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| The Impact of Corporate ESG Responsibility Fulfillment on Collaborative Innovation from the View of Incomplete Contract |
| WANG Xi, XIE Huobao, LIU Xiaolong |
| Wuhan University, Wuhan, China |
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Abstract Based on the perspective of incomplete contracts, this study explores the impact of corporate ESG responsibility fulfillment on collaborative innovation using a sample of Chinese A-share listed companies from 2009 to 2022. The findings reveal that ESG responsibility fulfillment significantly enhances corporate collaborative innovation output. Heterogeneity tests indicate that the positive effect is more pronounced in regions with poor contractual enforcement environments, among firms with higher corporate financial risks, larger-scale firms or state-owned firms. Mechanism analysis identifies three channels through which ESG responsibility fulfillment exerts its governance effects: mitigating information asymmetry, enhancing corporate reputation, and reducing transaction costs. Further analysis shows that ESG responsibility fulfillment not only increases the quantity of collaborative innovation output but also improves its quality, thus achieving both quantity growth and quality improvement.
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Received: 29 September 2024
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