{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,7,3]],"date-time":"2026-07-03T15:44:06Z","timestamp":1783093446442,"version":"3.54.6"},"reference-count":65,"publisher":"Emerald","issue":"1","license":[{"start":{"date-parts":[[2023,11,14]],"date-time":"2023-11-14T00:00:00Z","timestamp":1699920000000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.emerald.com\/insight\/site-policies"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["BPMJ"],"published-print":{"date-parts":[[2024,2,5]]},"abstract":"<jats:sec><jats:title content-type=\"abstract-subheading\">Purpose<\/jats:title><jats:p>Although the impact of environmental, social and governance (ESG) on firms' innovation has attracted attention, the existing research findings diverge. The authors believe that failure to consider both innovation input and output is an important reason for the divergence of conclusions in the extant literature when discussing the impact of ESG and firm innovation. Thus, based on signaling theory, this study aims to reconcile these divergent findings by examining the impact of ESG performance on firms' innovation efficiency.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Design\/methodology\/approach<\/jats:title><jats:p>To seek empirical evidence to support the authors\u2019 theoretical view, the authors conduct an empirical test based on the Tobit model using 8\u00a0years of data from Chinese listed companies.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Findings<\/jats:title><jats:p>Although ESG performance effectively improves firms' innovation efficiency, the institutional-level signaling environment (including state-owned firms and regional market development) weakens the\u00a0positive effect of ESG performance on firms' innovation efficiency. Further tests suggest that financing\u00a0constraints partially mediate the relationship between ESG performance and firms' innovation efficiency.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Originality\/value<\/jats:title><jats:p>By systematically revealing whether, how and under what circumstances ESG performance improves firms' innovation advantages, this study bridges the gap in the existing literature and highlights important implications to suggest how firms can better capture the value associated with ESG.<\/jats:p><\/jats:sec>","DOI":"10.1108\/bpmj-08-2023-0612","type":"journal-article","created":{"date-parts":[[2023,11,11]],"date-time":"2023-11-11T06:01:49Z","timestamp":1699682509000},"page":"270-290","source":"Crossref","is-referenced-by-count":54,"title":["ESG performance and firms' innovation efficiency: the\u00a0moderating role of state-owned firms and regional market development"],"prefix":"10.1108","volume":"30","author":[{"given":"He","family":"Wan","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-1786-4783","authenticated-orcid":false,"given":"Jialiang","family":"Fu","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0003-2543-0720","authenticated-orcid":false,"given":"Xi","family":"Zhong","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"140","published-online":{"date-parts":[[2023,11,14]]},"reference":[{"issue":"1","key":"key2024020210110091800_ref001","doi-asserted-by":"crossref","first-page":"233","DOI":"10.1007\/s11846-021-00516-2","article-title":"The influence of family firm image on access to financial resources in family smes: a signaling theory perspective","volume":"17","year":"2023","journal-title":"Review of Managerial Science"},{"issue":"1","key":"key2024020210110091800_ref002","doi-asserted-by":"crossref","first-page":"123","DOI":"10.1111\/1467-8551.12367","article-title":"External knowledge sourcing and firm innovation efficiency","volume":"31","year":"2020","journal-title":"British Journal of Management"},{"issue":"3","key":"key2024020210110091800_ref003","doi-asserted-by":"crossref","first-page":"468","DOI":"10.1108\/EJIM-05-2018-0101","article-title":"A mapping study of employee innovation: proposing a research agenda","volume":"22","year":"2019","journal-title":"European Journal of Innovation Management"},{"issue":"6","key":"key2024020210110091800_ref004","doi-asserted-by":"crossref","first-page":"1315","DOI":"10.1093\/rof\/rfac033","article-title":"Aggregate confusion: the divergence of ESG ratings","volume":"26","year":"2022","journal-title":"Review of Finance"},{"issue":"10","key":"key2024020210110091800_ref005","first-page":"99","article-title":"Does corporate social responsibility impact firms' innovation capacity? The indirect link between environmental and social governance implementation and innovation performance","volume":"119","year":"2019","journal-title":"Journal of Business