show that CSR disclosure significantly promotes corporate green transformation. Mechanism tests reveal that this effect operates through two channels: alleviating agency costs and easing financing constraints, with patient capital playing a positive moderating role. Additional analyses indicate that the promoting effect of CSR disclosure on green transformation is particularly pronounced in competitive and polluting industries.

1. Introduction

The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China emphasized the need to accelerate the comprehensive green transformation of economic and social development. The session identified the reduction of carbon emissions and the pursuit of carbon neutrality as pivotal objectives. It was further asserted that efforts must be made to promote carbon reduction, pollution reduction, green expansion and growth, the establishment of a robust ecological security framework, and the enhancement of the momentum of green development. In the context of comprehensive green transformation, the fundamentals of the impact of China’s “double carbon” goals on economic and social development will continue to expand, and the requirements for enterprises to transform in a green manner will become increasingly stringent [1]. The economic and social development of China has invariably been grounded in the notion of sustainable development [2]. It is evident that documents such as the action plan for reaching the carbon peak by 2030 and the decision of the CPC Central Committee on further comprehensively deepening reform and promoting Chinese-style modernization have clearly put forward policy requirements for promoting the construction of a green, low-carbon, circular development economic system. Furthermore, it is apparent that these documents are intended to accelerate the comprehensive green transformation of economic and social development. In addition, it is clear that they are designed to give full play to the supporting and leading role of scientific and technological innovation, and to provide overall policy guidance for enterprises’ green transformation [3]. When the comprehensive green transformation strategy with the “double carbon” goal as the core is implemented at the enterprise level, it follows that enterprise innovation must possess the dual characteristics of green and sustainable. Enterprises’ green transformation activities represent the fundamental impetus for the establishment of a market-oriented green innovation system. These measures are imperative in facilitating the transition from conventional development models to ones that are characterized by sustainability, efficiency, intensification, and quality. Furthermore, enterprises can be promoted to enhance their comprehensive competitiveness and market adaptability, align with consumers’ escalating green consumption preferences, and facilitate the sustainable development of enterprises [4].

However, enterprises’ guarantees of green transformation will face many obstacles, such as the uncertainty of long-term R&D investment, the insufficient cumulative effect of green technology, high investment, high risk, and long-term characteristics of technological innovation. This also reflects the gap between external institutional pressure and the internal response mechanism of enterprises. As the level of public participation rises, corporate social responsibility information disclosure has emerged as a signal mechanism that connects external institutional pressure, public opinion pressure, and internal resource reconstruction [5]. This development has resulted in the gradual emergence of corporate social responsibility information disclosure as an important factor affecting the sustainability of green innovation [6]. From a micro perspective, corporate social responsibility, as a long-term and well-developed non-financial information, has a signaling effect, which can reduce the degree of information asymmetry between enterprises and external stakeholders, and also strengthen the supervisory role of stakeholders such as patient capital. The advent of financial technology and the maturation of investor ideas have rendered patient capital, a capital form that focuses on long-term value creation and has strong risk tolerance, an increasingly significant force in supporting enterprise innovation and green transformation [7]. Investors of patient capital characteristically evince a heightened sense of social responsibility. Their investment strategy is not solely focused on the short-term financial returns of enterprises; rather, it is characterized by a holistic consideration of enterprises’ long-term development potential, their environmental and social governance (ESG) performance, and their societal contribution. Consequently, enterprises that can successfully communicate their commitment to long-term sustainable development to external investors through enhanced CSR (Corporate Social Responsibility) information disclosure can establish a reliable source of funding and management support for their green investment initiatives [8]. This paper sets out a series of questions for consideration, namely: first, how can the external market governance mechanism of enterprises be fully leveraged? Secondly, how can enterprises be encouraged to actively carry out green transformation? The present study seeks to explore the role that CSR information disclosure plays in this context, and the underlying mechanism by which it does so. The issue has been addressed in a limited number of publications. Consequently, from the perspective of informal environmental regulation, the present study investigates the effect and mechanism of CSR information disclosure on green transformation.

The potential innovations of this paper are as follows: firstly, from a theoretical standpoint, the paper integrates corporate social responsibility (CSR) information disclosure and corporate green development within a unified analytical framework. It proposes that the disclosure of CSR information enhances the external information environment of enterprises, facilitating their connection with the market and providing a compatible market-based governance mechanism for their green transformation and development. The market incentive mechanism and external supervision mechanism have been established to encourage and force enterprises to carry out green transformation. The relevant literature on corporate social responsibility information disclosure has been enriched, and theoretical reference and policy enlightenment have been provided for the construction of a market-oriented green development system. Secondly, from the perspective of informal environmental regulation, this paper further expands the research on the influencing factors of enterprise green transformation. The extant literature primarily examines the impact of formal national policies or environmental regulations on enterprises’ green transformation. The present paper puts forward and substantiates the proposition that CSR disclosure has a promotive effect on enterprises’ green transformation by mitigating financing constraints and enhancing agency conflicts. This, in turn, serves to elucidate the mechanism by which informal environmental regulations impact enterprises’ green transformation, thus providing a basis for the optimization and adjustment of extant green development policies.

2. Literature Review and Research Hypothesis

2.1. Impact Effect Analysis

According to the principles of modern enterprise theory, the fundamental nature of an enterprise is defined by a series of contracts established between the proprietors of diverse factors of production (stakeholders) [9] The existence of uncertainty, information asymmetry, human bounded rationality and high transaction costs lead to the incompleteness of the enterprise contract [10,11], resulting in moral hazard and adverse selection [9]. The solution to adverse selection and moral hazard is twofold: firstly, the collection of exhaustive information, and secondly, the alleviation of information asymmetry. In accordance with the principles of signaling theory, the disclosure of corporate social responsibility (CSR) information by enterprises conveys to the external market their performance in terms of environment, social responsibility, and corporate governance. Furthermore, it also conveys the business philosophy of the company’s green development. The study’s findings indicate that the implementation of this framework leads to enhanced transparency in the realm of corporate information disclosure, encompassing all dimensions. This, in turn, serves to mitigate the existing information asymmetry between enterprises and their stakeholders [12]. The promotion of informal environmental regulation by stakeholders external to government provides an incentive-compatible market-based governance mechanism for the green transformation of enterprises.

