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July 1, 2026SustainabilityOpen Access

The Impact of ESG Performance on Sustained Green Innovation of Enterprises

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Authors

LLLi LiXZXin ZhongZWZhiyou Wei

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Overview

Randomized trial examines how ESG performance enhances sustained green innovation in firms, suggesting a significant positive influence.

Key Points

  • This study aims to explore the relationship between ESG performance and firms' sustained green innovation capabilities.
  • Utilized panel data from A-share listed companies (2013-2023) for empirical analysis.
  • Conducted robustness checks using Heckman's two-step method and propensity score matching (PSM).
  • Analyzed the moderating effects of government subsidies and digitalization.
  • ESG performance shows a significant positive effect on sustained green innovation (p<0.01).
  • The mechanism analysis suggests ESG reduces operational risks and financing constraints, promoting innovation.
  • The impact of ESG is stronger in non-heavy-polluting firms, larger firms, and state-owned enterprises.

Cite This Study

Li et al. (2026) studied this question.

synapsesocial.com/papers/6a44af055cd2549c8bc442cchttps://doi.org/10.3390/su18136578
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