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<p>Climate risks and the growing pressures of global warming have heightened the urgency of examining how Environmental, Social, and Governance (ESG) practices influence firms’ green transformation. As one of the most important and foundational sectors in China, the manufacturing industry is particularly critical, making its low-carbon development especially important. Grounded in institutional theory, stakeholder theory, and signaling theory, this study employs a fixed-effects model to investigate how ESG performance influences green technology innovation (GRTI) in manufacturing firms. The research findings indicate that stronger ESG performance is positively correlated with higher levels of GRTI, highlighting the linkage between industry characteristics and firms’ strategic orientation toward innovation. The underlying mechanisms reveal that ESG performance promotes GRTI primarily by enhancing corporate reputation, easing financing constraints, and mitigating environmental uncertainty. Moreover, local environmental policies reinforce the impact of ESG performance, while policy content influences the direction of technological innovation. In addition, the positive impact on GRTI contributes to improved firm performance and a reduced likelihood of bankruptcy. The results provide clear evidence that ESG practices influence corporate green transformation and suggest that policymakers should refine environmental regulations while firms should strengthen ESG integration to support sustainable, innovation-led growth.</p>

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How ESG performance drives green technology innovation in Chinese manufacturing: the role of industry characteristics and policy moderation

  • 期刊论文

  • 发表日期：

    2026年6月19日

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  • Yongkang Lin,
  • Susu Wang,
  • Shuwen Chen

摘要

Climate risks and the growing pressures of global warming have heightened the urgency of examining how Environmental, Social, and Governance (ESG) practices influence firms’ green transformation. As one of the most important and foundational sectors in China, the manufacturing industry is particularly critical, making its low-carbon development especially important. Grounded in institutional theory, stakeholder theory, and signaling theory, this study employs a fixed-effects model to investigate how ESG performance influences green technology innovation (GRTI) in manufacturing firms. The research findings indicate that stronger ESG performance is positively correlated with higher levels of GRTI, highlighting the linkage between industry characteristics and firms’ strategic orientation toward innovation. The underlying mechanisms reveal that ESG performance promotes GRTI primarily by enhancing corporate reputation, easing financing constraints, and mitigating environmental uncertainty. Moreover, local environmental policies reinforce the impact of ESG performance, while policy content influences the direction of technological innovation. In addition, the positive impact on GRTI contributes to improved firm performance and a reduced likelihood of bankruptcy. The results provide clear evidence that ESG practices influence corporate green transformation and suggest that policymakers should refine environmental regulations while firms should strengthen ESG integration to support sustainable, innovation-led growth.