On the one hand, CSR disclosure serves to promote the market incentive mechanism, thereby encouraging enterprises to engage in proactive green transformation. In the context of the capital market, the gradual enhancement of corporate social responsibility (CSR) information disclosure has the potential to engender heightened information transparency within the market, thereby mitigating the issue of adverse selection and enhancing the efficiency of resource allocation. In the credit market, creditors of financial institutions and enterprises have the capacity to screen out enterprises and green projects with good performance in green and sustainable development through corporate social responsibility information, and to offer preferential green credit. This process serves to alleviate financing constraints of enterprises and to provide a resource basis for the green transformation of enterprises [13]. In the context of the product market, consumers have been observed to demonstrate a greater propensity to procure green products and to incur a higher premium. This has been shown to have a motivating effect on enterprises, encouraging them to adopt green technology, to engage in green production, and to offer a wider range of green products and services. Moreover, CSR disclosure has been demonstrated to be capable of mitigating the information asymmetry between enterprises and stakeholders, thereby reducing external friction and transaction costs, and in turn reducing business risks [14]. This, in turn, is expected to engender a more stable business environment for enterprises undergoing a green transformation. The governance mechanisms from the external market provide enterprises with an impetus for internal green development, and enterprises are driven to actively carry out green transformation. Conversely, CSR disclosure has the potential to encourage the development of stakeholder monitoring mechanisms and compel enterprises to undertake a green transformation [15]. CSR disclosure serves as a conduit between enterprises and the market. It has been demonstrated that such disclosure can alleviate information asymmetries between enterprises and stakeholders, reduce the cost of stakeholder supervision of enterprises, and enhance stakeholder enthusiasm for supervision. In instances where the production and operation of enterprises result in significant environmental pollution, thereby adversely impacting the interests of stakeholders, the timely disclosure of corporate social responsibility information serves to reflect the risks associated with such enterprises and ensure that these risks are communicated to the relevant stakeholders [16]. In the interest of safeguarding their own rights and interests, stakeholders of enterprises either directly assume the role of a supervisory and restraining mechanism or exert strong public opinion pressure, compelling enterprises to carry out green transformation.

2.2. Corporate Social Responsibility Information Disclosure and Green Transformation

Primarily, the objective is to alleviate financing constraints. The process of enterprises transitioning towards a green economic model necessitates substantial capital investment, frequently requiring external financing support. Information asymmetry plays a pivotal role in the complexity and cost of enterprise financing. It has been demonstrated that this leads to an enhancement in the transparency of enterprise information, thereby assisting investors and financial institutions in the identification of green projects and the identification of green investment risks [17]. It is furthermore directly affecting financing constraints of enterprises. CSR disclosure has been demonstrated to assist green enterprises in reducing financing costs. The provision of corporate social responsibility information to investors has been demonstrated to engender a more equitable distribution of information between enterprises and investors, thereby mitigating the information asymmetries that are often present in such relationships [18]. This, in turn, has been shown to reduce the required rate of return for investors, thus decreasing the financing costs incurred by enterprises. The second is to alleviate the agency problem. The company’s operators may be affected by factors such as performance, share price, public opinion, and risk. It has been demonstrated that operators tend to focus on the company’s current performance, opt for the second-best short-term investment projects, and forsake long-term projects with higher risks [19,20]. Such myopic conduct on the part of management can readily result in diminished investment efficiency and R&D expenditure, which in turn can precipitate impaired future performance and diminished competitiveness of enterprises [21]. The green transformation of enterprises is a long-term investment for the sustainable development of enterprises. However, this will result in increased governance and management costs in the short term, thereby creating an internal disincentive for managers [22]. CSR disclosure has been demonstrated to engender a reduction in the information asymmetry between managers and shareholders, as well as other stakeholders. Furthermore, it has been shown to enhance the transparency of the enterprise, thereby reducing the supervision cost of shareholders and stakeholders. The disclosure of such information has been demonstrated to be conducive to the role of both shareholders’ and stakeholders’ supervision mechanisms, as well as external market governance mechanisms. The effective supervision and restriction of management behavior that results from CSR disclosure has been shown to be an effective method of avoiding short-sighted management behavior. In addition, the disclosure of such information has been demonstrated to reduce principal-agent cost and to force management to carry out a green transformation, thereby enhancing the competitiveness and sustainable development ability of the enterprise [23].

In view of this, the present paper puts forward the following hypothesis:

H1. 

Corporate social responsibility information disclosure can promote the green transformation of enterprises.

2.3. Corporate Social Responsibility, Patient Capital and Green Transformation

Institutional economics provides a fundamental research framework for explaining the series of behaviors of economic and social subjects. That is to say, within a specific field, the behavior of any subject is limited to a specific institutional framework, which is affected by formal and informal systems in the organizational field. In essence, the organizational institutionalism theory follows the institutional analysis framework, but it emphasizes the legitimacy function of the system, that is, the effective adjustment of the behavior of enterprises through the triple legitimacy pressure of regulation, regulation, and cognition [24]. In the course of their operations, organizations are obliged to respond to the external institutional environment by implementing corresponding organizational strategies. These strategies must take into account the pressure of regulation and the regulation imposed by the formal system, as well as the cognitive pressure of the informal institutional environment [25].

As a significant external supervisor of enterprises, patient capital interacts with corporate social responsibility information disclosure to collectively alleviate financing constraints and agency problems, and has become a pivotal governance tool for enterprises’ green transformation. Patient capital investors and enterprises form a long-term interest community, and their return on investment is contingent on the continuous value creation of the invested enterprises. Consequently, patient capital possesses the advantage of stronger motivation to participate. On the one hand, patience capital, as a professional investor, can be responsible for collecting, integrating, and processing information from multiple data sources. It can also accurately and reliably interpret the disclosed social responsibility information. Furthermore, it can transmit information to the market through market trading behavior and social relationship networks. In doing so, it can ensure the efficiency and reliability of information transmission. The result of this is that it can alleviate the information friction between capital markets. Conversely, the concept of patient capital has the capacity to influence external governance and supervision. The utilization of patient capital is evidenced to have a multifaceted impact on corporate social responsibility (CSR) disclosure practices. Not only does it verify and supervise the disclosed information, but it also has the capacity to reduce agency costs for enterprises, inhibit self-interest behavior among management, and enhance the credibility of CSR information. In accordance with the principles of sustainable development, CSR disclosure has been demonstrated to facilitate the green transformation of enterprises. Concurrently, patient capital will enhance the reliability of corporate social responsibility information, establish signal consistency, and foster stakeholders’ recognition of corporate social responsibility information. This, in turn, will improve corporate reputation and brand effect, thereby promoting the green transformation of enterprises in an effective manner [26].