Research"},{"issue":"3","key":"key2024020210110091800_ref006","first-page":"132","article-title":"Innovation efficiency and asymmetric timeliness of earnings: evidence from an emerging market","volume":"32","year":"2014","journal-title":"International Review of Financial Analysis"},{"issue":"10","key":"key2024020210110091800_ref007","article-title":"ESG disclosure and financial performance: moderating role of ESG investors","volume":"83","year":"2022","journal-title":"International Review of Financial Analysis"},{"issue":"1","key":"key2024020210110091800_ref009","article-title":"ESG disclosure and technological innovation capabilities of the Chinese listed companies","volume":"65","year":"2023","journal-title":"Research in International Business and Finance"},{"issue":"1","key":"key2024020210110091800_ref010","first-page":"190","article-title":"Innovation for survival: the scope of negative attainment discrepancy and enterprise r&d investment","volume":"108","year":"2023","journal-title":"Industrial Marketing Management"},{"issue":"3","key":"key2024020210110091800_ref008","doi-asserted-by":"publisher","first-page":"564","DOI":"10.1111\/radm.12501","article-title":"Negative performance feedback, CEO tenure, and punctuated equilibrium innovation","volume":"52","year":"2022","journal-title":"R&D Management"},{"issue":"3","key":"key2024020210110091800_ref011","doi-asserted-by":"crossref","first-page":"242","DOI":"10.1002\/rfe.1174","article-title":"Do married CEOs foster more efficient innovation?","volume":"41","year":"2023","journal-title":"Review of Financial Economics"},{"issue":"3","key":"key2024020210110091800_ref012","doi-asserted-by":"crossref","first-page":"1121","DOI":"10.1002\/csr.2408","article-title":"Non\u2010financial disclosure regulation and environmental, social, and governance (ESG) performance: the case of EU and us firms","volume":"30","year":"2023","journal-title":"Corporate Social-Responsibility and Environmental Management"},{"issue":"1","key":"key2024020210110091800_ref013","doi-asserted-by":"crossref","first-page":"39","DOI":"10.1177\/0149206310388419","article-title":"Signaling theory: a review and assessment","volume":"37","year":"2011","journal-title":"Journal of Management"},{"issue":"2","key":"key2024020210110091800_ref014","doi-asserted-by":"crossref","first-page":"274","DOI":"10.1016\/j.emj.2021.12.003","article-title":"CSR signaling in controversial and noncontroversial industries: CSR policies, governance structures, and transparency tools","volume":"41","year":"2023","journal-title":"European Management Journal"},{"issue":"6-7","key":"key2024020210110091800_ref015","doi-asserted-by":"crossref","first-page":"1239","DOI":"10.1016\/j.respol.2013.03.012","article-title":"You can't manage right what you can't measure well: technological innovation efficiency","volume":"42","year":"2013","journal-title":"Research Policy"},{"issue":"2","key":"key2024020210110091800_ref016","doi-asserted-by":"crossref","first-page":"353","DOI":"10.1007\/s10551-015-2765-3","article-title":"Culture, marketization, and owner-manager agency costs: a case of merchant guild culture in China","volume":"143","year":"2017","journal-title":"Journal of Business Ethics"},{"issue":"2","key":"key2024020210110091800_ref017","doi-asserted-by":"crossref","first-page":"347","DOI":"10.1108\/EJIM-04-2021-0197","article-title":"Intangible resources and firms\u2019 innovation performance: empirical evidence from Chinese firms","volume":"26","year":"2023","journal-title":"European Journal of Innovation Management"},{"issue":"2","key":"key2024020210110091800_ref018","doi-asserted-by":"crossref","first-page":"372","DOI":"10.1007\/s11747-022-00879-2","article-title":"The impact of voluntary sustainability reporting on firm value: insights from signaling theory","volume":"51","year":"2023","journal-title":"Journal of the Academy of Marketing Science"},{"key":"key2024020210110091800_ref019","doi-asserted-by":"publisher","DOI":"10.1109\/TEM.2021.3140116","article-title":"Does open innovation promote innovation efficiency in Chinese universities?","year":"2022","journal-title":"IEEE Transactions on Engineering Management"},{"issue":"2","key":"key2024020210110091800_ref020","first-page":"83","article-title":"Business groups and corporate social responsibility: evidence from China","volume":"37","year":"2018","journal-title":"Emerging Markets Review"},{"key":"key2024020210110091800_ref021","doi-asserted-by":"publisher","DOI":"10.1108\/IJCHM-09-2022-1180","article-title":"CSR influence on job performance: the roles of psychological needs fulfillment and organizational identification among tourism firms","year":"2023","journal-title":"International Journal of Contemporary Hospitality