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<p>This study examines the effect of environmental, social, and governance (ESG) disclosure on green innovation. To mitigate the endogeneity issue, particularly concerning ESG rating discrepancies, we adopt the staggered difference-in-differences (DID) model. Using a dataset of Chinese listed firms from 2010 to 2020, we find that ESG disclosure positively affects firms’ green innovation activities. This result remains robust after several tests, including the parallel trend test and the placebo test. We validate three potential channels through which ESG disclosure promotes green innovation: (1) alleviating information asymmetry via ESG-oriented information production; (2) mitigating financial constraints to support corporate green innovation; and (3) encouraging firms’ risk-taking behavior. In addition, analyst coverage strengthens the relationship between ESG disclosure and green innovation. Our findings highlight the positive role of ESG issues and the moderating role of financial analysts in driving sustainability.</p>

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Paving the Green Way: ESG Disclosure, Analyst Coverage, and Green Innovation

  • 期刊论文

  • 发表日期：

    2026年7月14日

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  • Zhiwei Jin,
  • Jie Qin,
  • Makoto Kakinaka

摘要

This study examines the effect of environmental, social, and governance (ESG) disclosure on green innovation. To mitigate the endogeneity issue, particularly concerning ESG rating discrepancies, we adopt the staggered difference-in-differences (DID) model. Using a dataset of Chinese listed firms from 2010 to 2020, we find that ESG disclosure positively affects firms’ green innovation activities. This result remains robust after several tests, including the parallel trend test and the placebo test. We validate three potential channels through which ESG disclosure promotes green innovation: (1) alleviating information asymmetry via ESG-oriented information production; (2) mitigating financial constraints to support corporate green innovation; and (3) encouraging firms’ risk-taking behavior. In addition, analyst coverage strengthens the relationship between ESG disclosure and green innovation. Our findings highlight the positive role of ESG issues and the moderating role of financial analysts in driving sustainability.