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Green innovation is a pivotal means of achieving economic growth while mitigating environmental harm, and encouraging green innovation is a goal of policymakers. This paper systematically reviews the literature on the impact of diverse policy instruments on green innovation and corporate performance. We derive three main conclusions. (a) The majority of studies demonstrate that implementing policy instruments (including demand-pull policies, technology-push policies, and soft and systemic instruments) positively promotes the growth of green patents. (b) The development of green innovation involves passive diffusion, influenced by domestic policy interventions, international spillovers, and inter-firm knowledge flow. (c) The impact of environmental regulation and green innovation on firm performance is intricate, with the mediating role of green innovation remaining ambiguous. Finally, the paper concludes by highlighting potential new research directions in green innovation. • Policy instruments positively promote green innovation across various policy types. • Green innovation is influenced by both domestic and foreign policies. • The nexus among environmental regulation, green innovation, and firm performance is complex. [ABSTRACT FROM AUTHOR]

Promoting the development of green innovation is crucial for achieving the green transformation of society. This paper considers the decision bias of different agents in policy implementation and presents a theoretical model that captures the structure of the green innovation system. The model includes six subsystems: government, technology, public, energy, environment, and population. The study examines the transmission effect of green innovation and the influence mechanism of multiple decision biases on policy combination effects using a combination of various policy tools. The results show that: Various policy tools and their implementation differences have distinct effects on the green innovation and environmental performance. In most cases, the synergistic policy mix effect, surpassing the impact of individual policies, is driven by the resource effect. However, the synergistic effect of policy combination may not be fully realized, leading to potential conflicts. Due to various decision biases, particularly the gap in the public's green behavior, the policy mix faces challenges in achieving immediate synergistic effects. Combining tax policies with other policy instruments increases the risk of incoherence and inconsistency. However, in the long term, the combination of policy tools can exert strong late-developing advantages. This study provides insights for green innovation policy improvement. • This paper develops a green innovation system with the government subsystem serving as the operational hub. • This paper establishes a policy framework for green innovation systems based on multi-subject decision bias. • This paper simulates the impact of policy implementation on green innovation and main pollutant emissions. • The study finds that tax policy has a more significant dampening effect when combined with other policies. • This study finds that policy mix can exert resource effects, but decision biases cause a delayed manifestation. [ABSTRACT FROM AUTHOR]

This paper investigates the impact of China's environmental regulations, with a focus on the green credit policy, on green innovation in pursuit of the "carbon peak and carbon neutrality" goal. Given the implementation of the 2012 Green Credit Guidelines, this paper employs the Difference-in-Difference Method (DID) and conducts a quasi-natural experiment to empirically examine the interactions among the central government, local governments, and high-pollution and high-emission enterprises by exploring the impact of green credit policies on green innovation of these enterprises. Relying on 4503 samples of 237 high-pollution and high-emission enterprises listed in the main board in China from 2003 to 2021, this study reveals that the green credit policy can improve green innovation of these enterprises. Specifically, this study explores the detailed mechanism through which the green credit policy enables these enterprises to increase their market concentration and then the monopoly profits, which in turn promotes their green innovative productivity. In addition, this paper also reveals how local governments' political and financial incentives may serve as positive and negative moderating factors, respectively, within the impact mechanism. This study has valuable implications for how to effectively formulate and implement environmental regulations by balancing the interests of the central government, local governments and enterprises. [ABSTRACT FROM AUTHOR]

Green innovation (GI) can increasingly contribute to green total factor productivity (GTFP) in the process of high-quality development transformation. However, the heterogeneous, spatial, and non-linear characteristics of GI are usually ignored when investigating its impact on GTFP. Using panel data on 275 Chinese cities from 2004 to 2022, two-way fixed, spatial Durbin, threshold, and mediation effect models are adopted to comprehensively examine how GI affects GTFP. The benchmark regression shows that GI can promote GTFP, and this result is maintained after robustness tests. The invention innovation is more likely to increase GTFP than green utility and green design innovations; furthermore, the enhanced impact driven by GI is primarily manifested via technological progress. GI can promote GTFP in neighboring regions through spillover effects under various spatial weight matrixes. Using the technological gap as the threshold variable, GI can promote GTFP through a gradually increasing feature. Furthermore, industrial upgrading, pollution reduction, and factor agglomeration are the three main mechanisms through which GI promotes GTFP. Based on the perspective of GI promoting sustainable development, the findings of this paper provide valuable recommendations for formulating GI and sustainable development policies. [ABSTRACT FROM AUTHOR]

This paper examines what drives green innovation investment and exploitation with regard to sustainability. The specific focus of this paper is on company valuations of different dimensions of sustainability and their relationships to green innovation. Empirical data were gathered from a cross-section of horse industry companies located in Finland. The scientific value of the paper lies in showing that certain dimensions of sustainability lead to the exploitation of and investment in green innovation, while other dimensions do not. The results of this study's regression analyses show that the more a company values economic, institutional, and social sustainability, the more likely it is to invest in green innovation. Further, a high valuation of institutional and economic sustainability increases the willingness to exploit green innovation. The valuation of environmental sustainability was not found to affect the willingness to invest in or exploit green innovation. Our results suggest that green innovation is driven by economic and institutional pressures, and that such innovation can create value in terms of social sustainability. [ABSTRACT FROM AUTHOR]

Green finance is a financial innovation that directs capital allocation towards green industries. How will this affect regional carbon emissions? Based on the data on green finance and carbon emissions of 30 provinces in China from 2008 to 2019, this paper employs a multivariate linear regression model and a spatial econometric model to empirically study the impact of green finance on carbon emissions. The results find that (1) green finance significantly reduces provincial carbon emissions, specifically through promoting a cleaner energy structure and an advanced industrial structure, as well as improving the quality of green innovation. (2) Heterogeneity exists between regions. In eastern regions and areas characterized by high levels of marketization and minimal fiscal pressure, the role of green finance in promoting provincial carbon emission reduction is more pronounced. (3) Spatial econometric analysis found that green finance has a significant spatial spillover effect on carbon reduction in adjacent regions. Specifically, the flow of green resources and green ideas between provinces facilitates the formation of regional radiation, while green competition generates a siphon effect on neighboring regions. These findings provide some meaningful policy implications to achieve China's dual-carbon goal by promoting green finance. • Green finance has significantly reduced China's provincial carbon emissions. • The upgrading of energy structure and industrial structure is a positive channel to reduce carbon emissions. • Green innovation strengthens the carbon reduction effect of green finance, but reveals the potential "greenwashing". • Green finance has a significant spatial spillover effect on carbon reduction in adjacent regions. • Policymakers should develop flexible, dynamic and coordinated green finance development policies. [ABSTRACT FROM AUTHOR]

