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This study examines the impact of ESG ratings on corporate green innovation, selecting A-share listed companies in China from 2012 to 2022 as the research sample. Using a multiple-time-point difference-in-differences model, we analyze how ESG ratings influence both the output and efficiency of green innovation. The findings reveal that ESG ratings significantly promote green innovation, particularly by encouraging companies to increase investments in environmental protection, social responsibility, and corporate governance. Additionally, ESG ratings facilitate green innovation by reducing financing pressures, increasing media attention, and mitigating managerial myopia, with the effects most pronounced in highly polluting industries and firms with weaker corporate governance structures. These results offer valuable insights for companies pursuing sustainable development and for policymakers aiming to foster green innovation.
Lu et al. (Wed,) studied this question.