ESG, Green Innovation and Corporate Value: A Conditional Process Analysis Moderated by External Pressure

Abstract

Using 2,372 A-share listed companies from 2009 to 2020 as research samples, this paper empirically examines the effect of corporate ESG performances on corporate value using a conditional process analysis model. The paper finds that: ESG has a significant positive effect on corporate value, and green innovation can partially mediate the path; corporate external pressure, mainly media attention and analysts' attention, can positively moderate the path of ESG on green innovation, and thus positively moderate the mediation effect played by green innovation. This paper concludes that corporate ESG performance and green innovation activities help companies achieve their goals of economic value growth and sustainable development ultimately.