This paper uses a double-difference model to test the impact of green credit policy on the default risk of heavy polluters based on the data of China listed companies from 2008 to 2021. It is found that green credit policy can significantly reduce the default risk of heavy polluters, and the reduction effect is more significant in state-owned enterprises. Further mechanism tests show that green credit policy reduces default risk by guiding heavily polluting firms to reduce financial leverage. Government environmental regulation and corporate green innovation capacity affect the role of green credit policy on corporate default risk. With the strengthening of regional environmental regulations and the enhancement of corporate green innovation capabilities, the effect of green credit policies in diminishing the default risk for companies with high pollution levels is increasingly evident. This study not only enriches the literature on green credit but also demonstrates the effectiveness of directing banks and various financial entities to allocate resources reasonably, guiding heavily polluting enterprises to control risks, and steadily achieving green transformation. These findings hold significant implications for decision-making in designing environmental policy and management strategies. [ABSTRACT FROM AUTHOR]

As China's longest-implemented market-based environmental regulation policy, emission charges have contributed outstandingly to improving the ecological environment and reducing firms' pollution emissions. We assess the impact of emission charges on the innovation quality of Chinese firms based on the perspective of firms' breakthrough technological innovation. By observing Chinese A-share listed firms with heavy pollution from 2011 to 2020, we find that corporate breakthrough technological innovation positively moderates the emission charges to enhance the quality of corporate innovation. Our mechanism tests suggest that emission charges and breakthrough technological innovation positively affect innovation quality by improving the means of green innovation of enterprises. In addition, heterogeneity analysis shows that emission charges and firms' breakthrough technological innovation are only effective in improving the innovation quality of state-owned firms, and the effect on the innovation quality of non-state-owned firms is not significant. Our findings suggest that the imposition of emission charges and incentives for firms to embark on breakthrough technological innovation can effectively improve the quality of innovation. • The article is probably the first literature to explore the effects of breakthrough technological innovation and emission charges on the innovation quality of heavily polluting enterprises in China, enriching the research on the impact of enterprise innovation models on environmental regulation. • Based on the IPC information of enterprise patent applications, the paper distinguishes enterprise innovation patterns and explores the moderating effect of breakthrough technological innovation on emission charges to enhance the quality of enterprise innovation. • This paper provides micro evidence on the impact of environmental regulation on innovation quality based on the perspective of firms' breakthrough technological innovation, which has important implications for adopting environmental regulation to achieve a "win-win" situation between pollution control and improving innovation quality. [ABSTRACT FROM AUTHOR]

This paper presents a new taxonomy of green innovators. Using firm-level data from the Korea Innovation Survey, this paper investigates different types of eco-innovations, how these relate to each other, and what their main determinants are. The empirical methodology builds on a combination of factor, cluster, and multinomial logit analysis. The taxonomy identifies four groups of green innovators: (1) carbon dioxide reducing; (2) waste-reducing; (3) recycling innovators; (4) and pollution-reducing. Research and development (R&D) policies emerge as relevant factors for enhancing innovation in waste-reducing firms, whereas environmental taxes and regulations are found to be more important drivers of technological change for pollution-reducing firms. The contribution of this paper is twofold. First, it points out the firm-specific characteristics and policy instruments that are more relevant for different types of green innovation. Second, it provides new firm-level evidence for South Korea, thus expanding the geographical scope of econometric research on green innovation, which has so far largely focused only on European countries. [ABSTRACT FROM AUTHOR]

The purpose of the paper is to review the practice of the theory of inventive problem solving (TRIZ) in Green Supply Chain (GSC) problems and to identify new research challenges focusing on the question: “To what extent is it necessary to evolve TRIZ tools, methods and theoretical grounding for addressing GSC inventive problems?” First, a review of the past contributions of TRIZ based methods to GSC problem resolution is presented. As the result of the papers review did not provide a comprehensive understanding of the limitations and areas of potential application of TRIZ in GSC, three experiments were conducted to complete the literature review, in order to provide a more comprehensive answer to the posed question and identify research challenges. The experiments addressing GSC problems were also conducted to explore to what extent the more mature meta-methods of classical TRIZ, namely ARIZ 85 A, C and the related sub-methods, can be used as in GSM problems. The examples were chosen to explore types of GSC problems that were not yet addressed with TRIZ. The experiment results highlight limitations on the use of the TRIZ in GSC inventive problems, which were not mentioned in the GSC literature. Moreover it highlights the limitation of using the more mature meta-methods of TRIZ (ARIZ 85A and ARIZ 85C) when the conflict to overcome contains more than two evaluation parameters and one action parameter. Finally, research challenges to overcome the limitations and to improve the use of TRIZ in GSC inventive problems are stated. Among them, methods for quickly establishing the existence of classical TRIZ contradictions or for informing the problem solver when no TRIZ contradictions are present in a given inventive problem in GSC should be proposed. Such methods would permit determining whether ARIZ 85C could be used and avoid a long and fruitless search for a system of contradictions. Find alternatives to the algorithms proposed in the past to be able to establish the generalized contradictions of inventive problems. Make evolve meta-methods ARIZ 85C or substitute it with methods which can address the inventive problems that cannot be treated by ARIZ 85C. [ABSTRACT FROM AUTHOR]

Agricultural production struggles with low efficiency and high emissions. This urgently calls for a collaborative effort between government and non-government organizations in environmental governance and policy implementation. In order to explore the supply-shock, demand-induced or superposition effects of the formal and informal environmental regulations to agricultural total factor productivity, using listed Chinese agricultural enterprise data from 2003 to 2018 as a sample, this paper employed a two-way fixed difference-in-difference model to analyze from supply and demand perspective. The results indicate that, (1) formal environmental regulations and environmental non-governmental organizations not only drive total factor productivity caused by dynamic changes on the supply and demand sides respectively, but also exhibit strong policy superposition effect. (2) The Analysis of policy intensity heterogeneity illustrated that the intensity of command-control and market-incentive environmental regulations could exert impact on the direct dual policies' effects. (3) The mechanism test found that green innovation and market forces play a mediating or regulating role. This paper provides empirical evidence for strengthening the policy orientation of synergistic governance, and has certain reference significance to realize the rise of green agriculture-supporting economy. [Display omitted] • Analysis is based on the supply and demand sides, with DID method mainly. • Heterogeneous environmental regulations respectively stimulate total factor productivity. • Dual regulations could generate a superposition effect. • Policy effects are affected by the heterogeneity across policy intensity. • Green innovation and market forces have regulating or mediating effects. [ABSTRACT FROM AUTHOR]

