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In the context of significant environmental changes, the urgency of adopting green innovation has become increasingly apparent as a central mechanism for adjusting industrial structures in China. This transition serves not only as a crucial way to address pressing environmental challenges, but also as a fundamental strategy to improve the ecological efficiency of urban areas. Existing research mainly keeps a close eye on the unidirectional relationship between variables such as technological innovation and environmental protection. There is less relevant literature that has researched the cointegration relationship among green innovation, industrial structure, and eco-efficiency of cities. The essential role of green innovation and industrial structure in reaching a higher eco-efficiency of city are discussed in this research and the relationship among these three variables are analyzed by the evidence from cities in China from 2011 to 2019. The fact that the variables are cointegrated in the long run is evidenced by the results for the full sample. The sub-sample results report that in the eastern region, green innovation, industrial structure upgrading, and industrial structure rationalization could improve urban eco-efficiency. However, in Midwest regions where economic development is relatively backward, green innovation's effect on urban eco-efficiency is not in a significant positive way. The results obtained in this paper have implications for different cities in China to formulate corresponding policies on green innovation, industrial structure, and urban eco-efficiency. [ABSTRACT FROM AUTHOR]

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 examines the impact of policy uncertainty on air pollution, using the turnover of local officials in China as a quasi-natural experiment. The results from the two-way fixed effects model show that policy uncertainty caused by the turnover of different officials produces contrasting effects on air pollution. While the turnover of the mayor has no effect on air pollution, the turnover of the municipal party committee secretary deteriorates it. Two-Stage Least Square estimation confirms these results where the age and tenure of officials were used as instrumental variables of policy uncertainty. The results are robust after endogenous treatments and robustness tests. The mechanism analysis further indicates that policy uncertainty worsens air quality by weakening environmental regulation and crowding out green innovation. Moreover, the impact is more pronounced in smaller and less developed cities. The conclusions provide policy implications for environmental governance in the period of policy uncertainty. [ABSTRACT FROM AUTHOR]

Using panel data of 102 countries from 1990 to 2018, this research investigates the varying effect of renewable energy policies on renewable energy green innovation along with the distribution of green innovation. The panel quantile model with additive fixed effect is adopted in this paper, and the research conclusions are as follows. (1) Green innovation positively correlates with national renewable energy policy. (2) Renewable policy is more effective in countries with stronger green innovation capacity. (3) In five different areas of renewable energy, renewable policy is unable to promote green innovation in the lowest innovative countries. (4) Renewable policy exerts the smallest influence on green innovation of geothermal energy compared to other renewable energies. In sum, this paper provides an empirical reference for governments to launch renewable energy policies. [ABSTRACT FROM AUTHOR]

The prime objective of this study is to analyze the spatio-temporal evolution of the relationship between digital economy and green innovation in China. Based on the panel data of 26 cities in the Yangtze River Delta (YRD) urban agglomeration from 2012 to 2019, this paper measures the digital economy and green innovation in each city of the YRD urban agglomeration using the entropy weight model and the projection tracking model, analyzes the characteristics of the spatio-temporal evolution, and explores the impact of the digital economy on green innovation and the spatial spillover effect. The results show that in the spatial dimension, there is a significant spatial correlation between digital economy and green innovation in each city, and the regional heterogeneity of digital economy is higher than that of the west in the east, and the regional heterogeneity of green innovation is high and high agglomeration in the east of the city cluster, and high and low agglomeration in the west of the city cluster; there is a trend of incremental increase of the level of digital economy and green innovation in the temporal dimension, and the regional imbalance of the development of green innovation among cities is decreasing. The regional imbalance in the development of green innovation between cities is narrowing, and it tends to be more towards the synergistic development of a unified big market; the spatial measurement model shows that the digital economy not only has a significant impact on the level of green innovation in its own region, but also has a positive spatial spillover effect on the neighboring regions. The research in this paper helps to clarify the connection between digital economy and green innovation among regions, and provides decision-making reference for building a modernized innovation system and efficiently promoting the construction of beautiful China in the new period. • Spatial and Temporal Evolution of Digital Economy and Green Innovation. • 26 cities in the Yangtze River Delta city cluster from 2012 to 2020. • Entropy power model and projection tracing models are used. • The influence of the digital economy on green innovation in Chinese cities is very significant. • Sustainability based implications are discussed and suggested. [ABSTRACT FROM AUTHOR]

• This paper incorporate local government fiscal pressure, government behaviors and corporate ESG performance into analytical framework. • Local government fiscal pressure has significant negative effect on corporate ESG performance. • The negative impact of fiscal pressure on corporate ESG performance varies heterogeneously with different city types and corporate communist party branch. • Fiscal pressure reduces corporate ESG performance by reducing green innovation capacity and exacerbating financing constraints. This paper explores how fiscal pressure affects the corporate Environmental, Social and Governance (ESG) performance. By investigating 720 Chinese listed corporates from 2011-2020, we find that fiscal pressure is negatively associated with the corporate ESG performance. The corporates with communist party branch, the corporates located in big cities and cities with strict environmental regulation and high marketization can better resist the negative effects of fiscal pressure on ESG performance. Furthermore, the study also reveals that fiscal pressure affects ESG performance through financial constraints and green innovation. [ABSTRACT FROM AUTHOR]

