2SLS regression: Reverse causality issues.

Environmental, Social, and Governance (ESG) is closely related to commercial banks’ promotion of "dual-carbon" goals and the concept of sustainable development. The impact of ESG performance on commercial banks’ support for green innovation remains an issue for in-depth study. This paper studies 36 Chinese commercial banks in China from 2010 to 2021 and finds that the ESG performance of commercial banks can promote green innovation, and this promotion is more obvious when bank remuneration incentives are effective. Meanwhile, this paper verifies the mediating role of the non-performing loan ratio and the Lerner index in it, which provides channel support for ESG to effectively promote green innovation development. This study enriches the existing literature on environmental, social, and governance performance and green innovation in commercial banks and provides new perspectives and directions for future research.

环境、社会和治理（Environmental, Social, and Governance，简称ESG）与商业银行推进“双碳”目标及可持续发展理念密切相关。ESG表现对商业银行绿色创新支持力度的影响，仍是有待深入探究的课题。本文以2010-2021年中国36家商业银行为研究样本，研究发现商业银行的ESG表现能够推动绿色创新，且当银行薪酬激励机制有效时，这一推动作用更为显著。同时，本文验证了不良贷款率与勒纳指数（Lerner index）在其中的中介作用，为ESG有效推动绿色创新发展提供了路径支撑。本研究丰富了现有关于商业银行ESG表现与绿色创新的相关文献，同时为后续研究提供了全新的视角与方向。