In recent years, green innovation has become an important means of achieving sustainable development, but the impact of peer firms on green innovation is less discussed. To fill this research gap, this paper explores the effect of peer firms on the green innovation activities of the Chinese A-share listed firms in the manufacturing industry from 2011 to 2020 and investigates influencing factors of peer effect. The main findings are as follows. First, there is a peer effect in making green innovation decisions. Second, industry competition has a positive moderating effect on the peer effect of green innovation. Third, digital financial inclusion and government intervention both promote the peer effect of green innovation. The peer effect is more significant with a high degree of digital financial inclusion. But the peer effect has no significant difference between different degrees of government intervention. This paper aims to explore the influencing factors of a firm's green innovation from the perspective of peer effect. The research results can provide a guide for the government to better promote green innovation activities of firms and benign competition in the industry. • A firm's green innovation activities are positively affected by industry peers. • Industry competition has a positive moderating effect on green innovation peer effect. • Digital financial inclusion and government intervention both promote the peer effect. • The peer effect is more significant with a high degree of digital financial inclusion. • The peer effect has no significant difference between different degrees of government intervention. [ABSTRACT FROM AUTHOR]

Agricultural production struggles with low efficiency and high emissions. This urgently calls for a collaborative effort between government and non-government organizations in environmental governance and policy implementation. In order to explore the supply-shock, demand-induced or superposition effects of the formal and informal environmental regulations to agricultural total factor productivity, using listed Chinese agricultural enterprise data from 2003 to 2018 as a sample, this paper employed a two-way fixed difference-in-difference model to analyze from supply and demand perspective. The results indicate that, (1) formal environmental regulations and environmental non-governmental organizations not only drive total factor productivity caused by dynamic changes on the supply and demand sides respectively, but also exhibit strong policy superposition effect. (2) The Analysis of policy intensity heterogeneity illustrated that the intensity of command-control and market-incentive environmental regulations could exert impact on the direct dual policies' effects. (3) The mechanism test found that green innovation and market forces play a mediating or regulating role. This paper provides empirical evidence for strengthening the policy orientation of synergistic governance, and has certain reference significance to realize the rise of green agriculture-supporting economy. [Display omitted] • Analysis is based on the supply and demand sides, with DID method mainly. • Heterogeneous environmental regulations respectively stimulate total factor productivity. • Dual regulations could generate a superposition effect. • Policy effects are affected by the heterogeneity across policy intensity. • Green innovation and market forces have regulating or mediating effects. [ABSTRACT FROM AUTHOR]

In recent years, green innovation has become an important means of achieving sustainable development, but the impact of peer firms on green innovation is less discussed. To fill this research gap, this paper explores the effect of peer firms on the green innovation activities of the Chinese A-share listed firms in the manufacturing industry from 2011 to 2020 and investigates influencing factors of peer effect. The main findings are as follows. First, there is a peer effect in making green innovation decisions. Second, industry competition has a positive moderating effect on the peer effect of green innovation. Third, digital financial inclusion and government intervention both promote the peer effect of green innovation. The peer effect is more significant with a high degree of digital financial inclusion. But the peer effect has no significant difference between different degrees of government intervention. This paper aims to explore the influencing factors of a firm's green innovation from the perspective of peer effect. The research results can provide a guide for the government to better promote green innovation activities of firms and benign competition in the industry. • A firm's green innovation activities are positively affected by industry peers. • Industry competition has a positive moderating effect on green innovation peer effect. • Digital financial inclusion and government intervention both promote the peer effect. • The peer effect is more significant with a high degree of digital financial inclusion. • The peer effect has no significant difference between different degrees of government intervention. [ABSTRACT FROM AUTHOR]

The fish processing industry is currently shifting from being heavily manual labor-based into automation of most of the operations along the processing line. This paper reports on a case study of fish processing equipment-producing companies and seeks to investigate how green innovation can be integrated within the activities of the companies to secure sustainable fish processing in the future. Although the companies studied were all found to be involved with innovation, none of them were working with green innovations. This paper suggests that smaller companies (such as small and medium sized enterprises) that supply to larger companies may lack feedback on environmental requirements of their products due to the perceived relative size of the contribution of their product to the overall environmental footprint of the end product of the consumer. Better and tougher environmental requirements on fish processing equipment from governmental agencies, as well as long term commitment between producer and end customers may be an effective way of sparking green innovation initiatives. [ABSTRACT FROM AUTHOR]

We try to expand the political promotion tournaments in Chinese local governments from raising GDP to the level of increasing fiscal revenues. From the vantage point of officials' performance appraisal, we investigate the impact of local government officials' political ambitions, represented by the ex-ante commitment level of fiscal revenue targets, on carbon emission intensity (CEI). Utilizing a sample of 209 prefecture-level cities in China spanning 2006 to 2019, this paper empirically scrutinizes the influence of local government political ambition on CEI. The findings reveal that the greater the political ambition of local government officials, the more pronounced the reduction in CEI. Furthermore, our study demonstrates that political ambition contributes to the decline of CEI by elevating the levels of environmental attention and green innovation. This research not only aids in comprehending the rationale and necessity of the political promotion tournaments implemented by the Chinese central government but also offers valuable insights for other developing countries seeking to mitigate CEI. [ABSTRACT FROM AUTHOR]

With the rising awareness of green and sustainable development, corporate environmental, social, and governance (ESG) performance has become an essential topic in academia. Existing studies have focused on the driving role of formal institutions on corporate ESG performance while ignoring the motivational role of informal institutions such as culture. Based on the data of Chinese A-share listed companies from 2009 to 2021, this study adopts textual analysis to quantify corporate culture and discusses the impact of corporate culture on ESG performance and its internal mechanism. We find that corporate culture significantly enhances ESG performance. Mechanism test indicates that corporate culture can promote green innovation and improve information transparency through resource and information effect, enhancing ESG performance. We further demonstrate differences in the impact of corporate culture dimensions on ESG performance, with innovation culture and quality culture being the most prominent. In addition, there is heterogeneity in the impact of corporate culture on ESG performance. In the context of non-state-owned property rights, low market attention, and high economic policy uncertainty, the impact of corporate culture on ESG performance is more significant. This paper enriches the related research on ESG performance drivers from the informal system perspective and provides decision-making references for enterprises to promote ESG practices and achieve sustainable development. [ABSTRACT FROM AUTHOR]