• The study investigates the symbiotic relationship between green innovation, environmental regulation, and high-quality economic development in China. • It emphasizes the dual role of green innovation—exploitative for immediate benefits and exploratory for long-term sustainability—in promoting economic growth. • The research examines how environmental regulations influence the effectiveness of green innovation strategies on economic development. • Through empirical analysis, the paper presents region-specific outcomes, showing variations in the impact of green innovations across different areas. • It offers policy recommendations to enhance the synergy between green innovation and environmental regulations for sustainable economic progress. This study explores the interplay between dual green innovation, environmental regulation, and high-quality economic development in China, examining whether these elements can coexist harmoniously. It investigates the dual role of exploitative and exploratory green innovations in fostering sustainable economic growth and how environmental regulations might influence this relationship. Through empirical analysis, the paper assesses the impact of green innovation on high-quality development and the moderating effects of environmental regulations, offering insights into region-specific outcomes and policy implications for sustainable economic strategies. [ABSTRACT FROM AUTHOR]

Innovation and adaptation of renewable energy technologies significantly reduce carbon dioxide (CO2) emissions and increase energy efficiency. Understanding the convergence patterns in renewable energy innovation will enable policymakers to design policies to increase energy efficiency and renewable energy consumption and reduce CO2 emissions. This paper applies the convergence algorithm proposed by Philips and Sul to assess the convergence in renewable energy innovation for 90 countries covering the period between 1993 and 2018. This paper also examines the determinants/factors driving the convergence clubs of the countries using Probit and Logit regression. The convergence analyses suggest that there is no global convergence in renewable energy innovation. Findings highlight two convergence clubs: i) a club comprising more innovative countries and ii) another club that includes less innovative countries. We find that countries with higher income per capita, CO2 emissions per capita, research and development (R&D) investment, better environmental regulations and stronger institutional settings are more likely to be part of the innovative club. Countries should increase their R&D investment and environmental regulations and improve their institutional quality to increase their likelihood of belonging to a more innovative club. Furthermore, less innovative countries could promote policies to transfer renewable energy technologies from innovative countries. [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 is an important driving force for sustainable development. However China often imposes a wide variety of government regulations on green innovation One important reason behind these government regulations is the confinement of the cultural market. However, does this confinement actually affect the green innovation in China? By employing a 278 Chinese cities' dataset, we examine the effect of cultural reform pilot project on green innovation. Through the spatial difference-in-difference approach with the time trend, our results show that cultural reform pilot project (CRPP) is a significant determinist affecting the green innovation in China. Specifically, implementing CRPP promote green innovation in pilot cities which resulting from labour productivity exaltation, marketization rate increasing. The CRPP also have a spatial ripple effect which resulting from economic density promotion. Furthermore, the green innovation promotion is greater in cities which participating into World Technopolis Association, being included in the National Historical and Cultural Cities List and having high political hierarchy. Our conclusions still robustness after adopting a series of tests and alternative analyses. This paper not only provide evidence for the further implementation of cultural reform pilot project nationwide, but also provide policy implications on sustainable development in the post Covid-19 era. • Based on the theory of economic geography and the perspective of deregulation. • Examine both the direct and indirect effects of CRPP on green innovation via SDID approach. • Implement CRPP promotes green innovation both in pilot cities and neighbouring cities. • CRPP exalt ate labour productivity, increase marketization rate and promote economic density. • Effect of CRPP on green innovation exhibits heterogeneity on cities. [ABSTRACT FROM AUTHOR]

• The development of FinTech significantly promotes corporate green innovation. • External attention moderates the effect of FinTech on enhancing corporate green innovation. • Corporate ownership nature and ESG performance affect the moderating effect of external attention. This paper examines the impact of FinTech on corporate green innovation. Constructing regional FinTech development indicators from 2011 to 2021, we find that regional FinTech growth significantly contributes to corporate green innovation. According to the mechanism test, external attention has a moderating effect on the relationship between FinTech and green innovation. The more external attention, the larger the influence of regional FinTech on promoting corporate green innovation, and this mechanism is more obvious when the firms are state-owned enterprises or with excellent ESG performance. Overall, this paper provides experience references for the collaborative promotion of FinTech and sustainable development. [ABSTRACT FROM AUTHOR]