In conclusion, the utilization of patient capital as a conduit for information transmission and a supervisory mechanism for governance engenders a conducive environment for the effective dissemination of corporate social responsibility information. Consequently, this enhances the correlation between corporate social responsibility information disclosure and corporate green transformation. Consequently, the following hypothesis is proposed:

H2. 

The relationship between patient capital’s corporate social responsibility information disclosure and green transformation has a positive moderating effect.

3. Research Design

3.1. Sample Selection

The initial sample of this study includes non-financial companies listed in the A-share market from 2008 to 2023. Further refine the sample through the following steps: (1) exclude st, st*, PT, and other abnormal listed firms; (2) firms that voluntarily disclose CSR information are excluded, and only firms that are obliged to disclose (experimental group) and companies that are not disclosed (control group) are considered; (3) except for firms with missing financial data.

3.2. Model Design and Indicator Selection

This paper examines the impact of corporate social responsibility (CSR) on the green transformation of enterprises, and constructs the following benchmark regression model:

$${GT}_{i,t+1}={\beta }_0+{\beta }_1{CSR}_{i,t}+\delta {CV}_{i,t}+{\mu }_i+{\gamma }_t+{\epsilon }_{i,t}$$

(1)

Among them, GT is the green transformation of enterprises, CSR represents CSR disclosure, including the virtual variable of social responsibility information disclosure (CSRDIS) and the quality of social responsibility information (CSRQUA), and ${CV}_{i,t}$ is a series of control variables. In addition, this paper also controls for the fixed effect of industry and year.

3.3. Variable Measurement and Data Sources

3.3.1. Green Transformation (GT)

According to the ‘12th Five-Year Plan’, environmental protection legislation, technical guidelines for assessing the environmental behavior of enterprises, the white paper on green manufacturing standardization, and Made in China 2025, among other policy documents, this study selected 113 keywords for enterprise green transformation from five areas: advocacy, strategic ideas, technological innovation, pollution control, and monitoring management. The frequency of each keyword in the annual reports of listed companies was then counted to determine the frequency of green transformation. The natural logarithm of this plus 1 is used to describe the green transformation of enterprises.

3.3.2. Fulfillment of Corporate Social Responsibility (CSR)

The virtual variable for social responsibility information disclosure (CSR) is 1 when an enterprise discloses social responsibility information in the current year and 0 otherwise.

As for the quality of social responsibility information (CSRQUA), the social responsibility behavior itself involves multiple dimensions, and the social responsibility information is mostly reported in text form. This makes it difficult to quantify and results in a lack of a unified and authoritative method to measure its quality within the academic community. According to stakeholder theory, corporate social responsibility is defined in terms of ‘the relationship between enterprises and stakeholders’. When the interests of stakeholders are met, enterprises assume social responsibility. Therefore, the quality of social responsibility information disclosed by an enterprise is mainly evaluated based on whether the enterprise has disclosed its social responsibility performance to stakeholders, and whether the information is true and reliable. This study selects twelve aspects from the ‘basic information table of social responsibility reports of listed companies’ in the social responsibility research sub-database of the Guotai’an database as the basic standard to measure the quality of corporate social responsibility information. These 12 aspects include almost all aspects of corporate social responsibility to stakeholders and measure the authenticity and standardization of information disclosure. In this study, the criteria for these 12 aspects are assigned a value between 0 and 1. For example, disclosing stakeholder information is assigned a value of 1; otherwise, it is assigned a value of 0. The assigned value is 1 if checked by a third party; otherwise, it is 0.

Then, the 12 standard scores of each company are aggregated, and the score range is between 0 and 12. To make the data more convenient for research, it is divided by 12 to standardize the value, and the measurement index of social responsibility information quality (CSRQUA) is obtained. The larger the index, the higher the quality of social responsibility information.

3.3.3. Patient Capital (Invest)

This paper uses the overall shareholding ratio of institutional investors (INVH) to measure their overall shareholding level [15]. The institutional investor stability index (Invest) is then calculated as the ratio of the investor shareholding ratio of company I in year t to the standard deviation of its shareholding ratio over the previous three years. The greater the investment, the higher the stability of institutional investors over time.

$${\mathrm{I}\mathrm{n}\mathrm{v}\mathrm{e}\mathrm{s}\mathrm{t}}_{i,t}{\displaystyle \frac{{\mathrm{I}\mathrm{N}\mathrm{V}\mathrm{H}}_{i,t}}{STD({\mathrm{I}\mathrm{N}\mathrm{V}\mathrm{H}}_{i,t-1}{,\mathrm{I}\mathrm{N}\mathrm{V}\mathrm{H}}_{i,t-2},{\mathrm{I}\mathrm{N}\mathrm{V}\mathrm{H}}_{i,t-3})}}$$

(2)

3.3.4. Control Variables (CVs)

Select the following seven control variables at the enterprise level: First, asset scale, measured by the natural logarithm of the total assets at the end of the year. Second: return on assets, measured by the ratio of the year-end net profit to the average balance of total assets. Third: cash flow ratio, measured by the ratio of net cash flow from operating activities to total assets. Fourth: growth, measured by the growth rate of operating income. Fifth: equity concentration, measured by the shareholding ratio of the previous top ten shareholders. Sixth: nature of property rights, a virtual variable indicating whether or not the enterprise is state-owned (the value of state-owned enterprises is 1, and the value of other enterprises is 0). Seventh: listing period, measured by the natural logarithm of the difference between the year of listing and the year of listing plus one. Definitions of all variables are shown in Table 1.

Table 1. Acronym list.

Acronym	Full Form
CSR	Fulfillment of corporate social responsibility
CSRQA	Quality of social responsibility information
Invest	Patient capital
Size	The natural logarithm of the total assets at the end of the year
ROE	Return on assets
CashFlow	Cash flow ratio
Growth	The growth rate of operating income
Top10	The shareholding ratio of the previous top ten shareholders
SOE	Nature of property rights
Age	By the natural logarithm of the listing period

4. Empirical Result Analysis

4.1. Statistical Description Results

The descriptive statistical results for the primary variables in the model are presented in Table 2. The mean value for the green transformation score is 1.902, with a standard deviation of 0.873. This finding suggests that the green transformation level of the sample enterprises is, on the whole, low and subject to considerable variation. The mean value for the quality of information disclosed pertaining to corporate social responsibility is 0.433, with a standard deviation of 0.268. This finding aligns with the statistical outcomes reported in extant literature [20]. In the context of the control variables, the mean enterprise size is estimated to be approximately 22.242, with a maximum and minimum value of 26.395 and 19.505, respectively. This finding suggests that the sample encompasses enterprises of diverse sizes. The mean enterprise return on total assets is approximately 0.048, with other variables also falling within an acceptable range.