Transparent environmental information is fundamental for the government to better regulate pollution and for the public to be aware of pollution. However, how the improvement of environmental information transparency affects firms' environmental behavior has been underexplored. This paper fills this gap by exploring the impact of China's air quality monitoring and disclosure program on the green innovation of firms; via this program, real-time air quality monitoring stations have been constructed nationwide, and the information is promptly released to the public. The results of a difference-in-differences estimation show that the information program has significantly increased the green innovation of firms, especially the number of green invention patent applications. Moreover, this increase is realized via the regulatory effect of both the local government and public attention. Additionally, the green innovation effect performs stronger in state-owned enterprises (SOEs) and firms in heavily polluting industries. This paper contributes to the related literature from the perspective of central government-led real-time transparent environmental information disclosure. The findings of this study highlight policy implications from the perspective of the importance of the application of information technology in environmental regulation, as well as the vital role of information-based instruments in exerting a public regulatory effect on environmental governance. • Effect of pollution information disclosure on firm's green innovation is tested. • DID is used exploiting China's Air Quality Monitoring-and-Disclosure Program. • The pollution information disclosure significantly boosts firm' s green innovation. • The mechanism is the regulatory effect from local governments and public attention. • Porter's Hypothesis is supported from the new view of information disclosure. [ABSTRACT FROM AUTHOR]

Although green innovation is seen by companies as a way to meet regulatory pressures and customers' needs, there is still no consensus about its impact on performance. This paper examines the role of green innovation intensity on financial performance based on data from 356 multinationals firms using a fixed effect panel regression. We found three main results. First, there is no significant association of green innovation's intensity with firm financial performance in the immediate year. Second, the association is positive, lasts during the subsequent years and becomes expressively higher after 2 years. Third, the degree of internationalization does not moderate this relationship. These findings provide empirical evidence that the return of green innovations is conditional to time but not to how much a multinational firm is internationalized. • We provide empirical evidence that the return of green innovation is conditional to time. • Green innovation is associated with firm performance in the shorter and longer-term. • Internationalization does not affect the returns from green innovation. [ABSTRACT FROM AUTHOR]

Energy-intensive industries are a priority for achieving low-carbon economic growth in China, and a large number of government R&D subsidies have been injected into energy-intensive firms to support green innovation in recent years. Most of the existing literature has studied the impacts of R&D subsidies on the general innovation of high-tech firms or emerging enterprises. This paper explores the impacts of government R&D subsidies on the green innovation of energy-intensive firms. By employing propensity score matching with 527 samples of listed companies from 2010 to 2015, the empirical results show that government R&D subsidies increase the green innovation of energy-intensive firms, specifically their tendency and performance, by 107.3% and 54.1%, respectively. Heterogeneity analyses show that the impact is stronger in state-owned enterprises and in small and medium enterprises. Finally, some practical implications are put forward that may help to improve the efficiency of government R&D subsidies and promote the green innovation of energy-intensive firms. • The impacts of government R&D subsidies on the green innovation of energy-intensive firms are analyzed. • The firm-level impacts are investigated. • The firm-level impacts are investigated.Government R&D subsidies significantly increase the green innovation tendency and performance of energy-intensive firms. • The impact is stronger in state-owned enterprises and in small and medium enterprises (SMEs). [ABSTRACT FROM AUTHOR]

The emerging environmental awareness of the public, as well as the implementation of governmental regulations, force organisations to employ corporate environmental practices such as green supply chain management (GSCM) and green innovation. Accordingly, both practices are crucial to achieve professional improvement in the environmental performance of these organisations. However, research on the relationship of GSCM, green innovation, and environmental performance is relatively rare. Therefore, this study is aimed to provide empirical evidence showing that GSCM and green innovation practices significantly improve environmental performance in order to encourage organisations to implement these practices. In addition, this study investigates the relationship between GSCM and green innovation practices and the influence of these practices on the environmental performance in 123 manufacturing organisations with ISO 14001 certification. The results of PLS-SEM revealed that there is a significant and positive relationship between GSCM and green innovation, and the environmental performance. Moreover, green innovation had a positive effect on the environmental performance. Furthermore, green innovation had a mediating relationship between GSCM and environmental performance. Therefore, the present paper confirmed the significant influence of GSCM on boosting the green innovation of organisations and on the manufacturing establishments, which eventually improve the environment. In brief, the outcomes of this study provide enhanced understanding about the significant role of green innovation in the manufacturers for improving their GSCM and organisational environmental performance. [ABSTRACT FROM AUTHOR]

Transportation infrastructure plays a fundamental role in reducing pollution emissions to avert global environmental degradation. However, the mechanisms behind these effects remain unclear. This paper aims to provide empirical evidence by investigating the effects of roads on the intensity of air pollutant emissions. Using a city-level data set for the period 2003–2015, we find that roads help to reduce the intensity of pollution emissions in China and induce greener growth performance. Specifically, we test two possible mechanisms through which roads improve environmental performance, and the results suggest that roads have a more positive and significant impact on air pollution reduction when an eco-industrial park is located in a nearby city. There is also evidence that roads can spur green innovation and hence can contribute to regional green performance. • We use city level data to examine transportation infrastructure's effect on air pollution in China. • We propose two possible mechanisms to confirm the effect of transportation infrastructure. • Transportation infrastructure plays an important role in reduction of air pollution emission. • The implications of policy in emerging economies are discussed. [ABSTRACT FROM AUTHOR]

Under the goal of "carbon peaking" and "carbon neutrality" in China, it is significant to explore whether green finance contributes to carbon emission reduction. Therefore, based on the panel data of 30 provinces in China from 2005 to 2020, this paper empirically examines the impact of green finance on carbon emissions and its mechanism using the FE model, GMM model, DID, and the mediating effect model. Results find that green finance can significantly promote carbon emissions reduction, and this promotion remains still after robustness tests. The heterogeneity analysis shows that green finance's carbon emission reduction effect is more significant in developed and western regions. Moreover, the results of policy intervention effects confirm that green finance reform and innovation pilot zones (GFRIs) for carbon emission reduction are more pronounced than in other regions. Finally, the mediating effects reveal that industrial structure and green innovation are the core transmission channels through which green finance influences carbon emission reduction. These findings offer meaningful implications for formulating reasonable carbon emission reduction plans and determining the future development direction of green finance. [ABSTRACT FROM AUTHOR]