• This paper is the first to incorporate local government debt pressure, government behaviors and corporate ESG performance into analytical framework. • Local government debt pressure has significant negative effect on corporate ESG performance. • The negative impact of debt pressure on corporate ESG performance varies heterogeneously with different level of development and political relevance. • Debt pressure reduces corporate ESG performance by reducing green innovation capacity and exacerbating financing constraints. This paper is the first to incorporate local government debt pressure, government behaviors and corporate ESG performance into analytical framework. Using the comprehensive data of government debt and Chinese listed companies from 2015 to 2020, we find the negative correlation between debt pressure and corporate ESG performance. Furthermore, the adverse influence of debt pressure on corporate ESG performance is markedly pronounced in state-owned companies, companies with elevated political relevance, and companies situated in the inland and northern regions of China. The study also reveals that debt pressure weak ESG performance by aggravating financial constraints and diminishing the capacity for green innovation. [ABSTRACT FROM AUTHOR]

Green innovation is a feasible and potential option that governments can adopt to reduce reliance on fossil fuels and speed the transition to renewable energy sources. This study analyzes the relationship between green finance development and green innovation using listed Chinese companies to investigate the role of green finance. In the preliminary analysis, it employs Poisson and negative binomial distributions based on the sample characteristics. The additional research considers enterprises' internal and external characteristics and adds a zero-inflated factor with enterprise-scale and bank competition. Our main findings suggest that green finance positively improves green technological innovation, and zero-inflated factors can significantly lower the possibility of enterprises refusing to engage in green innovation. By using a representative green finance policy in 2012 as a quasi-natural experiment, this paper also demonstrates the promoting effect of green finance development. The above results are still valid by the robustness test. Furthermore, this paper applies the panel threshold model and finds that the enterprise scale and bank competition not only affect the choice of the enterprise but also stimulate the promotion intensity in different development stages. This paper contributes to targeted policy implications for the renewable energy transition. [ABSTRACT FROM AUTHOR]

• Revealing the causal relationship between sub-central city and green innovation. • GTFP and GPG are used to measure green innovation. • The sub-center policy can promote green innovation (GTFP and GPG). • Results are of great significance to regional integration policy planning. The green innovation level of sub-center cities in regional integration must be addressed in promoting high-quality economic development. Therefore, governments and policymakers should pay attention to its positive effects. In the Yangtze River Delta integration context, this paper uses Hefei as an example sub-center city to assess its green innovation in two indicators, green total factor productivity (GTFP) and the number of green patent grants (GPG). The first step is to measure GTFP using the SBM-ML model. The second step is to evaluate the policy effects of sub-center city experiences on green innovation using Synthetic Control Methods. The empirical findings of this study indicate that sub-centers play an essential role in promoting green innovation even if they are located outside the core area of an urban agglomeration. Additionally, the placebo trial confirmed the reliability and significance of the results. This paper proposes some policy recommendations to realize global green innovation based on these findings. [ABSTRACT FROM AUTHOR]

• Marketised debt-to-stock conversion can enhance the level of green innovation of enterprises. • Risk-taking has a mediating effect between marketised debt-to-stock conversion and green innovation of enterprises. • Enterprises alleviate their financing constraints through debt-to-equity conversion, thus regulating green innovation behaviour. Using a sample of Chinese listed data, this paper examines how market-based debt-to-equity conversions affect firms' green innovation performance to offer policy recommendations that bolster sustainable development. The empirical findings show that these conversions can enhance the level of green innovation and that risk-taking has a mediating effect. Furthermore, enterprises can alleviate their financing constraints through debt-to-equity conversions, thus regulating green innovation behaviour. [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]

• We examine whether social trust affects corporate green innovation. • The underlying mechanisms are financing constraints and agency costs. • The positive impact of social trust on green innovation increases with improvements in formal institutions. This paper analyzes the impact of social trust (ST) on corporate green innovation (CGI) using data from Chinese A-share listed companies from 2012 to 2021. ST is found to contribute to CGI enhancement. In addition, financing constraints and agency costs are important intrinsic mechanisms, and ST promotes CGI by alleviating financing constraints and reducing agency costs. Further analysis reveals that the promotion of CGI by ST is affected by the heterogeneity of the degree of market competition and that there is a complementary relationship between ST and the formal institution. [ABSTRACT FROM AUTHOR]

This paper studies how climate change affects green technology innovation among enterprises from the perspective of attention to global warming. The results show that abnormal temperatures significantly inhibit the green technology innovation output of local enterprises. Our conclusion still holds after a series of robustness checks. This effect is more pronounced for nonstate-owned enterprises and manufacturing enterprises. Moreover, CSR and information opacity aggravate the inhibitory effect of abnormal temperatures on green innovation. We find that abnormal temperatures increase the short-term environmental protection investment of enterprises in a region, which has a crowding out effect on R&D investment and inhibits green innovation. This study helps to deepen the understanding of climate risk and enterprise green innovation and provides an empirical basis for how to carry out environmental regulation to promote sustainable development. • This study explores the impact of climate change attention on corporate green innovation. • Abnormal temperature is used as a proxy for climate change attention (Choi et al., 2020). • We find that abnormal temperature significantly reduces corporate green innovation. • This effect is more pronounced for nonstate-owned enterprises and manufacturing enterprises. • CSR and information opacity aggravate the inhibitory effect. [ABSTRACT FROM AUTHOR]

