Strategic or substantive green innovation: How do non-green firms respond to green credit policy?

Hu, Yi; Jin, Shuchang; Ni, Juan; Peng, Kai; Zhang, Lei

doi:10.1016/j.econmod.2023.106451

Cited by 26 publications

(3 citation statements)

References 68 publications

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“…Some scholars divide the company's innovation output into two categories: substantive innovation and strategic innovation (Hu, Jin, Ni, Peng, & Zhang, 2023). Substantive innovation is mainly based on invention patents, which can enable firms to f orm core technologies in this field, thereby improving core competitiveness in this field, while strategic innovation is mainly based on appearance and ut ility model patents, which do not const itute the core technol ogy in this field and cannot help firms form core advantages and core competitiveness in this field.…”

Section: Theoretical Analysis Of Tmt's Digitalization Awareness and C...mentioning

confidence: 99%

Research on the impact of top management team digitalization awareness of a firm's innovation output

Zhu,

Shen,

Guo

2024

IJAEFA

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This study, using panel-fixed effect and mediating effect models, examines the digitalization awareness of TMTs in Chinese listed companies from 2007 to 2021, analysing its impact on firms’ innovation output, substantive innovation, and strategic innovation. Our findings indicate that TMTs' digitalization awareness significantly boosts innovation output, particularly substantive innovation. But it does not have a significant positive impact on strategic innovation. This impact is achieved through increased research and development (R&D) investment and information transparency. Furthermore, we observe that the positive impact of digitalization awareness on innovation output and substantive innovation is more significant when a firm has a high asset-liability ratio and is state-owned. However, when the proportion of largest shareholder shares is relatively high, the positive impact of digitalization awareness on innovation output and substantive innovation is relatively muted. After several tests, such as endogenity treatment of instrumental variables, model replacement, and firm fixed effects, the research conclusions in this article are still valid. These conclusions offer valuable insights for firms seeking to enhance their innovation output and for further research on TMT digitalization awareness.

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Section: Theoretical Analysis Of Tmt's Digitalization Awareness and C...mentioning

confidence: 99%

Research on the impact of top management team digitalization awareness of a firm's innovation output

Zhu,

Shen,

Guo

2024

IJAEFA

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“…First, more and more financial institutions incorporate ESG performance into the credit process, forcing companies to improve their ESG performance. Second, green finance mainly supports the financing of green economic activities [35], and companies may proliferate low-quality GI by pursuing speed and quantity [61], signaling environmental compliance [62], which leads to the possibility that when green finance develops within a certain level, it can enhance the synergy of ESGGI performance. With the continuous improvement of green finance policy and its auditing and evaluation systems, the speculative behavior of companies in carrying out strategic green innovations will be reduced, and thus there is a possibility that green finance will reduce the synergy of ESGGI performance.…”

Section: Green Finance and The Synergy Of Esggi Performancementioning

confidence: 99%

Green finance and the synergy of ESGGI performance of Chinese companies: Does green concern matter?

Liu,

Song

2023

PLoS ONE

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This study aims to investigate green finance’s impact on the synergy between ESG and green innovation (ESGGI) performance and examine the potential influence played by stakeholders’ green concerns on this impact. Hence, we calculated the synergy of ESGGI performance based on the entropy method and the coupled coordination degree model and conducted regression analyses on the data of 1143 Chinese companies from 2012 to 2020. The results reveal a remarkable inverted U-shaped relationship between green finance and the synergy of ESGGI performance. Additionally, the green concerns of the government and the media can efficiently moderate green finance’s impact on the synergy of ESGGI performance. Further tests show that green finance’s impact on the synergy of ESGGI performance of SOEs, HPEs, and HTEs is more significant. This paper demonstrates an association between green finance and the synergy of ESGGI performance, which yields new insights for companies to implement green transformation and sustainable development.

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“…However, more evidence is needed. Under the pressure of regulatory policies and the induction of incentive policies, some firms engage in "greenwashing" behavior (i.e., developing low-quality strategic green innovation) while avoiding the development of high-input, high-risk, and high-quality substantive green innovation [32][33][34]. According to a study by Zhang et al [3], the performance growth of Chinese state-owned enterprises (SOEs) is mainly driven by low-quality green patents.…”

Section: Introductionmentioning

confidence: 99%

The Impact of Green Innovation on Corporate Performance: An Analysis Based on Substantive and Strategic Green Innovations

Liu,

Feng

2024

Sustainability

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Green innovation is a new approach to achieving sustainable social development. Examining whether firms can reap the rewards of this costly and risky endeavor is essential to assessing whether they can sustainably adhere to a green strategy. This study was conducted on a sample of Chinese A-share-listed firms from 2010 to 2021 and employed a two-way fixed-effects approach. We found that substantive and strategic green innovations significantly impact firms’ financial and environmental performance. Specifically, substantive green innovation leads to a significant improvement in financial performance, while strategic green innovation weakens financial performance; both types of green innovations lead to a significant improvement in environmental performance, with strategic green innovation being more effective in this regard compared to substantive green innovation. Moreover, our heterogeneity analyses showed that substantive green innovation has a weaker effect on improving financial performance in state-owned enterprises (SOEs) and in firms in regions with higher government environmental concerns; similarly, in SOEs, strategic green innovation has a weaker detrimental effect on financial performance. The findings of this study provide substantial evidence for promoting green innovation transformation and the upgrading of enterprises.

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Strategic or substantive green innovation: How do non-green firms respond to green credit policy?

Cited by 26 publications

References 68 publications

Research on the impact of top management team digitalization awareness of a firm's innovation output

Research on the impact of top management team digitalization awareness of a firm's innovation output

Green finance and the synergy of ESGGI performance of Chinese companies: Does green concern matter?

The Impact of Green Innovation on Corporate Performance: An Analysis Based on Substantive and Strategic Green Innovations

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