This paper contributes to the growing literature that explores the role of corporate governance and corporate social responsibility in influencing a company's innovation activities (O'Connor and Rafferty, 2012; Cook et al., 2019) by studying the causal impact of ESG ratings on innovation activities of listed companies. Specifically, we find that ESG ratings have a positive causal effect on a company's innovation activities, providing a new research perspective of ESG rating for the existing literature. While existing studies on the impact of ESG ratings on innovation have focused on green innovation (Tan and Zhu, 2022; Wang et al., 2023), our study finds that the incentive effect of ESG ratings is not limited to green innovation, but also promotes overall innovation, joint patent applications, and high-quality patents. Finally, our channel analysis suggests that ESG ratings promote innovation by reducing a company's financing constraints, agency costs, likelihood of CEO turnover, and stock liquidity, as well as increasing a company's R&D ratio and R&D personnel, providing more empirical evidence for related studies (Hall, 2002; Hall and Lerner, 2009; Bereskin and Hsu, 2011; Bereskin and Hsu, 2014; Fang et al., 2014; Howell, 2016; Yuan et al., 2023).

请将我给出的内容重构地道地写成esg影响公司创新的ssci英文金融论文中引言的其中一段:本文通过研究ESG评级对上市公司创新活动的因果影响为越来越多的企业创新文献做出了贡献。具体地我们发现了ESG评级对公司创新有积极的因果影响 为a growing literature that explores the role of公司治理和企业社会责任对公司创新影响OConnor and Rafferty

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