Unveiling the intellectual foundation of ESG performance: the role of green intellectual capital in enhancing corporate ESG ratings

Purpose This study aims to systematically examine the impact and nonlinear characteristics of green intellectual capital on corporate ESG ratings, and to thoroughly identify the multiple transmission mechanisms and boundary conditions of green intellectual capital in this relationship. Design/methodology/approach Based on data from Chinese A-share manufacturing listed companies from 2010 to 2023, this study employs a two-way fixed effects model to empirically test the relationship between green intellectual capital and ESG ratings, identifies specific pathways through mediation effect models, and conducts robustness tests using instrumental variable methods and alternative variable approaches to mitigate endogeneity issues. Findings Green intellectual capital significantly enhances corporate ESG ratings and exhibits nonlinear characteristics with increasing marginal effects, indicating that the synergistic effects of green human capital, green structural capital, and green relational capital accelerate their release after reaching a certain accumulation threshold. The study reveals that green innovation capability, stakeholder relationships, and information disclosure quality are three key transmission pathways. Heterogeneity analysis shows that this effect is more pronounced in heavily polluting industries, state-owned enterprises, and regions with high marketization levels. Originality/value This paper extends the application boundaries of intellectual capital theory in the field of sustainable development, constructs a multi-pathway transmission framework through which green intellectual capital affects ESG ratings via green innovation capability, stakeholder relationships, and information disclosure quality, and reveals the threshold effects and heterogeneous boundary conditions for the value release of green intellectual capital.