Green innovation and pollutant emissions are currently among the hottest topics in corporate environmental behavior (CEB) research. However, a few previous studies have examined these two concepts together at the choice level of CEB. This paper discusses the internal selection logic of CEB by using multinomial logit (MNL) models that consider the choices of enterprises in green innovation and illegal emissions, both across China and separately in different regions. The objective of this paper is to consider the four choices available to heavily polluting enterprises' dual-target corporate environmental behavior (DTCEB), including alienated, conservative, contradictory, and intimate environmental behaviors. The results of this study show that, under various external pressures, 61.2% of heavily polluting enterprises choose conservative environmental behavior. There is also generally a lack of synchronization between the goals of short-term economic and long-term social benefits. At the current stage, environmental regulation measures should focus on guiding enterprises to change from alienated, conservative, and contradictory behaviors, to intimate. Instead of only focusing on monitoring pollution emissions, the government should focus on green innovation guidance to effectively promote the transformation and upgrading of heavily polluting enterprises. A moderate adjustment of the intensity of command regulation may lead to better regulatory effects. Specifically, the enforcement of laws across China should be slowed; efforts should be made to increase the focus of public participation in the eastern region; the importance of incentive-based tax rate preferences should be increased in the central region, and the intensity of legislation should be strengthened in the western region. Compared with the emphasis on environmental performance in other literature, this article uses comparative thinking to explore the choice logic of the DTCEBs, which attaches different degrees of importance to long-term social benefits and short-term economic benefits. [ABSTRACT FROM AUTHOR]

The value of green innovation on achieving sustainable development is increasingly recognized in recent years. This paper explores whether and how external institutional pressure (including coercive pressure, normative pressure and mimetic pressure, though the last was not discussed in depth) promote green innovation and investigates the moderating effect of internal organizational slack by combining institutional theory and resource-based view. With the sample of China's top 100 listed companies from 2008 to 2014 and generalized estimating equations (GEE) approach, the findings supports the Porter Hypothesis that both coercive pressure and normative pressure have significant positive effects on corporate green innovation. Organizational slack positively moderates the relationship between coercive pressure and green innovation, but has no significant impact on the relationship between normative pressure and green innovation. Accordingly, the scientific value of this research is that it extends the debates on Porter Hypothesis and the role of organizational slacks. The results suggest that the government should strengthen the implementation of coercive tools, the media should play roles of “muckraking”, “catalyst” and the “vanguard” of public inquiry to insert normative pressure, and firms should rationally allocate slacks to improve green innovation. [ABSTRACT FROM AUTHOR]

The dual-credit policy is expected to achieve subsidy policy withdrawal through the effective market-oriented mechanism of credit trading, which has both rewards and sanctions for auto firms. The policy can activate the endogenous motivation of automakers to conserve energy and cut carbon emissions, which aids in creating a long-term mechanism to foster the growth of the auto industry. This paper examines the impact of the dual-credit policy on the quantity and quality of green innovation in auto firms using the difference-in-differences (DID) model. Based on the data of listed firms in the auto industry in the China A-share market from 2014 to 2020, we discover that the DCP-assessed auto firms' green innovation performance improves significantly after implementing the DCP. By analyzing the mediating effect, we identify that the dual-credit policy enhances corporate environmental responsibility and R&D investment, thus improves their green innovation performance. Further, the role of the dual-credit policy in enhancing green innovation increases significantly with the weakening of government environmental subsidies and the strengthening of government environmental penalties. Our findings expand the research on the implementation effects of the dual-credit policy and policies combining environmental regulation and market incentives. We emphasize the importance of the dual-credit policy in furthering the reform of the energy consumption structure and building a green innovation system that is focused on the market, and we propose that the government play a complementary role with the market through reasonable regulation and supervision. • The dual-credit policy (DCP) can improve auto firms' green innovation. • The corporate environmental responsibility and R&D investment are primary mechanisms for improvement of green innovation. • Government subsidies dampens the green innovation-enhancing effect of the DCP. • Government environmental penalties promotes the green innovation-enhancing effect of the DCP. [ABSTRACT FROM AUTHOR]

Environmental entrepreneurship has tremendous potential to deliver radical and disruptive technology innovation that can safeguard our biosphere. However, we lack insights into how green ventures can cultivate dynamic capabilities that allow these ventures to thrive. The existing dynamic capability framework does not adequately capture the unique challenges and opportunities facing early-stage green ventures. Consequently, in this study we ask: what are the micro-foundations underpinning dynamic capabilities in early-stage green ventures? How are these dynamic capabilities cultivated? How do these dynamic capabilities correspond to and co-develop with external factors in flux when disruptive green innovation is commercialized? This paper is based on an exploratory case study of 14 ventures developing green innovations in the biofuel, bioenergy, biochemistry, and biomaterial sectors. Our study conceptualizes the micro-foundations of dynamic capabilities related to sensing, seizing, and reconfiguring capabilities. Moreover, it develops a detailed and comprehensive framework of dynamic capability building for early-stage green ventures, which links internal dynamic capability building processes with influential external factors in flux. • Shows the micro-foundations of dynamic capabilities for environmental entrepreneurship. • Develop a framework on how dynamic capabilities co-develop with external factors. • Orchestrating dynamic capabilities is crucial for successful green innovation. [ABSTRACT FROM AUTHOR]

The growth effect of collaborative agglomeration of manufacturing and producer service industries is receiving increasing attention from scholars. However, few studies have explored whether and how collaborative agglomeration of manufacturing and producer service industries affects green innovation. To bridge this gap, using the methods of the system generalized method of moments, the moderating effect, and the threshold effect, and employing the panel data of 30 provinces of China for 2003–2017, this paper studies the effect of industrial collaborative agglomeration on green innovation and how this influence fluctuates when marketization is included. The main findings are as follows: (1) During the sample period, industrial collaborative agglomeration generally had a blocking effect on China's green innovation. A 1% increase in industrial collaborative agglomeration indicated a 0.461% decrease in green innovation efficiency. (2) Marketization can be an essential and efficient factor to correct the negative impact of industrial collaborative agglomeration through a moderating effect. (3) With the improvement of marketization, industrial collaborative agglomeration exhibits a U-shaped effect on green innovation, with the turning point occurring when the marketization index is 6.21. (4) As of 2017, 21 provinces have successfully exceeded the threshold of marketization, indicating that the current industrial collaborative agglomeration has been able to effectively improve China's green innovation efficiency. However, the other nine provinces still trail behind them in marketization reforms, with industrial collaborative agglomeration continuing to negatively affect green innovation. (5) This paper concludes with recommendations to improve green innovation through industrial collaborative agglomeration and market reform. Image 1 • Our research model links marketization, green innovation and industrial collaborative agglomeration. • We explore whether and how industrial collaborative agglomeration affects the green innovation. • Marketization moderates and promotes industrial collaborative agglomeration's influence on green innovation. • As marketization deepens, industrial collaborative agglomeration's effect on green innovation shows a U-shaped curve. [ABSTRACT FROM AUTHOR]

