Digitalization is of great significance for resource-based enterprises to break through the dual constraints of resource and environment. Based on the data of China's A-share resource-based listed enterprises, this study empirically examines the direct effect and transmission mechanism of digital transformation on the enterprises' environmental performance. The study finds that digital transformation significantly enhances the environmental performance of enterprises by stimulating green technology innovation, accelerating human capital accumulation, increasing environmental information disclosure, and strengthening environmental governance. The environmental performance of state-owned, large-size and high-tech resource-based enterprises is more prominently affected by digital transformation. In the eastern region and areas with higher environmental regulation, the impact of digital transformation on the environmental performance of resource-based enterprises is more significant. This study provides targeted suggestions for resource-based enterprises to make full use of the digital dividends and achieve high-quality development.
Whether state‐owned equity participation in private enterprises to implement mixed ownership reform can help the sustainable development of private enterprises has been a widespread topic in recent years. Using data from China's A‐share private listed enterprises from 2014 to 2020, this paper adopts the fixed effect model to examine the impact of state‐owned equity participation on the strategic risk taking of private enterprises. The study finds that state‐owned equity participation can improve private enterprises' strategic risk taking, while alleviating financing constraints and improving corporate governance are important mechanisms. Heterogeneity analysis demonstrates that when enterprises belong to high‐tech enterprises and the industry competition is relatively high, state‐owned equity participation has a more remarkable effect in promoting strategic risk taking of private enterprises. Further research also finds that state‐owned equity participation can improve enterprises' innovation capability, which is embodied in the increase of patent output. This research enriches the relevant achievements of the mixed ownership reform of private enterprises and has certain theoretical and practical guidance for private enterprises' strategic choice.
Under the conduction of decentralized environmental governance, environmental punishment has become a pivotal complementary tool for local government environment management and an intuitive reflection of governance efficiency. However, the literature concerning the effect of local government environmental punishment towards the green technology innovation of enterprises is void. To bridge this gap, this paper adopts the fixed‐effect model to investigate the impact of government environmental punishment on green technology innovation based on the data of China's A‐share listed enterprises from 2010 to 2020. The study finds that the punishment can significantly promote enterprises' green technology innovation. The distinction between the type of innovation reveals that environmental punishment promotes substantive green technology innovation of enterprises, while the effect on strategic green technology innovation is not significant. As far as the influence path is concerned, external pressure and internal incentive are both important mechanisms for environmental punishment to facilitate the green technology innovation of enterprises. Heterogeneity analysis demonstrates that the positive effect of punishment on green technology innovation is more prominent in non‐state‐owned enterprises, heavily polluting industries and regions with strong public awareness of environmental protection. Further discussion reveals that the facilitative effect of punishment on green technology innovation also significantly improves the environmental performance of enterprises. This paper not only confirms the positive role of government intervention in environmental protection, but also provides practical reference for how to improve enterprises' competitiveness.
Digital transformation has become a general trend for enterprises, and it is necessary to investigate the impact of government support on enterprises' digital transformation from the perspective of policy instruments. But so far, there is less empirical evidence on their relationship. Based on Chinese firm‐level data, we investigate the effects of government subsidies and tax incentives on enterprises' digital transformation. The results show that two forms of government support both positively promote enterprises' digital transformation. Moreover, we analyze which factors mediate the observed effects. We demonstrate that easing financial constraints, increasing Research and Development (R&D) investment, and improving risk‐taking ability are underlying mechanisms. Heterogeneity analysis indicates that enterprises that are non‐state‐owned, with higher technology level and higher absorptive capacity, have higher digital transformation. The higher the level of digital finance development and network infrastructure construction in a region, the greater the positive effect of government support on enterprises' digital transformation. The results provide clearer guidance for governments to provide government support so as to stimulate enterprises' digital transformation.
Nudging the amelioration of enterprise environmental performance is the micro‐foundation for effectively enhancing resource utilization and realizing sustainable development. Based on the upper echelons theory, the characteristics and previous experiences of managers determine their strategic choices and then affect the behavior of enterprises at the whole social layer. Nevertheless, the literature concerning the effect of CEO green experience on enterprise environmental performance is void. To bridge this gap, this paper uses the data of China's A‐share listed enterprises from 2010 to 2021 to empirically investigate the direct impact, influence mechanisms, and heterogeneities of CEO green experience on enterprise environmental performance. The study finds that CEO green experience can significantly promote the improvement of enterprise environmental performance. Based on the main effect, to exploring potential mechanisms behind the conclusion, we figure that environmental ethics commitment, environmental protection investment, and green technology innovation are the core mechanism approaches during the process of CEO green experience affects environmental performance. Heterogeneity analysis of CEO characteristics demonstrates that the green experience of female CEOs, older CEOs, and high educated CEOs both have a pronounced effect on ameliorating enterprise environmental performance. Furthermore, the positive effect of CEO green experience on environmental performance is more prominent in non‐state‐owned enterprises, heavily polluting industries, and regions with high environmental protection pressure. Besides providing an effective supplement for the research on managers and environmental performance, this paper also generates micro‐empirical support for government departments to formulate and optimize environmental policies.
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