Management"},{"issue":"2","key":"key2024020210110091800_ref022","first-page":"788","article-title":"How do internal and external CSR affect employees' organizational identification? A perspective from the group engagement model","volume":"7","year":"2016","journal-title":"Frontiers in Psychology"},{"issue":"11","key":"key2024020210110091800_ref023","first-page":"4","article-title":"Do government grants promote innovation efficiency in China's high-tech industries?","volume":"57-58","year":"2016","journal-title":"Technovation"},{"issue":"6","key":"key2024020210110091800_ref024","article-title":"Government as a non-financial participant in innovation: how standardization led by government promotes regional innovation performance in China","volume":"114","year":"2022","journal-title":"Technovation"},{"issue":"2","key":"key2024020210110091800_ref025","doi-asserted-by":"crossref","first-page":"707","DOI":"10.1007\/s10490-021-09800-x","article-title":"Corporate social responsibility and bank credit loans: exploring the moderating effect of the institutional environment in China","volume":"40","year":"2023","journal-title":"Asia Pacific Journal of Management"},{"issue":"5","key":"key2024020210110091800_ref026","first-page":"101141","article-title":"Parent firm corporate social responsibility and overseas subsidiary performance: a signaling perspective","volume":"56","year":"2020","journal-title":"Journal of World Business"},{"issue":"1","key":"key2024020210110091800_ref027","doi-asserted-by":"crossref","first-page":"65","DOI":"10.1108\/00251741011014463","article-title":"Employee-driven innovation: extending the license to foster innovation","volume":"48","year":"2010","journal-title":"Management Decision"},{"issue":"4","key":"key2024020210110091800_ref028","doi-asserted-by":"crossref","first-page":"557","DOI":"10.1007\/s10551-010-0440-2","article-title":"Corporate social responsibility and employee\u2014company identification","volume":"95","year":"2010","journal-title":"Journal of Business Ethics"},{"issue":"6","key":"key2024020210110091800_ref029","doi-asserted-by":"crossref","first-page":"817","DOI":"10.1111\/jpim.12684","article-title":"Collective turnover and firm innovation: knowledge\u2010sharing system as a contingency","volume":"40","year":"2023","journal-title":"Journal of Product Innovation Management"},{"issue":"2","key":"key2024020210110091800_ref030","doi-asserted-by":"crossref","first-page":"504","DOI":"10.1002\/csr.2370","article-title":"Corporate social responsibility (CSR) performance and stakeholder engagement: evidence from the quantity and quality of CSR disclosures","volume":"30","year":"2023","journal-title":"Corporate Social-Responsibility and Environmental Management"},{"issue":"5","key":"key2024020210110091800_ref031","doi-asserted-by":"crossref","first-page":"1491","DOI":"10.1108\/BPMJ-10-2022-0480","article-title":"The effects of organizational learning on innovation and performance of venture capital-backed firms: the moderating effect of syndication","volume":"29","year":"2023","journal-title":"Business Process Management Journal"},{"issue":"2","key":"key2024020210110091800_ref032","doi-asserted-by":"crossref","first-page":"529","DOI":"10.1093\/rfs\/14.2.529","article-title":"Financial constraints and stock returns","volume":"14","year":"2001","journal-title":"The Review of Financial Studies"},{"key":"key2024020210110091800_ref033","doi-asserted-by":"publisher","DOI":"10.1108\/EJIM-03-2023-0241","article-title":"Collaboration with universities and innovation efficiency: do relationship depth and organizational routines matter?","year":"2023","journal-title":"European Journal of Innovation Management"},{"issue":"1","key":"key2024020210110091800_ref034","first-page":"1","article-title":"Signaling green! Firm ESG signals in an interconnected environment that promote brand valuation","volume":"138","year":"2022","journal-title":"Journal of Business Research"},{"issue":"2","key":"key2024020210110091800_ref035","first-page":"372","article-title":"ESG rating events, financial investment behavior and corporate innovation","volume":"77","year":"2023","journal-title":"Economic Analysis and Policy"},{"issue":"3","key":"key2024020210110091800_ref036","doi-asserted-by":"crossref","first-page":"475","DOI":"10.1016\/j.jfineco.2022.12.004","article-title":"Common ownership and innovation efficiency","volume":"147","year":"2023","journal-title":"Journal of Financial Economics"},{"key":"key2024020210110091800_ref037","doi-asserted-by":"publisher","DOI":"10.1111\/beer.12579","article-title":"Star CEOs and ESG performance in China: an integrated view of role identity and role constraints logics","year":"2023","journal-title":"Business Ethics, the Environment and