Governments often turn to subsidies to boost enterprises' innovation activities, which gives subsidized enterprises room for allocating the subsidies among different innovation activities. Taking insights from institutional logic theory, this paper proposes that enterprises exhibit different subsidy-allocation behaviors between nongreen and green innovations and that the positive effect of subsidies on nongreen innovation is greater than that on green innovation due to the double-spillover problem that is pertinent to green innovation. Further, this paper argues that innovation intensity varies from privately-owned enterprises to local and central state-owned enterprises and that the underlying reason for this phenomenon is that enterprises with different ownership structures behave with different institutional logics, face different environmental and innovation pressures, and hold different innovative resource and capability endowments. We test these hypotheses by using longitudinal data (2010–2015) on 175 publicly-traded firms in the pharmaceutical industry in China. Overall, the results support most of the hypotheses. • The effects of governmental subsidies on green and nongreen innovations were examined. • The moderating role of ownership types between innovation subsidies and green/nongreen innovation was examined. • Five-year panel data from 175 publicly traded Chinese pharmaceutical firms were used to test the hypotheses. [ABSTRACT FROM AUTHOR]

Corporate social responsibility (CSR) approaches are becoming increasingly widespread as environmental performance (EP) continues to be a significant aspect of developing a firm's socioemotional wealth, such as legitimacy, trustworthiness, and image. We draw on stakeholder and natural-resources-based view theories to investigate how CSR strategies may improve environmental performance via the underlying mechanism of green innovation (GI), especially in developing countries. Useable data was collected from 367 Maldivian and Moroccan service enterprises and analyzed using partial least squares (PLS-SEM) methodology. The findings indicated that external (Environment and Community) and internal (Employees) CSR-related approaches significantly impact environmental performance. Furthermore, the study suggests a mediation effect of GI on the CSR-EP nexus. Finally, this paper opens significant directions, enriches existing theories, and provides fascinating implications for SMEs professionals. • Examined the causal effect of internal and external CSR-related approaches on environmental performance. • External and internal CSR-related approaches significantly improve environmental performance. • No relation exists between CSR to consumer and environmental performance. • Green innovation partially mediates the External CSR - environmental performance nexus. [ABSTRACT FROM AUTHOR]

To drive sustainability on a global scale for a carbon-neutral future, green innovations and a better understanding of how intellectual property (IP) impacts their research, development, and diffusion are needed. In this paper, we identify IP models adopted by green innovators in three innovation process phases, namely: research; development/commercialization; and diffusion phases, contrasting findings across three organization categories: new ventures; universities; and established firms. Our analysis is based on a qualitative content analysis of 57 green innovations recognized by the European Inventor Award, a highly prestigious international prize awarded annually by the European Patent Office. The analysis shows the degree of openness in IP sharing increasing along the innovation process. Unlike established firms who adopt closed IP models predominantly throughout the innovation process phases, new ventures and universities adopt closed IP models in research and development phases to protect inventions and later share the IP, primarily patents, with others via licensing (exclusive or non-exclusive) to accelerate commercialization and diffusion for broader sustainability impact. The findings point towards a need for interventions at managerial and IP policy level that move beyond incentivizing innovations through exclusivity towards facilitating strategic and collaborative approaches to IP sharing that can accelerate sustainability transitions. [ABSTRACT FROM AUTHOR]

This paper explores the relationship between green innovation and urban carbon emission efficiency (CEE). Based on the panel data of 108 cities in the Yangtze River Economic Belt, the spatiotemporal evolution pattern of green innovation and urban CEE is investigated. The spatial Durbin model shows that green innovation has a positive and significant effect on CEE. The conclusions are robust after considering different spatial weight matrices and possible patent hysteresis. Furthermore, it is found that environmental regulation and industrial upgrading play a significant role in strengthening the relationship between green innovation and CEE. Heterogeneity analysis shows that green innovation has a more significant effect on CEE in the middle and lower reaches of the Yangtze River and in the period of 2012–2017. In addition, the impact of green innovation on CEE is linear, while the impact of general innovation on CEE is U-shaped, reflecting the important driving role of green innovation for CEE. The findings in this study offer a reference for improving the efficiency of spatial allocation of technical elements, which are conducive to urban green and low-carbon transformation. • The spatiotemporal pattern of green innovation and urban CEE is investigated. • Evident heterogeneity exists in the promotion effect of green innovation. • The impact of general innovation on CEE is U-shaped. • The synergistic effect of industrial upgrading is further discussed. [ABSTRACT FROM AUTHOR]

In this paper, a model for the slacks-based measure of super-efficiency in data envelopment analysis (SBM-DEA) was used to measure the green innovation efficiency (GIE) of 79 cities in the Yellow River Basin (YRB) from 2003 to 2018. In addition, the panel threshold model was employed to test the nonlinear relationship between environmental regulation intensity (ERI) and GIE. According to the results, the average GIE in the YRB was 0.68. However, the GIE exhibited a rising and fluctuating temporal trend and the following spatial trend: "lower reaches > upper reaches > middle reaches." Moreover, ERI had a double threshold effect on GIE in the YRB. That is, ERI had a significant positive impact on GIE only when ERI ranged between 0.595 and 0.899. Furthermore, the upper, middle, and lower reaches of the YRB exhibited different nonlinear correlations between ERI and GIE. Therefore, it is essential to implement environmental regulations that are appropriate for the actual conditions of each region. In addition, the per capita income, teacher resources, industrial structure, and actual utilization of foreign capital are significant factors affecting GIE in the YRB. These findings can help governments formulate suitable environmental policies and promote green innovation in the YRB, thereby contributing toward the goal of global sustainable development. • The efficiency of green innovation in the Yellow River Basin increases. • The efficiency of green innovation shows a spatial pattern of "lower reaches > upper reaches > middle reaches". • Regulations have a double threshold effect on the efficiency of green innovation. • The efficiency of green innovation must be improved based on the actual development of each region. [ABSTRACT FROM AUTHOR]