Table 2. Summary statistics.

VarName	Obs	Mean	SD	Min	Median	Max
GT	32,790	1.902	0.873	0.000	1.946	4.007
CSRQUA	32,790	0.433	0.268	0.000	0.500	0.833
CSRD	32,790	0.831	0.375	0.000	1.000	1.000
Size	32,790	22.187	1.294	19.951	21.999	26.207
ROE	32,790	0.048	0.159	−1.104	0.063	0.354
CashFlow	32,790	0.047	0.071	−0.177	0.046	0.250
Growth	32,790	0.165	0.437	−0.630	0.097	2.745
Top10	32,790	0.556	0.152	0.217	0.559	0.906
SOE	32,790	0.419	0.493	0.000	0.000	1.000
Age	32,790	2.413	0.584	1.099	2.485	3.497

4.2. Benchmark Regression

This paper examines the specific impact of corporate social responsibility information disclosure on corporate green transformation. First, estimate according to model (1). Table 3 reports the regression results of corporate social responsibility information disclosure on green innovation and total factor productivity. All regression analyses controlled for the firm and year fixed effects and used the cluster standard error at the firm level. From columns (1) and (3) of the regression results in Table 1, it can be seen that the regression coefficients of CSRD and csrqua are significantly positive, indicating that corporate social responsibility information disclosure can significantly promote the green transformation of enterprises. Columns (2) and (4) of the regression results further showed that the regression coefficients for CSRD and CSRQUA were still significantly positive after adding a series of control variables. This verifies research hypothesis 1, corporate social responsibility information disclosure has a significant positive role in promoting the green transformation of enterprises.

Table 3. Benchmark regression results.

	(1)	(2)	(3)	(4)
	${\mathit{G}\mathit{T}}_{\mathit{t}+1}$	${\mathit{G}\mathit{T}}_{\mathit{t}+1}$	${\mathit{G}\mathit{T}}_{\mathit{t}+1}$	${\mathit{G}\mathit{T}}_{\mathit{t}+1}$
CSRD	0.0595 ***		0.0486 ***
	(36.753)		(29.331)
CSRQUA		0.6470 ***		0.5305 ***
		(39.376)		(31.161)
Size			0.0813 ***	0.0772 ***
			(23.399)	(22.110)
ROE			0.0497 *	0.0446
			(1.807)	(1.623)
CashFlow			−0.0905	−0.0964
			(−1.474)	(−1.572)
Growth			0.0402 ***	0.0407 ***
			(4.199)	(4.257)
Top10			0.0448	0.0333
			(1.499)	(1.114)
SOE			0.0474 ***	0.0445 ***
			(4.879)	(4.587)
Age			−0.0533 ***	−0.0557 ***
			(−6.276)	(−6.570)
Constant	1.6315 ***	1.6217 ***	1.1299 ***	1.1672 ***
	(194.205)	(198.104)	(33.438)	(34.628)
Firm FE	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes
N	32,790	32,790	32,790	32,790
R2	0.293	0.297	0.309	0.311

Note: ***, **, and * indicate significance at the 1%, 5%, and 10% levels, respectively. The same applies to the following tables.

Among the control variables, first of all, the size of enterprises is significantly positive, indicating that large-scale enterprises have a higher degree of green transformation, because green transformation is a high-risk and high-investment activity, and large-scale enterprises are more powerful in carrying out green transformation. Secondly, the coefficient of the year-on-year growth rate of operating income is significantly positive in the regression of total factor productivity, indicating that the total factor productivity of enterprises with high operating income is higher.

4.3. Moderation Analysis

CSR disclosure has been demonstrated to promote the green transformation of enterprises. Furthermore, the relationship between patient capital and the aforementioned disclosure is more obvious. As illustrated in Table 4, the regulatory function of patient capital is reported. The regression coefficients for CSR × Invest and CSRQUA × Invest are significantly positive, irrespective of whether the control variable is added, thereby indicating that patient capital positively regulates the promotion of corporate social responsibility information disclosure in corporate green transformation. This serves to verify the robustness of the regression results.

Table 4. Regression results of the regulatory effect.

	(1)	(2)	(3)	(4)
	${\mathit{G}\mathit{T}}_{\mathit{t}+1}$	${\mathit{G}\mathit{T}}_{\mathit{t}+1}$	${\mathit{G}\mathit{T}}_{\mathit{t}+1}$	${\mathit{G}\mathit{T}}_{\mathit{t}+1}$
CSRD $\times$ Invest	0.0175 ***		0.0119 ***
	(4.370)		(2.991)
CSRQUA $\times$ Invest		0.1594 ***		0.1071 ***
		(3.990)		(2.696)
CSR	0.0565 ***		0.0467 ***
	(32.373)		(26.377)
CSRQUA		0.6179 ***		0.5121 ***
		(34.752)		(28.135)
Invest	−0.0565 ***	−0.0525 ***	−0.0399 **	−0.0354 **
	(−3.056)	(−2.896)	(−2.167)	(−1.963)
Size			0.0810 ***	0.0769 ***
			(23.274)	(21.986)
ROE			0.0495 *	0.0446
			(1.796)	(1.621)
CashFlow			−0.0895	−0.0955
			(−1.457)	(−1.557)
Growth			0.0395 ***	0.0399 ***
			(4.109)	(4.162)
Top10			0.0352	0.0248
			(1.161)	(0.819)
SOE			0.0459 ***	0.0433 ***
			(4.708)	(4.444)
ListAge			−0.0554 ***	−0.0573 ***
			(−6.401)	(−6.640)
Constant	1.6407 ***	1.6307 ***	1.1491 ***	1.1842 ***
	(183.760)	(187.067)	(33.460)	(34.572)
Firm FE	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes
N	32,772	32,772	32,772	32,772
R2	0.294	0.298	0.309	0.311

4.4. Robustness Test

The initial step in the process is to alter the sample interval. The advent of the new coronavirus epidemic at the close of 2019 exerted a considerable influence on the global economy, exerting a marked negative effect on market participants. In order to circumvent the potential ramifications of the new crown epidemic on the green transformation of enterprises, this paper omits the samples from 2020 and once again explores the impact of corporate social responsibility information disclosure on the green transformation of enterprises. The regression results are reported in columns (1) and (2) of Table 4. Following the exclusion of the 2020 Sample, the regression coefficients for csrd and csrqua were found to be significantly positive at the 1% level. This finding indicates that CSR disclosure can indeed promote the green transformation of enterprises.

