Descriptive statistics results.

This study aims to investigate green finance’s impact on the synergy between ESG and green innovation (ESGGI) performance and examine the potential influence played by stakeholders’ green concerns on this impact. Hence, we calculated the synergy of ESGGI performance based on the entropy method and the coupled coordination degree model and conducted regression analyses on the data of 1143 Chinese companies from 2012 to 2020. The results reveal a remarkable inverted U-shaped relationship between green finance and the synergy of ESGGI performance. Additionally, the green concerns of the government and the media can efficiently moderate green finance’s impact on the synergy of ESGGI performance. Further tests show that green finance’s impact on the synergy of ESGGI performance of SOEs, HPEs, and HTEs is more significant. This paper demonstrates an association between green finance and the synergy of ESGGI performance, which yields new insights for companies to implement green transformation and sustainable development.