ESG-driven innovation strategy and firm performance
Keywords: 
ESG
Innovation performance
Stakeholder theory
Social network theory of innovation
Open innovation
Competitive advantage
Survival rate
Exporting
Labor productivity
Issue Date: 
2024
Publisher: 
Springer
Project: 
info:eu-repo/grantAgreement/AEI/Proyectos de I+D+I (Generación de Conocimiento y Retos Investigación)/PID2021-124151NA-I00/[ES]/LA GOBERNANZA DE LAS PRACTICAS AMBIENTALES, SOCIALES Y GOBIERNO (ASG): EL PAPEL DEL PROPOSITO, LA ETICA, EL CUMPLIMIENTO, Y LA INNOVACION (GOVESG)
ISSN: 
2147-4281
Note: 
This article is licensed under a Creative Commons Attribution 4.0 International License
Citation: 
Cabaleiro-Cerviño, G. (Goretti); Mendi, P. (Pedro). "ESG-driven innovation strategy and firm performance". Eurasian Business Review. 14, 2024, 137 - 185
Abstract
This paper investigates the impact of aligning an innovation strategy with Environmental, Social, and Governance (ESG) practices on innovation and non-innovation performance variables. Drawing on principles from Stakeholder Theory and Social Network Theory of Innovation, the research hypothesizes that ESG-driven firms will outperform firms that are not ESG-driven in terms of future innovation outcomes, labor productivity, exporting and survival rates. Using the Technological Innovation Panel (PITEC) database, a panel of Spanish companies, the study compares the performance of two groups of innovative firms: firms that declare that at least one of the ESG goals are relevant for their innovation activities (ESG-driven companies) and matched firms that regard all three ESG goals as not important (non-ESG companies). Our findings reveal that ESG-driven companies exhibit a better future innovation performance and that, in terms of labor productivity, exporting, and survival their performance is never inferior than that of innovative firms that are not ESG-driven

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