The second step in the process is to replace the explained variable. Excluding errors in the measurement of variables, this study employs the concept of green transformation, with the words of green transformation being deducted from the industry and annual median to measure the green transformation of enterprises (GT2). As illustrated in columns (3) and (4) of Table 5, the empirical results subsequent to re-measurement demonstrate the continued validity of the initial results.

Table 5. Robustness tests.

	(1)	(2)	(3)	(4)
	${\mathit{G}\mathit{T}}_{\mathit{t}+1}$	${\mathit{G}\mathit{T}}_{\mathit{t}+1}$	${\mathit{G}\mathit{T}2}_{\mathit{t}+1}$	${\mathit{G}\mathit{T}2}_{\mathit{t}+1}$
CSR	0.0595 ***		0.0599 ***
	(35.472)		(37.109)
CSRQUA		0.5335 ***		0.5350 ***
		(30.170)		(31.520)
Size		0.0762 ***		0.0762 ***
		(20.800)		(21.896)
ROE		0.0335		0.0504 *
		(1.140)		(1.840)
CashFlow		−0.0745		−0.0782
		(−1.165)		(−1.279)
Growth		0.0417 ***		0.0416 ***
		(4.199)		(4.366)
Top10		0.0279		0.0337
		(0.891)		(1.133)
SOE		0.0492 ***		0.0429 ***
		(4.833)		(4.438)
ListAge		−0.0712 ***		−0.0518 ***
		(−7.901)		(−6.131)
Constant	1.6017 ***	1.1800 ***	−0.2851 ***	−0.7522 ***
	(186.042)	(33.075)	(−34.045)	(−22.387)
Firm FE	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes
N	29,705	29,705	32,790	32,790
R2	0.292	0.310	0.043	0.067

This paper adopts green total factor productivity (GTFP) and the number of green patents (GRD) as dependent variables for robustness testing. The regression results, as shown in Table 6, remain robust.

Table 6. Regression results of dependent variable substitution.

	(1)	(2)	(3)	(4)
	GTFP	GTFP	GRD	GRD
CSR	0.0180 ***		0.0136 ***
	(7.506)		(6.537)
CSRQUA		0.2624 ***		0.2010 ***
		(10.622)		(9.392)
Size	0.3410 ***	0.3361 ***	0.2752 ***	0.2714 ***
	(67.700)	(66.393)	(63.083)	(61.878)
ROE	0.2753 ***	0.2676 ***	0.1525 ***	0.1465 ***
	(6.902)	(6.714)	(4.416)	(4.242)
CashFlow	−1.1047 ***	−1.1121 ***	−0.9346 ***	−0.9403 ***
	(−12.407)	(−12.499)	(−12.119)	(−12.201)
Growth	0.0638 ***	0.0652 ***	0.0295 **	0.0306 **
	(4.594)	(4.701)	(2.452)	(2.548)
Top10	−0.1471 ***	−0.1539 ***	−0.1171 ***	−0.1224 ***
	(−3.392)	(−3.552)	(−3.119)	(−3.261)
SOE	0.1380 ***	0.1360 ***	0.1072 ***	0.1057 ***
	(9.792)	(9.656)	(8.788)	(8.665)
ListAge	−0.0058	−0.0068	−0.0109	−0.0116
	(−0.475)	(−0.551)	(−1.024)	(−1.091)
_cons	−1.7735 ***	−1.7601 ***	−1.4258 ***	−1.4157 ***
	(−36.203)	(−35.990)	(−33.604)	(−33.417)
N	32,790	32,790	32,790	32,790
R2	0.269	0.270	0.258	0.259

In order to alleviate the endogenous problem caused by missing variables varying over time, the instrumental variable method is employed for the purpose of conducting a robustness test. The present study employs the industry average (IV) of CSRQUA as the designated tool variable. On the one hand, the industry average of csrqua is closely related to explanatory variables, which is consistent with the correlation hypothesis. Conversely, the industry average of csrqua does not correlate with the green transformation of enterprises, thereby supporting the exogenous hypothesis.

Concurrently, column (1) in Table 7 reveals that CSR disclosure exerts an influence on the industry group. The dissemination of corporate social responsibility information within a given industry has been demonstrated to be a significant factor in prompting imitation by other enterprises. Moreover, the Kleibergen Park LM Test rejected the original hypothesis of insufficient identification of instrumental variables at the significance level of 1%. Furthermore, the statistic of the Kleibergen Park Wald F test is larger than the critical value of the Stock Yogo test at the level of 10%. As demonstrated in Table 7, the regression findings of the second stage indicate that the coefficient associated with the industry average of CSRQUA and the green transformation of enterprises is 0.356, which is significantly positive at the 5% level. This outcome substantiates the robustness of the research conclusion presented in this paper, particularly in the context of endogeneity.

Table 7. Regression results of the instrumental variable method.

	(1)	(2)
	CSRQUA	FGT
IV	1.017 ***
	(18.11)
CSRQUA		0.356**
		(2.00)
Size	0.051 ***	0.122 ***
	(46.33)	(12.61)
ROE	0.089 ***	0.123 ***
	(10.08)	(3.77)
CashFlow	0.082 ***	−0.027
	(4.15)	(−0.41)
Growth	−0.018 ***	0.024 **
	(−5.69)	(2.26)
Top10	0.041 ***	0.068 **
	(4.27)	(2.13)
SOE	0.014 ***	0.057 ***
	(4.47)	(5.49)
ListAge	0.002	−0.055 ***
	(0.57)	(−6.25)
Firm FE	Yes	Yes
Year FE	Yes	Yes
N	32,790	32,790
Kleibergen–Paap rk LM statistic		464.67 ***
Kleibergen–Paap rk Wald F statistic		704.18
Anderson–Rubin Wald test		136.59 ***

5. Mechanism Analysis

The empirical evidence obtained from this test demonstrated that CSR disclosure by enterprises promotes their green transformation. The following section will present a theoretical analysis of the mechanism, exploring its implications from the perspectives of financing constraints and the role of agency issues in promoting the green transformation of enterprises.

5.1. Corporate Social Responsibility Information Disclosure and Financing Constraints

The present study explores the relationship between corporate social responsibility (CSR) information disclosure and financing constraints. It is hypothesized that CSR information disclosure can alleviate information asymmetries between enterprises and external investors, thereby solving financing constraints experienced by enterprises. This disclosure can provide financial support for the green transformation of enterprises. Therefore, the present study elects to utilize the SA index as a metric for the purpose of evaluating the constraints imposed on financing. As demonstrated in columns (2) and (5) of Table 6, the regression coefficients of CSR and CSRQUA are significantly negative, indicating that CSR disclosure can serve to reduce corporate financing constraints. Concurrently, columns (3) and (6) of Table 8 demonstrate that the regression coefficient of the SA index is significantly negative, suggesting that financing constraints may impede the green transformation of enterprises. This outcome indicates that the intermediary effect regression result is significant, that is, corporate social responsibility information disclosure can promote the green transformation of enterprises by alleviating corporate financing constraints.

