Does ESG Disclosure Improve GreenInnovation Performance of New EnergyEnterprises? Evidence from China

Utilizing data from Chinese A-share new energy listed companies spanning 2010 to 2022, this study empirically investigates the impact of ESG disclosure on the green innovation performance of new energy firms.The findings reveal that ESG disclosure significantly enhances green innovation performance, with these results remaining robust across various tests.Mechanism analysis indicates that ESG disclosure primarily facilitates green innovation by mitigating corporate financing constraints and improving the quality of internal control.The heterogeneity analysis further demonstrates that the positive effect of ESG disclosure on green innovation is more pronounced in high-tech industries, firms with high institutional investor attention, and firms located in eastern China.This research provides a foundation for further refinement of the ESG disclosure system and offers strategic insights for new energy enterprises aiming to boost their innovation performance.