The allocation of executives’ environmental attention (EEA) is of great significance in promoting the green upgrading of industrial structures and achieving corporate green transformation. Based on upper echelon theory and the attention-based view, we use panel data of Chinese manufacturing companies from 2015 to 2020 to construct a two-way fixed effects model to explore the impact mechanism of EEA on corporate green transformation performance (CGTP). Baseline regression shows that EEA significantly improves CGTP. The reliability of findings is verified by reducing time windows, replacing the independent variable, expanding the data source, and adding missing variables. In the heterogeneity analysis, the positive effect of EEA on CGTP is significant for eastern companies and does not differ in the property rights grouping. After propensity score matching, environmental attribute grouping shows that the positive effect of EEA on CGTP is more significant for non-heavy polluters. Extended research shows that government subsidies have a positive moderating effect, while female executives play only a symbolic role. Moreover, green innovation activities have positive partial mediating effects. Green innovation is the best way to address environmental pollution and achieve corporate green transformation. Our research provides implications for decision-makers to allocate their attention, and thereby achieve green development appropriately.
Green credit policy (GCP), as one of the key financial instruments to achieve ’carbon peaking’ and ‘carbon neutrality’ targets, provides capital support for the green development of enterprises. This paper explores the impact mechanism of GCP on the sustainability performance of heavily polluting enterprises (HPEs) from the perspectives of technological innovation level (TIL) and credit resource allocation (CRA), using panel data for Chinese A-share listed manufacturing companies from 2010 to 2015 to construct a propensity score matching and differences-in-differences (PSM-DID) model. We find that GCP has a causal effect on corporate sustainability performance (CSP). Although GCP significantly improves CSP, there is no long-term effect. Heterogeneity analysis shows that the relationship between GCP and CSP is only significant in non-state-owned enterprises and in eastern and low-market-concentration enterprises. Mechanism tests indicate that GCP stimulates HPEs to invest more in technological innovation and thereby improves CSP through the innovation compensation effect; the credit constraint and information transfer effects caused by GCP reduce the credit resources available to HPEs but have a significant forced effect on CSP. This paper enriches the study of the economic consequences of GCP and provides implications for stakeholders to improve the green financial system and achieve green transformation of HPEs.
The article views the issues of development of conceptual frameworks of management of infrastructure of small entrepreneurship. As a result of the conducted research, the subject and object of management, as well as the forms of management functions of managerial influence are clarified; the proprietary vision of the principles of management of infrastructure of support for small entrepreneurship is given. The article also describes approaches to description of measures for support for small and medium enterprises, evaluation of effectiveness of realization of the concept, and direction of its further development. Special attention is paid to perfecting the legal base, regulating cash operations by subjects of SME, provision of access by subjects of SME to state and municipal purchases and investment resources for subjects of SME, and development of the system of micro-financing. The authors substantiate that it is necessary to distinguish two notions: "forms of management" and "methods of management". Methods of management are viewed in the article as an important legal means which is a totality of means and methods used by state authorities and their official bodies within limits, set by the law, in order to perform management and administrative influence as to certain persons and objects. At that, form of management is certain external manifestation of managerial actions (management), performed by state authorities (of federal and regional level) and by local authorities. The authors substantiate that general functions of managing socio-economic systems have remained unchanged over several recent years. However, the number and content of functions of the system of management of infrastructure of support for small entrepreneurship will differ a little, as, according to its content, it is referred to the level of socio-economic management.
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