This paper constructs a three-stage model of corporate turnaround, beginning with political connections' affects declining companies' implementation of turnaround strategies. The model also explores political connections' role in corporate turnaround in the context of the most recent global financial crisis. This study discovered that political connections exhibited a weaker ability to allocate resources in the financial crisis. And the government would impede the implementations of turnaround strategies as an important stakeholder. Therefore, political connections significantly and negatively impact corporate turnaround. Through group testing, this paper further demonstrates that companies more dependent on political connections experience more significant, negative impacts.
Green technology innovation of heavily polluting enterprises is a critical way to alleviate environmental pressure and promote sustainable development. However, the ways in which the interaction of influencing factors affects heavily polluting enterprises in green technology innovation in China have not been fully addressed and need to be investigated in this field. This paper explored the impact of government environmental regulation, corporate social responsibility (CSR), and public attention on promoting green technology innovation of heavily polluting enterprises based on S-O-R (stimulus–organism–response) and stakeholder theories. The panel data of A-share listed companies in China’s heavily polluting industries from 2008 to 2020 was used to investigate their interactions by adopting POLS (Pooled Ordinary Least Square) method. The main results show that (1) environmental regulation has a significant positive effect on green technology innovation; it especially has a great impact on state-owned heavily polluting enterprises; (2) CSR plays a mediating role between environmental regulation and green technology innovation; (3) public attention has a moderating effect between CSR and green technology innovation and also moderates the indirect effect of environmental regulation on green technology innovation through CSR. The results illustrate that green technology innovation should be not only guided by governmental regulation, but also supplemented by enterprises’ internal driven force and public supervision, which can give implications for promoting the development of green technology innovation and optimizing environmental policy tools.
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