This paper provides an in-depth understanding of the mechanisms of green finance on green innovation, focusing on their spatial and non-linear relationships. Using panel data of 30 provinces of China during the period of 2009–2017, a green finance index is constructed, and the spatial Durbin model and panel threshold model are used. The results reveal that: (1) Green finance and green innovation had significant positive autocorrelation, and the development of green finance in provinces of central and western China were still in the lower-level range. (2) The coefficients of the direct effect and indirect effect of green finance on green innovation were significantly positive, which indicated that green finance was conducive to enhancing green innovation in local and adjacent provinces during the research period. (3) Double threshold effects of green finance on green innovation were observed, which demonstrated that the driving effect of green finance was decreased with the raising of intensity of environmental regulation. The implication of these results is that government should make full use of the radiation and trickle-down functions of green finance and green innovation to narrow regional gaps in sustainable development while maintaining a moderate intensity of environmental regulation. • A green finance index of 30 provinces of China during the period of 2009 to 2017 was constructed on the basis of green credit, green securities, green insurance, and green investment. • The heterogeneity of region and time for green finance were analyzed employing the spatial exploratory analysis, which manifested that the spatial evolution of green finance in China presents a gradient decreasing pattern from east to west. • The impact of green finance on green innovation was explored by the spatial Durbin model, which proved that the direct effect and the spatial spillover effect were significantly positive. • Moderate intensity of environmental regulation helps green finance promote green innovation and this value should not exceed a maximum of 0.935. [ABSTRACT FROM AUTHOR]

Abstract: This paper contributes to the empirical literature about the main drivers of eco-innovation in small- and medium-size enterprises (SMEs). In particular, we analyze the differences between the factors influencing “green” and/or “non-green” innovations for SME in a Low-Tech sector based on quantitative analysis. A questionnaire is carried out in the Spanish Food and Beverage Spanish firms to distinguish both types of innovation and test whether their drivers are different or similar. Using regression analysis, we find that technological capabilities such as R&D and human capital foster the conventional innovation but not the green innovation. Moreover, the implementation of Quality Management Systems (QMS) and differentiation explain only the adoption of green innovative activities. In this regard, a higher implementation of voluntary schemes certifications such QMS would be more effective to enhance eco-innovation than public subsidies. Furthermore, a policy recommendation is to reduce the financial constraints for SMEs in order to incentivize eco-innovation. [Copyright &y& Elsevier]

Abstract: The purpose of this paper is to assess the financial impact as well as greenhouse gas emissions of bioenergy application in a food-processing company. The assessment of bioenergy comprises collection and handling of organic waste and conversion of these biomasses through anaerobic digestion into biogas. In order to validate the proposed options of bioenergy application, we considered a food processing company in Denmark as a case company in a single in-depth case study. In the case studied, the produced biogas is to be utilized in one of two options at a bakery site: To substitute natural gas in combined heat and power (CHP) production (option 1) or substitute natural gas for production processes (ovens) and boilers (heat in form of water and steam production). The financial and environmental assessment is undertaken using the proposed bioenergy application, and indicates that it is possible to realize financial benefits in terms of additional profits and cost savings, but that challenging conditions can be problematic from a company perspective and provide challenges for the promotion of bioenergy investments. Specifically, substituting natural gas for processes and boilers is identified as the scenario providing the best financial result. The results also indicate that bioenergy application results in reduced greenhouse gas emissions in both options compared with the base scenario, however with no significant differences between the two options. [Copyright &y& Elsevier]

China has incorporated green technology innovation into its national development strategy based on its national conditions and development needs. The emission permit system is a typical environmental regulation, and one of the driving forces of green technology innovation. Research into the pollution discharge permits system is a key for improving environmental regulations. This study seeks to investigate the impact of pollution permits system on green innovation in China. Using econometric methods, we constructed and tested the model of green technology innovation incentives based on the emission permits system, and applied it to several Chinese counties and districts. The results revealed shortcomings in implementation of the emission permits system in various counties and districts. From a governmental perspective, this was due to poor standardization of management processes and insufficiently innovative supervisory methods. On the corporate side, problems included poor auditing of law enforcement plans, poor implementation of the ledger system, and a lack of disclosure of pollution data. We propose comprehensive strategies to address these issues. This paper explores the emission reduction potential of the pollution discharge permits system at the county level, in accordance with the Porter hypothesis, and provides reference data for the formulation and optimization of energy conservation and emission reduction policies. This will promote green development of the chemical and other industries, and green technology innovation in China. • We explore the pollution discharge permits system at the county level. • We construct a model of the impact of pollution discharge permits system. • We put forward some strategies for promoting green technology innovation. [ABSTRACT FROM AUTHOR]

Recent developments on climate change and sustainability have led regional and international environmental activists to exert pressure on firms to adopt and implement sustainable green initiatives. Implementation of green policies is, however, not free from obstacles. This research investigated the critical barriers to green human resource management (GHRM) implementation among Ghanaian firms. Seventeen barriers were identified and subsequently categorized into five major barriers. An interview was conducted with twenty human resource and environmental management professionals to pre-test the survey items. Later, one hundred and nineteen questionnaires were administered to selected chief executive officers (19), human resource managers (30), chief financial officers (30), and heads of employees (40) in selected firms. The Preference selection index (PSI) method was applied to rank the major barriers and sub-barriers. The economic barrier accounted for 23.3% of GHRM hindrances in the study area. Overall, the lack of financial resources scored (0.999), and emerged as the most critical barrier within the sub-barriers. The political and regulatory barrier (20.1%) came second, while the culture and education barrier (18.2%) ranked lowest. To mitigate the most critical barriers, the government and financial institutions can provide funding opportunities in the form of low-interest loans to organizations to design and implement green corporate policies and strategies. This paper adds to the existing green human resource management literature by investigating and analyzing GHRM implementation barriers within a developing country setting. This provides policy makers and practitioners with knowledge in designing suitable policies to counter environmental innovation obstacles and thereby promote GHRM implementation in Ghana and in similar economies. [ABSTRACT FROM AUTHOR]

In this paper, we explore the effects of China's green credit policy on highly polluting enterprises' green radical and incremental innovations. Utilizing the data of China's listed firms from 2007 to 2019, the empirical results show that green credit policy improves the overall and incremental green innovations but impedes the radical green innovation of highly polluting enterprises. Local governments' interventions, including direct intervention and environmental investment, not only mitigate the negative impact of the policy on radical innovation but also facilitate the positive effects. Our findings provide suggestions for the implementation of China's green credit policy. [ABSTRACT FROM AUTHOR]