Green finance is a novel financial model that strikes a balance between economic gains and environmental preservation, and it is crucial in encouraging industrial companies to move towards environmentally friendly development. This paper examines the impact of green finance on the green transformation of industrial enterprises using the data of China's A-share listed industrial enterprises from 2009 to 2019. The study adopts a propensity score matching method and a difference-in-difference method (PSM-DID), based on the Green Credit Guidance (2012 Guidance) issued by China as a quasi natural experiment. The results suggest that: (1) Green finance contributes significantly to improving the green production efficiency of industrial enterprises. (2) Although the current impact of green finance on the green innovation of industrial enterprises is not statistically significant, it exhibits a positive influence in the subsequent period. (3) The results of the heterogeneity analysis show that the impact of green finance on the green transformation of industrial enterprises is asymmetric, with more emphasis on state-owned enterprises, enterprises with severe financial constraints, and enterprises with low industrial concentration. As a result, our study makes recommendations on how to best link CSR, green finance, and industrial green transformation. • We investigate the impact of green finance on green transformation of industrial enterprises. • Using the data of China's A-share listed industrial enterprises from 2009 to 2019. • The results suggest that green finance significantly improves industrial green production efficiency. • Our study makes recommendations on how to best link CSR, green finance, and industrial green transformation. [ABSTRACT FROM AUTHOR]

[Display omitted] • Review of green finance (GF) and green innovation (GI) as catalysts for circularity. • Conceptual framework to explore the potential circularity and environmental benefits. • Future research directions to understand the pathway for GF and GI in carbon neutrality field. • Effective involvement of different stakeholders in the implementation of GF and GI. There is growing attention from governments and regulators towards crucial matters such as climate change and global warming, resulting in a pressing need to investigate the factors that make it possible for businesses to engage in green finance (GF). The externality of environmental pollution prioritizes the need of green innovation (GI) in public management. GF distributes financial resources to the research and development (R&D) of clean energy and environmentally friendly goods and processes; it is complementary to the GI process for environmental protection. GF policies help to alleviate the impacts of financial constraints and GI impaired industries involving new products, processes, services and the global market. To better understand how GF and GI have functioned as a catalyst for circular economy practices, this paper seeks to present a historical and contemporary overview of these concepts. The research is thoroughly dissected by a systematic literature evaluation of articles from 2016 to 2023 that appear in peer-reviewed journals and are indexed in the SCOPUS database. To attain supply chain circularity, this article encompasses four major research themes concerning the adoption of GF and green technologies. The research also includes a network analysis of shortlisted articles to examine the overall citation trends. It is shown that several institutional theories are associated with the investigated area. As a final step, a framework is provided to illustrate how GF and GIs might be used to achieve supply chain circularity. The research findings provide a novel concept related to GF within the context of GI which are significant for environmentalists, policymakers, green investors, and researchers. Through its findings, the study provides a conceptual framework that promotes sustainable strategies to effectively balance financial considerations and environmental innovation. It helps to leverage the potential of green research and practice to create value for businesses and to benefit society at large. The analysis provides an unexplored and significant contribution to current literature in terms of delivering evidence of the past and present approaches to GF and GI in a circular economy. The results of this study will attract the attention of policymakers and stakeholders to develop and combine the two concepts in research and practice to attain environmental balance in the circular economy and to promote long term sustainability. [ABSTRACT FROM AUTHOR]

This research examines the effect of environmental policy stringency on green innovation in renewable energy technology and whether the green innovation response differs with varying degrees of environmental policy. Based on panel data of 33 countries over the period 1990–2015, we show that a stringent environmental policy does encourage green innovation in renewable energy technology, and this impact is more pronounced in OECD countries and high-income countries. More specifically, a stringent non-market-based environmental policy induces more patents in renewable energy generation. The findings also show that a stringent environmental policy yields green innovation for geothermal energy, hydro energy, and marine energy, but not for wind energy and solar energy. Heterogeneity analysis suggests that innovation capacity and environmental pressure enhance the impact of environmental policy stringency on green innovation in the renewable energy field. Finally, the paper presents that clean energy investment plays the role of a mechanism through which environmental policy stringency spurs green innovation in the renewable energy field, offering insights into the influence of environmental policy stringency on green innovation. [ABSTRACT FROM AUTHOR]