Responsibility"},{"issue":"1","key":"key2024020210110091800_ref038","first-page":"549","article-title":"Capital market access and innovation efficiency: a natural experiment from China's pilot vat reform in 2012","volume":"71","year":"2021","journal-title":"International Review of Economics & Finance"},{"issue":"3","key":"key2024020210110091800_ref039","article-title":"Can internet development accelerate the green innovation efficiency convergence: evidence from China","volume":"189","year":"2023","journal-title":"Technological Forecasting & Social Change"},{"issue":"1","key":"key2024020210110091800_ref040","first-page":"1170","article-title":"ESG scores and firm performance- evidence from emerging market","volume":"89","year":"2023","journal-title":"International Review of Economics and Finance"},{"issue":"2","key":"key2024020210110091800_ref041","doi-asserted-by":"crossref","first-page":"134","DOI":"10.1111\/corg.12345","article-title":"The ESG\u2013financial performance relationship: does the type of employee board representation matter?","volume":"29","year":"2021","journal-title":"Corporate Governance: An International Review"},{"issue":"3","key":"key2024020210110091800_ref042","doi-asserted-by":"crossref","first-page":"609","DOI":"10.1108\/CMS-02-2021-0069","article-title":"Internationalization speed and firm innovation: the moderating roles of negative attainment discrepancy and state-ownership","volume":"16","year":"2022","journal-title":"Chinese Management Studies"},{"issue":"2","key":"key2024020210110091800_ref043","article-title":"How can China's medical manufacturing listed firms improve their technological innovation efficiency? An analysis based on a three-stage DEA model and corporate governance configurations","volume":"194","year":"2023","journal-title":"Technological Forecasting and Social Change"},{"issue":"3","key":"key2024020210110091800_ref044","doi-asserted-by":"crossref","first-page":"790","DOI":"10.1111\/beer.12425","article-title":"Corporate fraud as a negative signal: implications for firms' innovation performance","volume":"31","year":"2022","journal-title":"Business Ethics, the Environment and Responsibility"},{"key":"key2024020210110091800_ref045","doi-asserted-by":"publisher","DOI":"10.1002\/csr.2597","article-title":"Differentiation strategies and firms\u2019 environmental, social and governance: the different moderating effects of historical and social performance shortfalls","year":"2023","journal-title":"Corporate Social Responsibility and Environmental Management"},{"issue":"5","key":"key2024020210110091800_ref046","doi-asserted-by":"crossref","first-page":"1277","DOI":"10.1108\/BPMJ-10-2022-0526","article-title":"Promoting technology innovation performance through high involvement HRM, technology adaptation and innovativeness","volume":"29","year":"2023","journal-title":"Business Process Management Journal"},{"issue":"3","key":"key2024020210110091800_ref047","doi-asserted-by":"crossref","first-page":"355","DOI":"10.2307\/1882010","article-title":"Job market signaling","volume":"87","year":"1973","journal-title":"Quarterly Journal of Economics"},{"issue":"3","key":"key2024020210110091800_ref048","doi-asserted-by":"crossref","first-page":"479","DOI":"10.1007\/s10551-014-2404-4","article-title":"The signaling effect of corporate social responsibility in emerging economies","volume":"134","year":"2016","journal-title":"Journal of Business Ethics"},{"issue":"5","key":"key2024020210110091800_ref049","first-page":"1","article-title":"SOEs reform and capital efficiency in China: a structural analysis","volume":"85","year":"2023","journal-title":"International Review of Economics and Finance"},{"issue":"3","key":"key2024020210110091800_ref050","doi-asserted-by":"crossref","first-page":"688","DOI":"10.1108\/EJIM-06-2021-0283","article-title":"Too much of a good thing? The nonlinear influence of noncontrolling large shareholders on corporate innovation","volume":"26","year":"2023","journal-title":"European Journal of Innovation Management"},{"key":"key2024020210110091800_ref051","doi-asserted-by":"publisher","DOI":"10.1080\/09537325.2022.2065980","article-title":"Does digital economy development promote innovation efficiency? A spatial econometric approach for Chinese regions","year":"2022","journal-title":"Technology Analysis and Strategic Management"},{"issue":"4","key":"key2024020210110091800_ref052","doi-asserted-by":"crossref","first-page":"396","DOI":"10.1080\/09537325.2015.1095291","article-title":"Regional innovation environment and innovation efficiency: the Chinese case","volume":"28","year":"2016","journal-title":"Technology Analysis and Strategic Management"},{"issue":"3","key":"key2024020210110091800_ref053","article-title":"Political