Research on the Impact of Supply Chain ESG on Enterprises’ Green Innovation Performance

Figure 1.

The result of regression analysis

	(1)High environmental sensitivity industry	(2)Low environmental sensitivity industry
ESG	0.287***	0.144
	(0.084)	(0.128)
Controls	YES	YES
_cons	-11.568***	-6.769***
	(0.978)	(0.921)
N	12333	6354
R2_a	0.132	0.088
Industry	YES	YES
Year	YES	YES

Analysis of property rights heterogeneity

	(1)Non-state enterprise	(2)State enterprise
ESG	0.353***	0.221**
	(0.084)	(0.077)
Controls	YES	YES
_cons	-7.239***	-8.438***
	(0.597)	(0.587)
N	10464	8223
R2_a	0.445	0.468
Industry	YES	YES
Year	YES	YES

Variable definition

Variable category	Variable name	Variable symbol	Definition
Explained variable	Green innovation performance	Green_IP	Number of green patent applications
Interpretation variable	ESG performance	ESG	ESG comprehensive score
Regulating variable	Enterprise control	CL	Internal controlling scoring
Control variable	Leverage	Lev	Total liabilities/all assets
	Cash holdings	Cashhld	Sum of cash/total assets
	Tobin’s Q	Tobinq	The company’s market price/asset replacement cost
	Independent ratio	Idr	The number of independent directors/the total number of directors
	Equity concentration	Ec	The proportion of the largest shareholders in the listed company
	Enterprise size	Size	Ln(total assets+1)
	Enterprise age	Age	Established life
	Dual role combination	Duality	If assigned as chairman and general manager=1, otherwise=0
	Enterprise year	Year	Year virtual variable
	Industry	Ind	Industry virtual variables

The selection of green innovation performance evaluation index

The evaluation indicator system of enterprise green innovation performance	Primary indicator	Secondary indicator
	Profitability	Total net profit ratio
		Net asset yield
		Operating margin
		Business net profit rate
		Investment yield
		Earning per share
	Operational and growth capacity	Total asset growth rate
		Net profit growth rate
		revenue growth
		Net asset growth rate per share
		Inventory turnover rate
		Accounts receivable turnover days
	Technical innovation ability	R&D personnel number
		R&D personnel ratio
		R&D cost
		R&D investment ratio
		Intangible assets
		Intangible assets ratio
	ESG social responsibility	Comprehensive ESG score
		E scores
		S scores
		G scores
		The number of green patents cited

Benchmark regression and robustness test results

Variable	Full sample	Large enterprise	Small enterprise	Robustness test
ESG	0.421***	0.409***	0.311***	0.413***
	(0.052)	(0.03)	(0.063)	0.054
Lev	0.492*	0.569*	0.455*	0.493*
	(0.292)	(0.302)	(0.296)	0.287
Cashhld	2.65***	2.637***	2.625***	2.648***
	(0.481)	(0.472)	(0.568)	0.485
Tobinq	0.198***	0.208***	0.21***	0.198***
	(0.025)	(0.044)	(0.103)	0.028
Idr	0.529	0.472	0.449	0.525
	(0.723)	(0.729)	(0.774)	0.723
Ec	-0.015***	-0.017***	0.020***	-0.016***
	(0.005)	(0.009)	(0.042)	0.002
Size	1.728***	1.715***	1.574***	1.735***
	(0.051)	(0.04)	(0.094)	0.053
Age	-0.048***	-0.053***	-0.028***	-0.056***
	(0.015)	(0.011)	(0.083)	0.012
Duality	0.177	0.196	0.293	0.183
	(0.112)	(0.11)	(0.129)	0.109
CL	0.318**	0.11***	0.090***	0.308**
	(0.033)	(3.637)	(3.583)	(0.035)
CL*ESG	0.372***	-0.05***	-0.054***	0.368***
	(0.013)	(0.003)	(0.014)	(0.022)
_cons	-39.105***	-8.785***	-38.84***	-39.101***
	(1.14)	(3.137)	(4.201)	1.14
Ind	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes
N	18687	9323	9364	15681

Analysis of regional heterogeneity

	East	Middle	West	Northeast
ESG	0.354***	0.032	0.383	-1.223*
	(0.113)	(0.135)	(0.232)	(0.141)
Controls	YES	YES	YES	YES
_cons	-8.138***	-9.578***	-13.871***	-11.697**
	(0.997)	(1.738)	(1.768)	(4.428)
N	7475	3737	5606	1869
R2	0.126	0.114	0.138	0.187
Industry	YES	YES	YES	YES
Year	YES	YES	YES	YES

Endogenous test results

Variable	First stage	Second stage
ESG_mean→ESG	0.489***(0.031)
ESG→Green_IP		1.745***(0.431)
F test of IV	324.82***
Under identification test		315.387***
Weak identification test		438.687[17.391]
Observations	18687	18687

Descriptive statistics of variables

Variable	Sample	Mean	Sd.	Min	Median	Max
Green_IP	18687	2.154	6.842	0	0	47
ESG	18687	6.579	1.202	5	3.5	9
Lev	18687	0.449	0.179	0.460	0.043	0.895
Cashhld	18687	0.141	0.099	0.103	0.016	0.596
Tobinq	18687	2.089	1.372	1.655	0.875	8.920
Idr	18687	0.356	0.091	0.361	0.268	0.581
Ec	18687	33.671	14.778	31.319	8.716	74.194
Size	18687	22.487	1.298	22.311	19.876	26.285
Age	18687	19.006	6.862	20	6	32
Duality	18687	0.233	0.423	0	0	1