Faced with internal and external pressure to adapt and implement environmental friendly business activities, it is becoming crucial for firms to identify practices that enhance their competitive advantage, economic, and environmental performance. Green innovation, green technologies, and the implementation of green supply chain management are examples of such practices. Green innovation and the adoption of the combination of green product innovation and green process innovation involve reduction in consumption of energy and pollution emission, recycling of wastes, sustainable utilization of resources, and green product designs. Although the extent research in this area is substantial, research on the importance of considering corporate environmental ethics, stakeholders view of green product, and demand for green products as drivers of green innovation must be conducted. Moreover, the role of large scale data, management commitment, and human resource practices play to overcome the technological challenges, achieve competitive advantage, and enhance the economic and environmental performance have yet to be addressed. This paper develops and tests a holistic model that depicts and examines the relationships among green innovation, its drivers, as well as factors that help overcome the technological challenges and influence the performance and competitive advantage of the firm. This paper is among the first works to deal with such a complex framework which considers the interrelationships among numerous constructs and their effects on competitive advantage as well as overall organizational performance. A questionnaire was designed to measure the influence of green innovation adoption/implementation and its drivers on performance and competitive advantage while taking into consideration the impact of management commitment and HR practices, as well as the use of large data on these relationships. Data collected from a sample of 215 respondents working in Middle East and North Africa (MENA) region and Golf-Cooperation Countries (GCC) were used to test the proposed relationships. The proposed model proved to be fit. The hypotheses were supported, and implications were discussed. • Stakeholders view positively influence green product innovation • Green product/process innovation reduces pollution and energy consumption • Environmental ethics influences green product innovation • Large data and HR practices together enhance environmental performance [ABSTRACT FROM AUTHOR]

• Environmental regulation affects economic growth through green innovation. • When green innovation exceeds the second threshold, the marginal of environmental regulation on economic growth effect is weakened. • The regional specific heterogeneity effect. • The panel threshold models are less commonly used in environmental research, this paper employ these to analyze. Behind the rapid economic growth, the problems of environmental pollution have gradually become prominent. Environmental regulation is an important means for the government to deal with environmental problems in economic development and promote the construction of ecological civilization. Using the provincial data of China from 2005 to 2020, this paper studies the intermediary effect and threshold effect of green innovation in the process of environmental regulation affecting economic growth. The stepwise regression model of intermediary effect shows that environmental regulation promotes green innovation significantly, which further promotes economic growth. The panel threshold regression model shows that when green innovation is below 7.984 (the second threshold), environmental regulation positively affects economic growth, and when green innovation exceeds the second threshold, their marginal effects weaken. Further research shows that there is the regional specific heterogeneity effect. This paper analysis from 4 regions of China. When green innovation exceeds a certain threshold (eastern threshold is 4.382, central threshold is 6.553, western threshold is 5.037, northeastern threshold is 5.347), it decreases the marginal impact effect each region. The research results can provide reference for the government to formulate reasonable policies to balance environment and economy. [ABSTRACT FROM AUTHOR]

This research illustrates the impact of energy insecurity on green innovation based on green patent data from 1970 to 2018 in 40 sample countries. Through the bootstrap-based bias-corrected FE (BCFE) estimator analysis with the advantages of bootstrap-based bias correction in panels with cross-sectional dependence and in high-order dynamics, we first find that increased insecurity of fossil energy has an incentive impact on green innovation. Second, through sub-sample regression, we find that energy insecurity in non-OECD countries has a more significant positive impact on green innovation than OECD countries. Third, energy insecurity under the leadership of the left-wing party has no impact on green innovation, while the right-wing party exhibits a positive effect. Fourth, for oil-exporting countries and importing countries, the impact of energy insecurity on green innovation is significantly different. Finally, this paper examines the mediator role of energy and environmental policies and energy consumption structure through causal inference and confirms the mechanism for the impact of energy insecurity on green innovation. [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]

The relationship between environmental externalities and green innovation is being increasingly explored in the literature but there is no paper exploring the nexus between green innovation (GI) and sustainable development. This article sheds light on the connection between GI and mineral rents from 2007 to 2021. In order to verify our results, we conduct a robustness assessment using a variety of natural resource rents, encompassing coal rents, gas rents, and forest rents. Our research furnishes evidence indicating that the adoption of environmental innovation is poised to curtail the consumption of most mineral resources, with the exception of forest rents in the PCSE and FGLS estimates. While GI does not exhibit statistical significance in the short term, its long-term impact reduce reliance on mineral rents. These findings maintain their robustness and reliability when accounting for endogeneity, fixed effects, and heterogeneity. To illuminate the relationship between institutional quality and mineral rents (MR), we incorporate six different indicators of institutions: voice and accountability (VA), government effectiveness (GE), rule of law (RL), regulatory quality (RQ), political stability and absence of violence/terrorism (PV), and control of corruption (CC). Our findings underscore the fact that integrating GI with institutions diminishes activities associated with mineral rents; from this we provide important policy recommendations for promoting GI development to use mineral resources more efficiently. • We examine impacts of green innovation on mineral rents. • We employ four different indicators of green innovation. • Green innovation adoption reduces mineral rents. • Green innovation adoption enhances a country's mineral resource use in the long-term. [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]

