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The Collaborative Innovation Effect of ESG Signals: Integrating Signaling and Trust Theories

Published online by Cambridge University Press:  15 July 2025

Ge Ren ,
Ping Zeng  and
Xi Zhong
Ge Ren
Affiliation:
School of Management at Shenzhen University, and School of Business Administration at South China University of Technology
Ping Zeng*
Affiliation:
School of Management at Shenzhen University, and School of Business Administration at South China University of Technology
Xi Zhong*
Affiliation:
Shenzhen University, China
*
Corresponding authors: Xi Zhong (HGzhongxi@163.com) and Ping Zeng (Pzeng@scut.edu.cn)
Corresponding authors: Xi Zhong (HGzhongxi@163.com) and Ping Zeng (Pzeng@scut.edu.cn)
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Abstract

On the basis of signaling and trust theories, we explore the impact of focal firms’ environmental, social, and governance (ESG) performance on their collaborative innovation (co-innovation). We argue that high ESG performance serves as a positive signal that focal firms engage less in opportunistic behavior in the co-innovation process. This, in turn, makes it easier for focal firms to gain the trust of potential external innovation collaborators (collaborators) and ultimately increases the level of co-innovation in focal firms. Guided by signaling and trust theories, we further argue that heavy polluting firm attributes and historical co-innovation alter the impact of ESG signals on collaborators’ trust, which in turn leads to heterogeneity in the positive impact of ESG performance on firms’ co-innovation. Based on empirical data on A-share manufacturing companies listed in China from 2010 to 2021, we obtained empirical evidence to support the above theoretical arguments. This study provides new insights for a refined understanding of the innovation consequences of ESG performance and important implications for shareholders and policymakers to better encourage and guide firms in co-innovation.

摘要

摘要

基于信号理论和信任理论, 本文探讨了企业的环境、社会与治理(ESG)表现对其合作创新的影响。本文提出, 企业ESG水平高是一种积极信号, 表明其在合作创新过程中较少出现机会主义行为。这些企业因此更容易获得潜在外部创新合作者的信任, 从而提高其合作创新水平。进一步的， 重污染企业属性和历史合作创新表现会改变外部潜在创新合作者对企业的信任, 从而导致ESG表现对合作创新的积极影响呈现异质性。来自中国A股制造业上市公司的数据支持上述理论论点。本文为深入理解企业ESG表现的创新后果提供了新的见解, 并对股东和政策制定者更好地鼓励和指导企业合作创新提供了重要启示。

Keywords

collaboratorscollaborative innovationESG performancehistorical collaborative innovationheavy polluting firmESG表现合作创新外部潜在创新合作者重污染企业历史合作创新表现

Information

Type
Article
Information
Management and Organization Review , Volume 21 , Issue 1 , February 2025 , pp. 73 - 101
Copyright
© The Author(s), 2025. Published by Cambridge University Press on behalf of International Association for Chinese Management Research.

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The article has been updated since original publication. A notice detailing the change has also been published

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