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ORIGINAL RESEARCH
Does ESG Disclosure Improve Green
Innovation Performance of New Energy
Enterprises? Evidence from China
1
School of Accountancy, Anhui University of Finance and Economics, Anhui, China
2
College of Business & Economics, Australia National University, Canberra, Australia
3
School of Accountancy, Hebei University of Economics and Business, Hebei, China
4
School of Accountancy, Tianjin University of Finance and Economics, Tianjin, China
Submission date: 2024-04-29
Final revision date: 2024-06-09
Acceptance date: 2024-06-30
Online publication date: 2024-11-06
Publication date: 2025-06-06
Corresponding author
Pol. J. Environ. Stud. 2025;34(4):4859-4868
KEYWORDS
ESG disclosuregreen innovation performancenew energy enterprisesfinancing constraintsquality of internal controls
TOPICS
ABSTRACT
Utilizing data from Chinese A-share new energy listed companies spanning 2010 to 2022,
this study empirically investigates the impact of ESG disclosure on the green innovation performance
of new energy firms. The findings reveal that ESG disclosure significantly enhances green innovation
performance, with these results remaining robust across various tests. Mechanism analysis indicates
that ESG disclosure primarily facilitates green innovation by mitigating corporate financing constraints
and improving the quality of internal control. The heterogeneity analysis further demonstrates that
the positive effect of ESG disclosure on green innovation is more pronounced in high-tech industries,
firms with high institutional investor attention, and firms located in eastern China. This research
provides a foundation for further refinement of the ESG disclosure system and offers strategic insights
for new energy enterprises aiming to boost their innovation performance.
CONFLICT OF INTEREST
The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper.
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