Table 8. Test of the intermediary effect of financing constraints.

	(1)	(2)	(3)	(4)	(5)	(6)
	${\mathit{G}\mathit{T}}_{\mathit{t}+1}$	SA	${\mathit{G}\mathit{T}}_{\mathit{t}+1}$	${\mathit{G}\mathit{T}}_{\mathit{t}+1}$	SA	${\mathit{G}\mathit{T}}_{\mathit{t}+1}$
SA			−0.3615 ***			−0.3533 ***
			(−16.842)			(−16.476)
CSRD	0.0486 ***	−0.0041 ***	0.0471 ***
	(29.331)	(−9.556)	(28.242)
CSRQUA				0.5305 ***	−0.0505 ***	0.5124 ***
				(31.161)	(−11.328)	(29.888)
Size	0.0813 ***	−0.1123 ***	0.0420 ***	0.0772 ***	−0.1117 ***	0.0389 ***
	(23.399)	(−123.607)	(9.894)	(22.110)	(−122.240)	(9.166)
ROE	0.0497 *	0.2864 ***	0.1467 ***	0.0446	0.2873 ***	0.1395 ***
	(1.807)	(39.812)	(5.178)	(1.623)	(39.953)	(4.932)
CashFlow	−0.0905	0.1578 ***	−0.0378	−0.0964	0.1587 ***	−0.0451
	(−1.474)	(9.797)	(−0.610)	(−1.572)	(9.861)	(−0.729)
Growth	0.0402 ***	−0.0369 ***	0.0300 ***	0.0407 ***	−0.0371 ***	0.0307 ***
	(4.199)	(−14.609)	(3.073)	(4.257)	(−14.672)	(3.152)
Top10	0.0448	−0.1257 ***	−0.0092	0.0333	−0.1245 ***	−0.0195
	(1.499)	(−16.059)	(−0.306)	(1.114)	(−15.912)	(−0.646)
SOE	0.0474 ***	−0.0184 ***	0.0408 ***	0.0445 ***	−0.0181 ***	0.0381 ***
	(4.879)	(−7.243)	(4.175)	(4.587)	(−7.117)	(3.906)
ListAge	−0.0533 ***	−0.1080 ***	−0.0933 ***	−0.0557 ***	−0.1078 ***	−0.0947 ***
	(−6.276)	(−48.656)	(−10.558)	(−6.570)	(−48.595)	(−10.735)
Constant	1.1299 ***	1.6308 ***	1.7203 ***	1.1672 ***	1.6276 ***	1.7436 ***
	(33.438)	(184.655)	(35.287)	(34.628)	(184.563)	(35.858)
Firm FE	Yes	Yes	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes	Yes	Yes
N	32,790	32,095	32,095	32,790	32,095	32,095
R2	0.309	0.517	0.317	0.311	0.517	0.319

The empirical results are consistent with the expectation that financing constraints and management myopia serve as mediating channels, but it should be acknowledged that these findings are based on correlational mediation tests and should not be interpreted as strict causal mediation evidence.

5.2. Corporate Social Responsibility Information Disclosure and Agency

CSR disclosure has been demonstrated to have the capacity to alleviate the agency problem faced by enterprises, thus promoting the green transformation of said enterprises. The present study employs the concept of management shortsightedness as a metric to assess the agency problem. A total of 43 words that are characterized by a ‘short-term horizon’ are selected, including such phrases as ‘within days’, ‘months’, and ‘as soon as possible’. The dictionary method is utilized to calculate the percentage of the total word frequency of these words in the total word frequency of md&a (myopia) [20]. This is employed as a metric to measure the shortsightedness of enterprise management. As demonstrated in columns (2) and (5) of Table 9, the regression coefficients of CSR and CSRQUA are significantly negative, indicating that CSR disclosure can reduce corporate agency problems. Concurrently, columns (3) and (6) of Table 6 demonstrate that the regression coefficient for myopia is significantly negative, signifying that the agency problem will impede the green transformation of enterprises. This outcome indicates that the intermediary effect regression result is significant, that is, corporate social responsibility information disclosure can promote the green transformation of enterprises by alleviating the agency problem. It should be acknowledged that these findings are based on correlational mediation tests and should not be interpreted as strict causal mediation evidence.

Table 9. Agency cost mediation effect test.

	(1)	(2)	(3)	(4)	(5)	(6)
	${\mathit{G}\mathit{T}}_{\mathit{t}+1}$	Myopia	${\mathit{G}\mathit{T}}_{\mathit{t}+1}$	FGT	Myopia	${\mathit{G}\mathit{T}}_{\mathit{t}+1}$
Myopia			−0.7085 ***			−0.7133 ***
			(−12.172)			(−12.277)
CSRD	0.0486 ***	−0.0012 ***	0.0478 ***
	(29.331)	(−7.837)	(28.853)
CSRQUA				0.5305 ***	−0.0111 ***	0.5228 ***
				(31.161)	(−6.883)	(30.750)
Size	0.0813 ***	−0.0135 ***	0.0717 ***	0.0772 ***	−0.0135 ***	0.0675 ***
	(23.399)	(−41.115)	(20.179)	(22.110)	(−40.896)	(18.916)
ROE	0.0497 *	−0.0624 ***	0.0052	0.0446	−0.0625 ***	−0.0002
	(1.807)	(−23.950)	(0.189)	(1.623)	(−23.969)	(−0.008)
CashFlow	−0.0905	−0.0414 ***	−0.1197 *	−0.0964	−0.0414 ***	−0.1258 **
	(−1.474)	(−7.104)	(−1.951)	(−1.572)	(−7.107)	(−2.053)
Growth	0.0402 ***	−0.0216 ***	0.0247 **	0.0407 ***	−0.0216 ***	0.0252 ***
	(4.199)	(−23.820)	(2.565)	(4.257)	(−23.781)	(2.613)
Top10	0.0448	−0.0188 ***	0.0324	0.0333	−0.0186 ***	0.0208
	(1.499)	(−6.645)	(1.083)	(1.114)	(−6.570)	(0.697)
SOE	0.0474 ***	−0.0118 ***	0.0389 ***	0.0445 ***	−0.0118 ***	0.0359 ***
	(4.879)	(−12.843)	(3.996)	(4.587)	(−12.794)	(3.700)
ListAge	−0.0533 ***	0.0041 ***	−0.0503 ***	−0.0557 ***	0.0041 ***	−0.0527 ***
	(−6.276)	(5.054)	(−5.938)	(−6.570)	(5.127)	(−6.225)
Constant	1.1299 ***	0.2134 ***	1.2802 ***	1.1672 ***	0.2125 ***	1.3179 ***
	(33.438)	(66.650)	(35.620)	(34.628)	(66.392)	(36.778)
Firm FE	Yes	Yes	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes	Yes	Yes
N	32,790	32,780	32,780	32,790	32,780	32,780
R2	0.309	0.270	0.312	0.311	0.270	0.314