connection,government r&d subsidies and innovation efficiency: evidence from China","volume":"48","year":"2022","journal-title":"Finance Research Letters"},{"issue":"7","key":"key2024020210110091800_ref054","doi-asserted-by":"crossref","first-page":"1839","DOI":"10.1111\/joms.12803","article-title":"Pyramidal ownership and SOE innovation","volume":"59","year":"2022","journal-title":"Journal of Management Studies"},{"issue":"5","key":"key2024020210110091800_ref055","article-title":"Do ESG ratings promote corporate green innovation? A quasi-natural experiment based on syntao green finance's ESG ratings","volume":"87","year":"2023","journal-title":"International Review of Financial Analysis"},{"key":"key2024020210110091800_ref056","article-title":"Institutional ownership heterogeneity and ESG performance: evidence from China","volume":"51","year":"2023","journal-title":"Finance Research Letters"},{"issue":"3","key":"key2024020210110091800_ref057","doi-asserted-by":"crossref","first-page":"372","DOI":"10.1016\/j.jwb.2017.01.001","article-title":"Firm age, marketization, and entry mode choices of emerging economy firms: evidence from listed firms in China","volume":"52","year":"2017","journal-title":"Journal of World Business"},{"issue":"3","key":"key2024020210110091800_ref058","article-title":"Disclosure for whom? Government involvement, CSR disclosure and firm value","volume":"44","year":"2020","journal-title":"Emerging Markets Review"},{"key":"key2024020210110091800_ref059","doi-asserted-by":"publisher","DOI":"10.1108\/EJIM-01-2022-0033","article-title":"How does family ownership and management influence green innovation of family firms: evidence from China","year":"2022","journal-title":"European Journal of Innovation Management"},{"issue":"4","key":"key2024020210110091800_ref060","doi-asserted-by":"crossref","first-page":"1031","DOI":"10.1108\/BPMJ-11-2022-0551","article-title":"Corporate digitalization, managerial power distance and corporate sustainability performance: evidence from China","volume":"29","year":"2023","journal-title":"Business Process Management Journal"},{"key":"key2024020210110091800_ref061","doi-asserted-by":"publisher","DOI":"10.1108\/EJIM-01-2021-0068","article-title":"The role of founder reign in explaining family firms' r&d investment: evidence from China","year":"2021","journal-title":"European Journal of Innovation Management"},{"issue":"2","key":"key2024020210110091800_ref062","first-page":"190","article-title":"Can r&d internationalization improve EMNEs' innovation efficiency? The moderating effects of TMT human capital","volume":"24","year":"2021","journal-title":"Baltic Journal of Management"},{"issue":"5","key":"key2024020210110091800_ref063","first-page":"345","article-title":"The impact of corporate social irresponsibility on emerging-economy firms' long-term performance: an explanation based on signal theory","volume":"144","year":"2022","journal-title":"Journal of Business Research"},{"key":"key2024020210110091800_ref064","doi-asserted-by":"publisher","DOI":"10.1108\/EJIM-01-2023-0006","article-title":"Not all innovation is prioritized: economic policy uncertainty, industry environmental, and firms' relative exploitative innovation emphasis","year":"2023","journal-title":"European Journal of Innovation Management"},{"issue":"2","key":"key2024020210110091800_ref065","doi-asserted-by":"crossref","first-page":"375","DOI":"10.1177\/0001839216674457","article-title":"State ownership and firm innovation in China: an integrated view of institutional and efficiency logics","volume":"62","year":"2017","journal-title":"Administrative Science Quarterly"}],"container-title":["Business Process Management Journal"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/www.emerald.com\/insight\/content\/doi\/10.1108\/BPMJ-08-2023-0612\/full\/xml","content-type":"application\/xml","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/www.emerald.com\/insight\/content\/doi\/10.1108\/BPMJ-08-2023-0612\/full\/html","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,7,24]],"date-time":"2025-07-24T23:15:55Z","timestamp":1753398955000},"score":1,"resource":{"primary":{"URL":"http:\/\/www.emerald.com\/bpmj\/article\/30\/1\/270-290\/1221419"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2023,11,14]]},"references-count":65,"journal-issue":{"issue":"1","published-online":{"date-parts":[[2023,11,14]]},"published-print":{"date-parts":[[2024,2,5]]}},"alternative-id":["10.1108\/BPMJ-08-2023-0612"],"URL":"https:\/\/doi.org\/10.1108\/bpmj-08-2023-0612","relation":{},"ISSN":["1463-7154"],"issn-type":[{"value":"1463-7154","type":"print"}],"subject":[],"published":{"date-parts":[[2023,11,14]]}}}