ESG performance and green innovation: An investigation based on quantile regression
利用37个国家1990-2019年的面板数据，采用分位数回归方法，研究了国家ESG表现对绿色创新的影响及其在不同绿色创新能力分布下的差异，发现ESG表现提升显著促进绿色创新，且对创新能力弱的国家作用更强。
Abstract Using panel data from 37 countries from 1990 to 2019 and applying a quantile regression approach with panel fixed effects, we investigate the impact of national Environmental, Social, and Governance (ESG) performance on green innovation and how this impact varies across different green innovation capacity distributions. The research conclusions are as follows. (1) National ESG performance improvement significantly promotes green innovation. (2) The improvement of environmental performance and governance performance significantly promotes green innovation, but in countries with weak green innovation capabilities, the improvement of social performance reduces the output of green innovation. (3) The role of national ESG performance in promoting green innovation is stronger in countries with weak green innovation capabilities. (4) In non‐high‐income countries, the stronger the green innovation capability is, the more obvious is the promotion of ESG performance to green innovation. The findings of this paper provide empirical evidence and a policy basis for governments to focus on improving ESG performance and to commit to promoting green innovation activities more effectively.