• The reservoir effect of enterprise financialization on enterprise green innovation is more significant than the crowding out effect. • Internal control capability will reduce the inhibitory effect of corporate financialization on corporate green innovation. • Equity incentives will reduce the inhibitory effect of corporate financialization on corporate green innovation. This paper explores the relationship between corporate financialization and green innovation with a sample of A-share listed companies in China from 2012 to 2022. It is found that the crowding-out effect of corporate financialization on green innovation is greater than the reservoir effect, thus inhibiting green innovation. However, internal control capability and equity incentives can alleviate principal-agent conflicts and prompt corporate managers to reduce the negative impacts of financialization on green innovation in the long run, further revealing the decision-making process of how corporate managers weigh short-term financial interests against long-term innovation development. [ABSTRACT FROM AUTHOR]

• The higher the absenteeism rate of a company's independent directors plays a negative role in corporate green innovation. • A company's independent directors who publicly dissent has a negative effect on corporate green innovation. • Higher average number of part-time corporate independent directors has a positive effect on corporate green innovation. This paper takes independent directors' duty performance behavior as an entry point to study the impact of the behavior on the performance of listed companies. A-share listed companies from 2011 to 2021 are selected as research samples. Empirical research finds that the higher the proportion of independent directors attending major company meetings in person, the lower the proportion of publicly expressed opinions other than agreement, the higher the number of part-time jobs, and the greater the conduciveness to promote the enhancement of the company's green innovation. [ABSTRACT FROM AUTHOR]

• Green finance exerts a significant positive effect on the persistence of green innovation at firm-level. • The environmental regulation intensity plays a moderating role between green finance and persistence of green innovation at firm-level. • 3.The impact of green finance on the persistence of green innovation at firm-level exhibits heterogeneity based on the nature and size of enterprises, with a stronger significance and a more pronounced facilitating effect observed in the samples of state-owned enterprises and large-scale enterprises. Amid escalating global climate change and environmental degradation, green finance has emerged as a crucial tool for sustainable development and environmental protection. This paper examines data from Chinese A-share listed manufacturing companies (2004–2021), exploring the relationship between green finance, firms' persistent green innovation, and environmental regulation intensity. Key findings include: 1. There is a positive correlation between green finance and persistent green innovation; 2. Environmental regulation intensity moderates this relationship; 3. Heterogeneity analysis reveals a stronger promotion of persistent green innovation by green finance in large-scale and state-owned enterprises. [ABSTRACT FROM AUTHOR]

• Little attention has been paid to the political risk of GPP. • We use CGPW to identify GPP and use government leadership change as political risk. • We find that political risk in GPP impedes firms' green innovation. • Firms that rely more on external financing are more vulnerable to this risk. • The effect is heterogeneous with the variation of property right affiliation. This paper examines the relation between the political risk of green public procurement and green innovation. Using government leadership change as a research setting, we find that political risk in GPP impedes firms' green innovation. Moreover, firms that rely more on external financing for green innovation are more vulnerable to this risk. Furthermore, the inhibitory effect of political risk in GPP positively varies with the firm's property right affiliation. Overall, we can conclude that government clients are not entirely low-risk for firms' green transition. [ABSTRACT FROM AUTHOR]

• Adoption of a green innovation strategy by enterprises can elevate the risk of debt default. • Over-investment behavior within green-innovating enterprise subsequently triggers corporate debt default risk. • Debt default risk triggered by green innovation strategy is more pronounced in state-owned enterprises and highly concentrated markets. • Management shareholding may be an effective preventive measure for mitigating corporate debt default risk in the context of green innovation strategies. This paper empirically examines the effects of green innovation on corporate debt default risk using data from Chinese A-share listed companies spanning the years 2013 to 2021. The findings indicate that the adoption of a green innovation strategy by enterprises can elevate the risk of debt default. This heightened risk is attributed to over-investment behavior within green-innovating enterprises, which subsequently triggers corporate debt default risk. Notably, this effect is more pronounced in state-owned enterprises and markets characterized by high concentration. Management shareholding may be an effective preventive measure for mitigating corporate debt default risk in the context of green innovation strategies. [ABSTRACT FROM AUTHOR]

• Green credit guidelines (GCG) 2012 boost the green utility patents. • GCG 2012 had little effect on high-quality invention patents. • HPEs may be strategically complying with the GCG 2012 policy in the long-term. • HPEs cut long-term financial investments in response to the financial constraints imposed by the GCG. This paper assesses the effects of the Green Credit Guidelines (GCG) 2012 on the green innovation of high-polluting enterprises (HPEs) in China. We find a significant increase in utility patents following the GCG 2012, indicating a surge in incremental green innovation. However, the policy's impact on invention patents remains marginal, pointing to a dominant trend of compliance-oriented innovation rather than fundamental technological breakthroughs. We find there is long-term effect of GCG 2012 which may be attributable to the enhanced rigor of policy implementation. Additionally, we document that HPEs reduced financial asset investments in anticipation of more stringent credit conditions. [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]