6. Heterogeneity Analysis

6.1. Corporate Social Responsibility Information Disclosure, Industry Attributes, and Corporate Green Transformation

In order to guide the flow of funds to enterprises that prioritize resource efficiency and environmental sustainability, the state has issued a series of green credit and financial policies in recent years. These policies have yielded positive outcomes, as evidenced by the substantial increase in financing costs experienced by heavily polluting enterprises [19]. In this case, it is important to consider whether heavy-polluting enterprises will attract investors and financial institutions, and whether they will promote the green transformation of enterprises by strengthening corporate social responsibility information disclosure. Moreover, following the acquisition of substantial financial resources, green enterprises may not engage in substantial green innovation, leading to a phenomenon of “green drift” [22]. In order to analyze the heterogeneous impact of industry attributes, this paper divides the sample into heavy polluting enterprises (HPI = 1) and other enterprises (HPI = 0) for a grouping test. It is evident that the regression coefficients of CSRD and CSRQUA are more significant in the heavy pollution enterprise industry, indicating that corporate social responsibility information disclosure plays a greater role in promoting the green transformation of heavy pollution enterprises (Table 10).

Table 10. Grouping regression of pollution industries.

	(1)	(2)	(3)	(4)
	HPI = 1	HPI = 0	HPI = 1	HPI = 0
	${\mathit{G}\mathit{T}}_{\mathit{t}+1}$	${\mathit{G}\mathit{T}}_{\mathit{t}+1}$	${\mathit{G}\mathit{T}}_{\mathit{t}+1}$	${\mathit{G}\mathit{T}}_{\mathit{t}+1}$
CSRD	0.0482 ***	0.0475 ***
	(14.778)	(25.669)
CSRQUA			0.5187 ***	0.5149 ***
			(15.667)	(26.989)
Size	0.1320 ***	0.0671 ***	0.1287 ***	0.0631 ***
	(17.937)	(17.621)	(17.438)	(16.480)
ROE	0.2182 ***	0.0486	0.2123 ***	0.0447
	(3.856)	(1.592)	(3.758)	(1.467)
CashFlow	0.1233	−0.3122 ***	0.1176	−0.3166 ***
	(0.964)	(−4.617)	(0.921)	(−4.689)
Growth	0.0774 ***	0.0251 **	0.0776 ***	0.0256 **
	(3.872)	(2.385)	(3.890)	(2.437)
Top10	0.2412 ***	−0.0303	0.2286 ***	−0.0411
	(4.101)	(−0.906)	(3.892)	(−1.230)
SOE	0.1208 ***	−0.0063	0.1187 ***	−0.0093
	(6.138)	(−0.585)	(6.040)	(−0.859)
ListAge	−0.0402 **	−0.0850 ***	−0.0407 **	−0.0876 ***
	(−2.316)	(−9.045)	(−2.346)	(−9.334)
Constant	0.8665 ***	1.2880 ***	0.8933 ***	1.3268 ***
	(12.686)	(34.222)	(13.108)	(35.336)
Firm FE	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes
P	0.001 ***		0.002 ***
N	7728	25062	7728	25062
R2	0.321	0.309	0.323	0.311

6.2. Corporate Social Responsibility Information Disclosure, Market Competition, and Corporate Green Transformation

In the context of corporate social responsibility information disclosure, market competition, and corporate green transformation, enterprises in a monopoly position have been shown to have strong bargaining power and to obtain excess profits by controlling prices, resulting in innovation inertia [3]. Conversely, enterprises operating within competitive industries typically exhibit diminished profit margins. Consequently, these enterprises are more likely to garner support from a broader range of stakeholders through the dissemination of information pertaining to their corporate social responsibility, a practice that is precipitated by the competitive pressures exerted by the market. Moreover, in the face of high pollution costs, enterprises in competitive industries are more motivated to carry out green innovation to reduce pollution costs and enhance competitive advantages. In order to verify this conclusion, the present paper employs the Herfindahl Index (HHI) in order to measure the degree of market competition. As HHI values increase, enterprises encounter a reduced degree of market competition [15]. In order to analyze the heterogeneous impact of industry attributes, the samples were divided into two groups: competitive enterprises (HHI = 1) and non-competitive enterprises (HHI = 0). This division was made according to the annual median of HHI. It is evident that the regression coefficients of csrd and csrqua are more significant in competitive industries, indicating that corporate social responsibility information disclosure plays a greater role in promoting the green transformation of enterprises facing fierce market competition (Table 11).

Table 11. Grouping regression of competitive industries.

	(1)	(2)	(3)	(4)
	HHI = 1	HHI = 0	HHI = 1	HHI = 0
	FGT	FGT	FGT	FGT
CSR	0.0498 ***	0.0473 ***
	(22.257)	(19.135)
CSRQUA			0.5433 ***	0.5168 ***
			(23.549)	(20.442)
Size	0.0847 ***	0.0795 ***	0.0803 ***	0.0756 ***
	(16.265)	(16.702)	(15.364)	(15.797)
ROE	0.0356	0.0645	0.0303	0.0598
	(0.949)	(1.581)	(0.809)	(1.467)
CashFlow	0.0818	−0.2818 ***	0.0675	−0.2800 ***
	(0.947)	(−3.211)	(0.782)	(−3.195)
Growth	0.0432 ***	0.0387 ***	0.0438 ***	0.0392 ***
	(3.100)	(2.920)	(3.152)	(2.957)
Top10	0.1329 ***	−0.0558	0.1229 ***	−0.0690
	(3.232)	(−1.274)	(2.993)	(−1.578)
SOE	0.0285 **	0.0648 ***	0.0255 *	0.0619 ***
	(2.102)	(4.610)	(1.890)	(4.408)
ListAge	−0.0379 ***	−0.0687 ***	−0.0400 ***	−0.0714 ***
	(−3.260)	(−5.299)	(−3.446)	(−5.523)
Constant	1.0275 ***	1.2278 ***	1.0657 ***	1.2648 ***
	(22.282)	(23.509)	(23.149)	(24.301)
Firm FE	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes
P	0.001 ***		0.002 ***
N	18,063	14,727	18,063	14,727
R2	0.245	0.374	0.247	0.376