Studies focusing on green innovation have shown that companies can gain a competitive advantage by collaborating with multiple stakeholders in the innovation process. Since novel green innovations are often systemic in nature and require changes in consumption behavior, end-user integration along the innovation process may be particularly relevant for the success of such products and services. The main aim of this paper is therefore to add to our understanding of the role of users in the green innovation processes of incumbent firms. The comparative case study in the context of e-mobility and smart housing outlines the methods used by three European incumbent firms to integrate users at different stages of the innovation process as well as their motivation and benefit. The findings show that users were basically co-developing the novel green product or service from the beginning. In the cases under review, early and constant end-user integration served as a risk-management tool, since it uncovered behavioral changes induced by the innovations among potential future users. This helped companies to overcome risk aversion towards the development of genuinely new green products and services and to bring these to the market. Field trials similar to living labs proved to be of particular importance for gaining insight into the everyday lifestyle of users. Thereby, the paper stresses an approach to green innovation in incumbent firms, which has not been given much attention in literature before. In addition, our cases show that the benefits of user integration can not only be high for rather incremental green innovations but also for genuinely new innovation in highly technological industries. User integration helped the case companies to uncover behavioral changes in the consumption phase and strengthening market acceptance. We conclude that firms may profit from an extensive user input throughout all phases of the innovation process to develop novel green products and services, and call for further research on how firms can overcome entry barriers to user integration in green product development in the future. [ABSTRACT FROM AUTHOR]

Although the existing literature on green innovation has little focus on the mediation role of open innovation, we aimed to explore how intellectual property rights and government support affect green innovation through open innovation. Drawing upon open innovation literature, this paper aims to investigate, at the firm level, the structural causality between internal and external resources and examine the role of open innovation on green innovation divided into green process and green product innovation. We attempt to suggest a structural model comparing open innovation's direct and mediating role using data from manufacturing sectors in South Korea from 2014 to 2016. The methodology was based on the partial least square structural equation method (PLS-SEM) with 1203 samples. The results revealed that a firm's intellectual property rights and government support significantly affect open innovation, green process innovation, and green product innovation while open innovation played a mediating role between each. Additionally, we provide a supplementary analysis using the sample-split test by comparing the sensitivity to partner selection and the multigroup test by firm size. This study proposes several implications emphasizing the mediating role of open innovation in enhancing green process innovation along with the direct and indirect effect of intellectual property rights and government support on green innovation. [ABSTRACT FROM AUTHOR]

Responding the increasing concerns on environment and green consumerism, many firms found specialized environmental foundations to invest in green technology innovators (GTIs) and achieve green features in their products to attract consumers. However, facing increasing financial pressure during the economic downturn in recent years, they may have limited capital for green investments. In this paper, we investigate, in the presence of limited environmental foundation sizes, whether a pair of co-opetitive supply chain players (consisting of an Original Equipment Manufacturer (OEM) and a Contract Manufacturer (CM) that serves as both a supplier and a competitor in downstream market for the OEM) should co-invest in a joint GTI. We consider two scenarios, Scenario N where the OEM and CM respectively invest in two independent GTIs, and Scenario Y where the two firms co-invest in a joint GTI. We analyze both the exogenous or endogenous reward rates cases for the promoting of green innovation efforts of the GTIs. Under both exogenous and endogenous reward rates, we find that although Scenario Y always yields higher greenness level than Scenario N for both the OEM and CM, the OEM doesn't always have incentive to do so due to the CM's strategic use of wholesale price or reward rate decision responses, while the CM is always better off in Scenario Y when the reward rate is exogenous. We also find that the market size and competitive intensity will post significant impacts on the green innovation outcomes, wholesale price and reward rates decisions in the co-opetitive relationship. Intensified downstream quantity competition can motivate upstream innovation investment. However, greener technology may result in worse environmental performance for the whole supply chain because of increased total quantity. [ABSTRACT FROM AUTHOR]

Governments around the world have adopted a series of policies and instruments to mitigate climate warming, environmental pollution, and other issues that affect human survival and development. Among them, emission taxes are levied to regulate manufacturers' emission reductions, and subsidies are used to encourage green innovation. However, so far, little attention has been paid to the mechanism of the impact of joint tax-subsidy policies on green innovation and the design of optimal tax-subsidy policies. To fill this gap, this paper develops a Stackelberg differential game model between a regulator and a polluting oligopoly. In this model, the regulator firstly issues a joint tax-subsidy policy, and then the pollution oligopoly determines the level of green innovation effort in the light of the regulator's policy. In particular, for the first time, both efficiency-improving and cost-reducing learning by doing in green innovation are considered simultaneously. The results show that the joint tax-subsidy policy can lead to higher social welfare and higher investment levels in green innovation than a single tax or subsidy policy. Moreover, learning-by-doing in green innovation can substitute part of the innovation investment, while improving environmental quality and social welfare, especially under the joint tax-subsidy policy. As a result, a joint tax-subsidy policy needs to be adopted and dynamically adjusted to different implementation contexts. • The optimal joint tax-subsidy policy is gotten by a differential game analysis. • Both efficiency-improving and cost-reducing learning-by-doing are considered. • The joint policy leads to the highest levels of green innovation and social welfare. • Learning-by-doing can substitute green innovation most under the joint policy. [ABSTRACT FROM AUTHOR]

The implementation of green innovation in the automotive industry (IGIAI) has attracted attention of both decision-makers and researchers over the last few years. However, research has demonstrated that IGIAI faces several barriers. This paper aims to synthesize the existing literature that pertains on barriers to IGIAI. Using a systematic review method, this article seeks to advance knowledge by grouping all barriers into six blocks: barriers related to resources, to behaviors, to information, to technology, to laws and regulations and to organizational barriers. The article reveals the existence of some causal links between the groups of barriers and emphasizes that the dominant barriers are related to behaviors and resources. Moreover, some research gaps in the literature have been identified and presented. [ABSTRACT FROM AUTHOR]

In recent years, corporate green innovation has become a hot topic in society and academia, but the relationship between green innovation and financing conditions is less frequently discussed. Based on stakeholder theory, this paper explores whether green innovation can alleviate corporate financing constraints. An empirical test using a sample of Chinese non-financial private enterprises listed in the Shanghai and Shenzhen exchange from 2012 to 2017 is established. The results of regression analyses show that green innovation, including green technology innovation and green management innovation, can significantly reduce the financing constraints of enterprises. Moreover, the interaction between corporate environmental disclosure and green innovation can have a positive effect, further improving the financing conditions of firms. These findings remain valid after endogenous and robustness testing including instrumental variables (IV), propensity score matching (PSM) and updated models. Additional research illustrates that green innovation plays a stronger role in alleviating financing constraints among heavily polluting enterprises. The above findings contribute to the literature concerning green innovation and corporate financing and provide a valuable reference for implementing green innovation, improving the financing environment and policy making. Image 1 • Green innovation, including green management innovation and green production innovation, can significantly reduce corporate financing constraints. • Environmental disclosure can alleviate the financing constraints of enterprises. • The interaction of corporate environmental disclosure and green innovation can have a positive effect, further improving the financing conditions of firms. • The green innovation of heavy polluters can better reduce financing constraints. [ABSTRACT FROM AUTHOR]