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Corporate Social Responsibility Information Disclosure and Financial Performance: Is Green Technology Innovation a Missing Link?

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  • Liang Li

    (Research Institute for Environmental and Health, Nanjing University of Information Science and Technology, Nanjing 210044, China
    School of Business, Nanjing University of Information Science and Technology, Nanjing 210044, China)

  • Yanghong Wang

    (School of Business, Nanjing University of Information Science and Technology, Nanjing 210044, China)

  • Huaping Sun

    (School of Economics and Management, University of Science and Technology Beijing, Beijing 100083, China)

  • Huihui Shen

    (Financial Department, Jiangsu University, Zhenjiang 212013, China)

  • Yuen Lin

    (Quantitative Economy Research Center, Jilin University, Changchun 130012, China)

Abstract

Corporate social responsibility information disclosure integrates environmental and social practices to achieve sustainable development. Some studies have pointed out that promoting green technology innovation is essential for energy-intensive firms. Therefore, exploring the relationship between energy-intensive environmental information disclosure and green technology innovation and financial performance is essential. According to the generalized least squares with fixed model analysis results based on energy-intensive industry firms, the research findings are as follows: firstly, the disclosure information of corporate social responsibility has a significant effect on enterprises’ ROA. Secondly, there is a positive relationship between the shareholder responsibility score and employee responsibility score of information disclosure with financial performance. Thirdly, there is a significant positive correlation between the environmental responsibility score of CSR information disclosure with green technology innovation. Fourthly, green innovation is mediating in energy-intensive enterprises’ CSR information disclosure and financial performance. Lastly, combined with the theoretical and findings, we put forward the management implications and policy suggestions.

Suggested Citation

  • Liang Li & Yanghong Wang & Huaping Sun & Huihui Shen & Yuen Lin, 2023. "Corporate Social Responsibility Information Disclosure and Financial Performance: Is Green Technology Innovation a Missing Link?," Sustainability, MDPI, vol. 15(15), pages 1-18, August.
    • Handle: RePEc:gam:jsusta:v:15:y:2023:i:15:p:11926-:d:1209506
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    References listed on IDEAS

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