Do ESG ratings promote corporate green innovation? A quasi-natural experiment based on SynTao green Finance's ESG ratings
Publication type: Journal Article
Publication date: 2023-05-01
scimago Q1
wos Q1
SJR: 2.288
CiteScore: 11.1
Impact factor: 9.8
ISSN: 10575219, 18738079
Economics and Econometrics
Finance
Abstract
Corporate efforts in green technology improvements are critical for enhancing sustainability; consequently, how to promote green innovation has attracted scholarly attention. This study explores whether and how environment, social, and governance (ESG) ratings influence corporate green innovation by using an independent third-party rating agency's (SynTao Green Finance) ESG ratings in China as a quasi-natural experiment. We find companies covered by the ESG rating agency significantly increase green innovation output by 3.9%, mainly as an increase in green invention patents. ESG ratings' positive effects on green innovation are more pronounced for firms whose investors are less short-sighted, non-state-owned enterprises and firms with higher degree of financial constraints. Additionally, we find ESG ratings' impact can also increase the green innovation quality and synergetic green innovation. Thus, ESG ratings from third-party institutions can effectively increase corporate green innovation, which has important implications for companies to achieve green transformation and for emerging markets to improve ESG rating systems.
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489
Total citations:
489
Citations from 2024:
465
(95.48%)
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Wang J. et al. Do ESG ratings promote corporate green innovation? A quasi-natural experiment based on SynTao green Finance's ESG ratings // International Review of Financial Analysis. 2023. Vol. 87. p. 102623.
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Wang J., Ma M., Dong T., Zhang Z. Do ESG ratings promote corporate green innovation? A quasi-natural experiment based on SynTao green Finance's ESG ratings // International Review of Financial Analysis. 2023. Vol. 87. p. 102623.
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TY - JOUR
DO - 10.1016/j.irfa.2023.102623
UR - https://doi.org/10.1016/j.irfa.2023.102623
TI - Do ESG ratings promote corporate green innovation? A quasi-natural experiment based on SynTao green Finance's ESG ratings
T2 - International Review of Financial Analysis
AU - Wang, Juxian
AU - Ma, Ming
AU - Dong, Tianyi
AU - Zhang, Zheyuan
PY - 2023
DA - 2023/05/01
PB - Elsevier
SP - 102623
VL - 87
SN - 1057-5219
SN - 1873-8079
ER -
Cite this
BibTex (up to 50 authors)
Copy
@article{2023_Wang,
author = {Juxian Wang and Ming Ma and Tianyi Dong and Zheyuan Zhang},
title = {Do ESG ratings promote corporate green innovation? A quasi-natural experiment based on SynTao green Finance's ESG ratings},
journal = {International Review of Financial Analysis},
year = {2023},
volume = {87},
publisher = {Elsevier},
month = {may},
url = {https://doi.org/10.1016/j.irfa.2023.102623},
pages = {102623},
doi = {10.1016/j.irfa.2023.102623}
}