Innovation‐Led Sustainability in the Agri‐Food Sector: Evidence From the Global Food and Beverage Industry
研究了全球食品饮料行业633家企业在2013-2023年间环境创新与ESG评分的关系，发现环境创新能提升ESG评分，但绿色收入本身不保证高评级，投资者更看重研发和运营效率等实质性创新。
ABSTRACT The agri‐food sector is vital to economic development, but it exerts significant environmental and social pressures. This study draws on the natural resource‐based view. It investigates the strategic sustainability‐performance nexus in the global food and beverage industry using a longitudinal dataset (2013–2023) of 633 firms across the EU, the United States, and China. The multivariate analysis provides novel evidence on the “substance over symbol” debate, revealing a critical dichotomy: While environmental innovation acts as a dynamic capability enhancing ESG scores, green revenues alone do not guarantee superior ratings, exposing a gap between product‐level metrics and systemic integration. Empirical findings indicate that financial markets value tangible innovation inputs, specifically R&D and operational efficiency, but do not directly reward ESG scores. This suggests investors prioritize innovation substance over formal disclosure. These findings underscore the need for a strategic shift from mere reporting compliance towards innovation‐led sustainability to enhance market value. For policymakers, the results indicate that incentives should prioritize structural R&D and eco‐innovation capabilities rather than superficial green labelling to align competitiveness with environmental objectives more effectively.