“…While the internal determinants include corporate governance (Amore and Bennedsen, 2016), corporate capabilities (Albort-Morant et al, 2016;Cuerva et al, 2014;Li et al, 2017), executive characteristics (Hao et al, 2019;Ren et al, 2021), literature on green innovation emphasized external determinants such as political capital (Lin et al, 2014), institutional pressure (Chen et al, 2018;Leenders and Chandra, 2013), outward foreign direct investment (Yang, Z. et al, 2020). At the region level, the role of environmental policy tools on green innovation has been explored (Shen et al, 2020), especially environmental regulation (Cai et al, 2020;Dong et al, 2020;Hu and Liu, 2019;Pan, X. et al, 2020;Song et al, 2020). Besides, there is evidence that fiscal decentralization has an effect on green innovation (Zhou et al, 2020).…”