Recently, the research result of Professor Zhai Yuming's team from the School of Economics and Management of SIT "Does better environmental, social, and governance index better corporate green innovation: The mediating role of financing constraints" was published in the international journal "Corporate Social Responsibility and Environmental Management" (CSREM), which has been highly cited in ESI. The research results were jointly completed by Professor Zhai Yuming from SIT, Professor Lin Han from Nanjing Audit University, and Professor Yu Mingchuan from Shanghai Normal University. The first unit of the paper is Shanghai Institute of Technology, and the corresponding author is Professor Lin Han from Nanjing Audit University.
At present, China has entered a new era of development, with high-quality development, common prosperity, and the dual carbon strategy becoming new goals. The ESG (Environment, Society and Governance) concept is of great significance in promoting the transformation and upgrading of China's industries and achieving sustainable economic development. ESG investment is one of the important solutions for capital markets to address global sustainable development issues and is a key factor in driving green innovation in enterprises. This study adopts a theoretical framework that combines stakeholder theory and resource-based theory, using 1577 listed manufacturing companies in China as samples, to study the mechanism of ESG's impact on corporate green innovation, and reveal the mechanism of financing constraints in the process of ESG promoting corporate green innovation.
The paper verifies that ESG has both direct and indirect impacts on the sustainable growth of enterprises. Good ESG performance can encourage companies to reduce agency costs caused by information asymmetry through non-financial information exchange with the capital market, ultimately enabling them to obtain third-party resources under better conditions to promote sustainable development of the enterprise. At the same time, it reveals the mechanism of internalizing ESG into corporate financing to stimulate sustainable growth momentum. It is believed that good ESG performance can promote green innovation in enterprises by alleviating financing constraints. Contributed to ESG's promotion of enterprises to become both competent and ethical institutions. During the period of economic transformation, ESG played an important role in promoting manufacturing enterprises to balance ethical and competitive advantages. ESI highly cited papers refer to papers published in SCIE and SSCI in the past decade, ranked in the top 1% globally based on the number of citations of papers in the same publication year and ESI discipline, in descending order. Highly cited papers scientifically reflect the international influence of the authors and their research findings, and are one of the globally recognized important indicators for measuring academic influence. CSREM is an SSCI international journal in the fields of management and business, which is ranked in the first zone of three disciplines: Business (25/154), Environmental Studies (9/127), and Management (26/227), with an impact factor of 9.8. This paper has entered the high ESI citation stage, achieving a breakthrough in the high ESI citation of our university's management discipline, and helping to enhance the academic influence of SIT's management discipline both domestically and internationally.
Source: Graduate School