7. Discussion

Firstly, this paper integrates corporate social responsibility, information disclosure, and corporate green transformation into a unified analytical framework, thereby expanding the research scope to encompass the influencing factors of corporate green transformation. A plethora of studies have hitherto concentrated on the impact of formal environmental regulations (e.g., environmental bonds, emission trading, etc.) on enterprises’ green innovation. From the perspective of informal environmental regulations, the present paper reveals how corporate social responsibility information disclosure, as a market-oriented signal mechanism, can encourage enterprises to proactively engage in green transformation by alleviating information asymmetry, reducing agency costs, and financing constraints. This finding significantly contributes to the existing body of research on the mechanisms of “normative pressure” and “cognitive legitimacy” in the context of corporate behavior within the framework of institutional theory.

Secondly, the present study corroborates the positive moderating effect of patient capital on the relationship between corporate social responsibility information disclosure and green transformation. As an external governance mechanism with a focus on long-term value investment, patient capital has the potential to enhance the credibility of corporate social responsibility information, while also reducing the short-term behavior tendency of enterprises and improving the sustainability and efficiency of green investment through supervision and management participation. This finding lends further support to the theoretical model of “investor enterprise environment” collaborative governance, while concurrently providing an empirical foundation for the promotion of the ESG investment concept in China.

Thirdly, the mechanism test demonstrates that the mitigation of financing constraints and the reduction in agency costs are the two primary pathways through which corporate social responsibility information disclosure can promote green transformation. This finding provides a more profound comprehension of the ramifications of corporate social responsibility within the context of the information economy. It signifies not only the actualization of corporate moral responsibility but also a pivotal instrument for enterprises to acquire resources, enhance governance, and attain sustainable development.

8. Conclusions and Policy Implications

The promotion of green economic transformation and development has become a topic of global concern. The green transformation of enterprises has been identified as a pivotal factor in the green development of China’s economy. The advent of the notion of global sustainable development has led to an increased appreciation of the role of informal environmental regulation in promoting the green transformation and development of enterprises across all sectors of society. This paper utilizes a research sample consisting of China’s A-share-listed companies from 2008 to 2023 to conduct an in-depth analysis. The primary objective of this analysis is to examine the impact of corporate social responsibility (CSR) information disclosure on green transformation. Additionally, the study will explore the underlying internal mechanisms that facilitate this relationship. This paper integrates stakeholder theory, signaling theory, and agency theory into a unified framework. Specifically, CSR disclosure serves as a signal, patient capital acts as the “receiver” and “amplifier” of that signal, and green transformation is the actual outcome generated by the signal. This integrated framework transcends the explanatory boundaries of any single theory and provides a testable model for future research.

Furthermore, the analysis will delve into the examination of the moderating effect of patient capital as an external governance mechanism in the green governance environment. This will be achieved by investigating the correlation between CSR information disclosure and corporate green transformation. Empirical research has demonstrated that CSR disclosure can play a substantial role in promoting the green transformation of enterprises. The mechanism test demonstrates that CSR disclosure fosters the green transformation of enterprises through two transmission channels: namely, the alleviation of agency costs and financing constraints. In these cases, patient capital assumes a positive regulatory role. Subsequent research has indicated that CSR disclosure can facilitate the green transformation of enterprises in competitive and polluting industries.

In light of the aforementioned empirical research conclusions, this paper posits the following conclusion: First, the establishment of a transparent governance system for benchmarking corporate social responsibility information disclosure and public supervision is imperative. It is imperative that enterprises be guided in fulfilling their social responsibilities with high standards, that the grading system for corporate social responsibility information disclosure be continually improved, and that listed enterprises be encouraged to make comprehensive and high-quality information disclosure to their stakeholders. It is recommended that the leading enterprises in various industries be taken as a point of reference, with the integration of the concept of social responsibility into all aspects of production, operation, and management being of particular significance. Furthermore, the embodiment of the development concept of green development and scientific and technological innovation in the specific performance of social responsibility is of paramount importance. The term “social responsibility information disclosure” is used to denote the performance of non-financial information by enterprises that is both centralized and systematic in nature, as well as open to the public. It is imperative to prioritize the enhancement of corporate social responsibility disclosure pertaining to green innovation and sustainability. Moreover, enterprises must be actively guided to assume social responsibility. The corporate social responsibility information disclosure system will be improved, with legislation being made a priority, disclosure requirements being standardized, and the quality of disclosure being enhanced. It is imperative to leverage the signaling effect and the reputation insurance effect to maximize the positive impact of the quality of corporate social responsibility information disclosure on green innovation, while continuing to promote the sustainable output of green innovation.

Secondly, from the perspective of enterprises, there is a necessity to strengthen the practice of corporate social responsibility and to actively carry out green transformation. Enterprises are advised to incorporate corporate social responsibility into their business philosophy, integrate it into their development strategy, and embed it within their business governance process. Enterprises are urged to adopt a robust approach to corporate social responsibility, conceptualizing its development as a “value investment” rather than a mere “cost investment,” and to augment their investment in this domain. The adoption of environmentally sustainable production methods is instrumental in reducing pollution emissions, augmenting investment in green R&D, incentivizing successful innovation, and tolerating short-term failure. Furthermore, it is imperative to provide employees with a more secure innovation environment and to facilitate green transformation and development. Active disclosure of corporate social responsibility information, fulfillment of corporate social responsibility, and the establishment of a favorable market image are pivotal to garnering substantial support from the market and stakeholders. Simply increasing the length of CSR disclosure or beautifying the language is insufficient to drive green transformation. Firms should actively attract patient capital—such as social security funds and pension funds—into their shareholder structure so that disclosed information is “taken seriously.

Thirdly, from the perspective of investors, it is vital to establish the concept of corporate social responsibility investment and vigorously promote it. Investors’ practice of the concept of corporate social responsibility investment has been demonstrated to be conducive to easing the financing constraints experienced by enterprises, thereby providing a resource base for the green transformation and development of enterprises. Furthermore, it has been demonstrated that this practice is conducive to investors’ identification of potential investment risks and to the protection of their interests.