Environmental justice is a more sustainable constraint on polluting behavior than administrative instruments. Previous literature has explored the impact of various administrative instruments applied to environmental regulation on green innovation but has neglected the possible role of environmental justice. This paper examines the effect of environmental justice on green innovation using the multi-period difference-in-difference (DID) approach by taking the establishment of the Chinese environmental court as a policy shock, thus filling the gap in previous studies. We conclude that: first, the establishment of environmental courts significantly contributes to the level of green innovation. This finding holds after a series of robustness tests. Second, environmental justice pushes polluters to engage in green innovation through the mechanism of pollution control. Third, the effect of environmental courts on green innovation is not significant in resource-based cities, which depend more on high-polluting industries for development. Fourth, a better legal environment can help improve the effectiveness of environmental justice in promoting green innovation. This paper not only supplements the existing literature on the factors influencing green innovation and explains the operational mechanisms and effects of environmental justice, but also provides theoretical support for promoting green innovation in practice. [ABSTRACT FROM AUTHOR]

As the primary source sector of carbon emissions, the power industry's green innovation is an indispensable component of China's low-carbon transformation. This paper took China's Carbon Emission Trading Scheme as a quasi-natural experience and adopted the synthetic control method to evaluate the impact of Carbon Emission Trading Scheme pilot policy on power industry's green innovation based on the provincial industrial level data. Furthermore, this paper examined the impact mechanisms of Carbon Emission Trading Scheme on the power industry's green innovation through policy comparison, moderating and mediating effect analyses. The research findings show that: 1) there is heterogeneity in Carbon Emission Trading Scheme's effectiveness in inducing green innovation in China, the power industry only in Beijing and Guangdong has been significantly promoted, while other pilots have not; 2) the success of Beijing and Guangdong can be attributed to distinctive features of their carbon market and power industry, including the refined quota accounting mechanism, the application of paid quota allocation, the larger enterprise scale and more research and development investment; 3) enterprise scale and research and development investment have positive moderating effect and mediating effect in the promotional effect of the Carbon Emission Trading Scheme on green innovation respectively. Finally, some policy recommendations are put forward to promote the power industry's green innovation and carbon market construction. • Evaluate the impact of China's CETS on the power industry's green innovation in each pilot. • The CETS effects among pilots are heterogeneous, only significant in Beijing and Guangdong. • Rational CETS mechanism design could improve the power industry's green innovation. • Enterprise scale and R&D investment positively moderate and mediate the CETS effect. [ABSTRACT FROM AUTHOR]

In order to improve the evaluation effect of resource-based enterprises' green innovation ability, this paper studies the evaluation of resource-based enterprises' green innovation ability based on digital technology, and gives an idealized algorithm of MIIC with two variables. This paper points out the shortcomings and defects of the existing MIC approximation algorithms through further analysis. Moreover, in view of the disadvantage of high time complexity of the existing two-variable MIC approximation algorithm, this paper proposes a two-variable MIC clustering algorithm. In addition, this paper uses the K-Means clustering algorithm to replace the core of the maximum information coefficient MIC algorithm, which simplifies the optimization process when searching for the optimal grid division. The experimental research results show that the evaluation research model of the green innovation capability of resource-based enterprises based on digital technology proposed in this paper can play a certain role in the green innovation of resource-based enterprises. [ABSTRACT FROM AUTHOR]

Green innovation is fundamental for the transition of city towards eco-city. It enables shifts in the trajectory of city in many different ways. This paper classified green innovation into three types of innovation: green technological innovation; green institutional innovation and green business-model innovation. Under each type of innovation, we go further analysis the working mechanism and the effect to construction of eco-city. Also, this paper highlight some research gap in current study. [ABSTRACT FROM AUTHOR]

• We innovatively examine the impact of digital finance (DF) on corporate green innovation (GI) and bargaining power (BP), and the underlying mechanisms of DF on firm performance. • DF is conducive to improving firm performance. • DF has great potential to balance environmental protection and economic benefits. • GI and BP play the mediating roles between DF and firm performance. In the digital economy era, the disruptive technologies have boomed and reshaped firms in supply chains by finance digitalization towards a more sustainable way, while how digital finance (DF) affects firms' performance in supply chains remains still unclear. Meanwhile, the balance between environmental protection and economic benefits has become pivotal for firms to achieve sustainable development. As an effective means to promote green development, green innovation (GI) can provide opportunities for firms to establish a good image and gain competitive advantages. Besides, bargaining power (BP) determines the firms' profit allocation ratio in the supply chain. Firms with higher bargaining power can pressure suppliers to improve product quality or reduce wholesale price, and thus enhance corporate profits. Given that these two variables are crucial for stimulating firms' development in supply chains from a long-term perspective, we aim to investigate how these two variables are affected by DF and the influence mechanisms of DF on firm performance based on the data of Chinese listed companies from 2011 to 2018. Results indicate that DF can be regarded as a useful tool for firms to improve corporate performance. We adopt instrumental variable method to solve potential endogeneity concerns, and conduct a series of robustness tests to ensure the reliability of the findings. We also find DF can significantly enhance GI and BP, which in turn improve firm performance in supply chains. This paper advances the literature on innovation and purchasing management by drawing attention to the potential role of DF and by shedding new light on how DF contributes to sustainable development of firms, thus providing managerial insights for governments, firms, financial institutions to develop digital technologies and ensure the healthy development of firms in the supply chains. [ABSTRACT FROM AUTHOR]

