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Corporate Social-Responsibility Information Disclosure, Patient Capital, and Corporate Green Transformation

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  • Xinyuan Wang

    (School of Economics, Guangdong University of Technology, Guangzhou 510520, China)

  • Youfa Sun

    (School of Economics, Guangdong University of Technology, Guangzhou 510520, China)

Abstract

Enterprise green transformation is a strategic response to emerging development concepts and high-quality growth, as well as a key approach to achieving symbiotic integration between firms and their social environment. Using a sample of Chinese A-share listed companies from 2008 to 2023, this paper examines the relationship between corporate social responsibility (CSR) disclosure and green transformation. It further explores the underlying mechanisms, focusing on the role of patient capital as an external governance mechanism within the green governance environment. Empirical results show that CSR disclosure significantly promotes corporate green transformation. Mechanism tests reveal that this effect operates through two channels: alleviating agency costs and easing financing constraints, with patient capital playing a positive moderating role. Additional analyses indicate that the promoting effect of CSR disclosure on green transformation is particularly pronounced in competitive and polluting industries.

Suggested Citation

  • Xinyuan Wang & Youfa Sun, 2026. "Corporate Social-Responsibility Information Disclosure, Patient Capital, and Corporate Green Transformation," Sustainability, MDPI, vol. 18(10), pages 1-20, May.
    • Handle: RePEc:gam:jsusta:v:18:y:2026:i:10:p:4800-:d:1940340
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