| At present,the concept of green development is deeply rooted in the hearts of the people.Taking the path of green and low-carbon transformation and development has become the only way for sustainable economic and social development of all countries in the world.The ESG rating of enterprises has been widely concerned by all sectors of society.For one thing,implementing the ESG concept gives impetus to national strategy,for another it may be conducive for the long-term development of enterprises themselves.At this stage,many enterprises have realized the strategic significance and longterm value of ESG and have made many beneficial attempts.However,it should still be noted that enterprises still have negative perceptions such as cost theory and burden theory.Some domestic enterprises still pay little attention to ESG and the positioning of ESG in enterprises is unclear.In order to make ESG play a greater role in the era of high-quality development,enterprises need to attach importance to ESG concept and reshape their cognitive concept of sustainable development.To cultivate this concept,enterprises need to realize that ESG can become an additional core competitiveness of enterprises.The good performance of ESG can help enterprises build reputation,reduce financing costs,attract and retain excellent talents,and concentrate high-quality resources for the dual innovation of enterprises.In the process of development,enterprises have both the ability of utilizing innovation to effectively operate existing resources and the ability of exploring innovation to adapt to future changes,which is extremely important for the sustainable development.The existing literature has confirmed that good ESG performance of enterprises can improve enterprise performance,promote innovation and improve investment efficiency,but few literature studies the relationship between ESG performance and dual innovation and its impact mechanism.In this context,this paper takes A-share listed companies as the research object,links ESG performance and dual innovation,and further studies the relationship between ESG performance and dual innovation,in order to make theoretical and practical contributions to China’s capital market.On the basis of the principal-agent theory,stakeholder theory and signalling theory,this paper mainly studies the impact of ESG performance on dualistic innovation and its mechanism,additionally it further tests different roles of ESG performance in promoting dualistic innovation in different enterprise sizes,different equity concentration,and different executive shareholding ratios.After empirical test,this paper draws the following conclusions:(1)good ESG performance of enterprises promotes dual innovation of enterprises;(2)Good ESG performance of enterprises can promote dual innovation of enterprises by easing financing constraints;At the same time,good ESG performance of enterprises can also improve promote dual innovation by improving the pay gap of external executives on account of high executive compensation can promote the willingness to innovate;(3)The three aspects of ESG performance,namely environment,social responsibility and corporate governance,all promote the dual innovation of enterprises;In addition,good ESG performance of enterprises has a more significant role in promoting dualistic innovation of enterprises with larger scale,relatively dispersed equity,and lower proportion of senior executives.Based on the above research,this paper brings forth proposals for further developing the ESG concept:(1)regulators should improve the ESG information disclosure system,carry out investor education,and improve the ESG evaluation system;(2)Company decision-makers should correctly understand the positive effects of ESG performance,strengthen the construction of enterprise culture based on ESG concept,and consciously disclose ESG reports;(3)Investors should take ESG performance into consideration in investment decisions. |
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