This paper proposes that institutional investor ESG activism affects corporate green innovation through two attention mechanisms: intra - firm allocation of attention and inter - firm integration of attention. Using the attention-based view within an agency framework, we explore the moderating roles of media coverage and industrial chain relatedness in attention mechanisms, and whether such moderating effects differ in digital and non-digital firms. Using a dataset of 2726 Chinese listed firms from 2007 to 2021, we find that ESG activism by institutional investors enhances corporate green innovation, and media coverage strengthens this positive linkage. The positive moderating role of media coverage is more impactful in digital firms than in non-digital firms. An unexpected finding is that industrial chain relatedness negatively moderates the influence of ESG activism on green innovation, but this negative moderation is alleviated in digital firms. These findings provide novel implications for firms as they address agency conflicts through shareholder activism and advance green innovation in the digital era. • Institutional investor ESG activism promotes corporate green innovation via attention allocation and attention integration. • Such linkage is positively moderated by media coverage and negatively moderated by industrial chain relatedness. • Such positive moderating effect of media coverage is more impactful in digital firms than in non-digital firms. • Such negative moderating effect of industrial chain relatedness is alleviated in digital firms compared to non-digital firms. [ABSTRACT FROM AUTHOR]

Enhancing the green innovation capability of enterprises holds pivotal significance in achieving the "dual carbon" target. The integration of digital economy and real economy provides new ideas for promoting green innovation in enterprises. Based on the Chinese A-share listed companies panel data from 2011 to 2022, this paper empirically tests the impact of the integration of the digital economy and real economy on enterprise green innovation. The results show that integrating the digital economy and the real economy significantly positively affects green innovation. Improving the integration level of the digital and real economies is conducive to promoting green innovation. Intrinsic mechanisms show significant mediating effects on financing constraints, enterprise digital transformation, and corporate social responsibility. The integration of the digital and real economies can promote enterprise green innovation by alleviating enterprise financing constraints, driving enterprise digital transformation, and promoting corporate social responsibility. Heterogeneity analysis shows that the impact of integrating the digital and real economies on enterprise green innovation affects state-owned enterprises more than private enterprises. The effect on small enterprises is significantly positive at the 1 % confidence level; however, the impact on the green innovation of large enterprises is not significant. • Integrating the digital economy and the real economy significantly positively affects green innovation. • Can promote enterprise green innovation by alleviating enterprise financing constraints, driving enterprise digital transformation, and promoting corporate social responsibility. • Integrating the digital and real economies on enterprise green innovation affects state-owned enterprises more than private enterprises. • The effect on small enterprises is significantly positive, however, the impact on the green innovation of large enterprises is not significant. [ABSTRACT FROM AUTHOR]

• The increase in analyst attention has a positive facilitating effect on the increase of firms' green innovation output level. • The degree of financing constraints can play a specific moderating role in the relationship between analysts' attention and corporate green innovation. • Analysts' attention can indirectly positively affect enterprises' green innovation by increasing enterprises' risk-taking level. This paper selects China's A-share listed companies from 2012 to 2022 as the research object to explore the impact of analysts' attention on corporate green innovation. The research and development found that analysts' attention has a significant role in promoting corporate green innovation; the degree of financing constraints has a moderating effect on the relationship between analysts' attention and corporate green innovation, and analysts' attention plays a positive role in promoting corporate green innovation by increasing the level of corporate risk-taking. [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]

This paper investigates the effect of leadership gender diversity on both corporate and green innovation. Based on a sample of French-listed companies, the results show that board gender diversity enhances both types of innovation. This finding suggests that women on boards focus on both firm's competitive advantage and sustainability while engaging in innovative activities. These results are more prevalent for female independent directors and in the voluntary approach of appointing women on boards. The results also show that gender diversity among executives, particularly the Chief financial officer (CFO) position, is associated with an increase in corporate and green innovation. This result suggests that companies should consider top management gender diversity to break the glass ceiling phenomenon which means actively recruiting and promoting women to leadership positions as part of their overall innovation strategy. [Display omitted] • Women on boards and on top management behave differently toward corporate and green innovation. • Board feminization enhances both corporate and green innovation. • This effect is more prevalent for female independent directors. • This effect is also more prevalent in the voluntary approach of appointing women on boards [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]