The Moderating Effect of Firm Life Cycle on the Influence of Financial Performance and Green Innovation Performance on Environmental, Social, and Governance Reporting: Evidence From China

This study examines the influence of green innovation performance and financial performance on environmental social and governance reporting by considering the impact of the firm life cycle as a moderator. The study used OLS regressions with panel data from the CSMAR and Bloomberg databases to verify our research propositions on a sample of 15,410 firm-year observations from 2015 to 2021. The study's findings indicate that firm life cycle moderates the association between green innovation performance, financial performance and ESG disclosure in China. The findings have implications for academics, practitioners, and regulators relevant to environmental social and governance reporting. Additionally, the results provide authorities and the board of directors with information about the firms and states' prospects for growth. The research is unique because it addresses the moderating role of a firm life cycle in the link between environmental social and governance reporting and the financial performance of green innovation performance.