Search Results (191)

Amid intensifying global ESG regulations and the expanding influence of green finance, China’s digital economy policies have emerged as key institutional instruments for promoting corporate sustainability. Leveraging the implementation of the National Big Data Comprehensive Pilot Zone as a quasi-natural experiment, this study utilizes panel data of Chinese listed firms from 2009 to 2023 and applies multi-period Difference-in-Differences (DID) and Spatial DID models to rigorously identify the policy’s effects on corporate ESG performance. Empirical results indicate that the impact of digital economy policy is not exerted through a direct linear pathway but operates via three institutional mechanisms, enhanced information transparency, eased financing constraints, and expanded fiscal support, collectively constructing a logic of “institutional embedding–governance restructuring.” Moreover, disruptive technological innovation significantly amplifies the effects of the transparency and fiscal mechanisms, but exhibits no statistically significant moderating effect on the financing constraint pathway, suggesting a misalignment between innovation heterogeneity and financial responsiveness. Further heterogeneity analysis confirms that the policy effect is concentrated among firms characterized by robust governance structures, high levels of property rights marketization, and greater digital maturity. This study contributes to the literature by developing an integrated moderated mediation framework rooted in institutional theory, agency theory, and dynamic capabilities theory. The findings advance the theoretical understanding of ESG policy transmission by unpacking the micro-foundations of institutional response under digital policy regimes, while offering actionable insights into the strategic alignment of digital transformation and sustainability-oriented governance. Full article

Government support has long been viewed as a key driver of sustainable transformation and green technological progress. However, the underlying mechanisms (“how”) through which preferential policies influence green innovation, as well as the contextual conditions (“when”) that shape their effectiveness, remain insufficiently understood. Drawing on resource dependence theory, this study develops a dual-mediation framework to investigate how preferential tax policies promote both the quantity and quality of green innovation—by enhancing R&D investment as an internal mechanism and alleviating financing constraints as an external mechanism. These effects are especially salient among non-state-owned enterprises, firms in resource-constrained industries, and those situated in environmentally challenged regions—contexts that entail higher dependence on external support for sustainable development. Leveraging China’s 2017 R&D tax reduction policy as a quasi-natural experiment, this study uses a sample of high-tech small- and medium-sized enterprises (SMEs) to test the hypotheses. The findings provide robust evidence on how preferential policies contribute to corporate sustainability through green innovation and identify the conditions under which policy tools are most effective. This research offers important implications for designing targeted, sustainability-oriented innovation policies that support SMEs in transitioning toward more sustainable practices. Full article

Ensuring sustainable food systems is an urgent global priority as populations grow and environmental pressures mount. Technological innovations such as genetic engineering (GE) and nanotechnology (nano) have been promoted as promising pathways for achieving greater sustainability in agriculture and food production. Yet, the sustainability of these technologies is not defined by technical performance alone; it hinges on how they are perceived by key stakeholders and how well they align with broader societal values. This study addresses the critical question of how expert stakeholders evaluate the sustainability of GE and nano-based food and agriculture (agrifood) products. Using a multi-method online platform, we engaged 42 experts across academia, government, industry, and NGOs in the United States to assess six real-world case studies—three using GE and three using nano—across ten different dimensions of sustainability. We show that nano-based products were consistently rated more favorably than their GE counterparts in terms of environmental, economic, and social sustainability, as well as across ethical and societal dimensions. Like prior studies, our results reveal that stakeholders see meaningful distinctions between nanotechnology and biotechnology, likely due to underlying value-based concerns about animal welfare, perceived naturalness, or corporate control of agrifood systems. The fruit coating and flu vaccine—both nano-enabled—received the most positive ratings, while GE mustard greens and salmon were the most polarizing. These results underscore the importance of incorporating stakeholder perspectives in technology assessment and innovation governance. These results also suggest that responsible innovation efforts in agrifood systems should prioritize communication, addressing meaningful societal needs, and the contextual understanding of societal values to build trust and legitimacy. Full article

China’s national strategies emphasize both achieving carbon peaking and neutrality (“dual carbon” objectives) and fostering high-quality economic development. This dual focus highlights the critical importance of the Green and Low-Carbon Transition (GLCT) of the economy and the development of New Quality Productive Forces (NQPF). Firms are central actors in this transformation, prompting the core research question: How does corporate engagement in GLCT contribute to the formation of NQPF? We investigate this relationship using panel data comprising 33,768 firm-year observations for A-share listed companies across diverse industries in China from 2012 to 2022. Corporate GLCT is measured via textual analysis of annual reports, while an NQPF index, incorporating both tangible and intangible dimensions, is constructed using the entropy method. Our empirical analysis relies primarily on fixed-effects regressions, supplemented by various robustness checks and alternative econometric specifications. The results demonstrate a significantly positive relationship: corporate GLCT robustly promotes the development of NQPF, with dynamic lag structures suggesting delayed productivity realization. Mechanism analysis reveals that this effect operates through three primary channels: improved access to financing, stimulated collaborative innovation and enhanced resource-allocation efficiency. Heterogeneity analysis indicates that the positive impact of GLCT on NQPF is more pronounced for state-owned enterprises (SOEs), firms operating in high-emission sectors, those in energy-efficient or environmentally friendly industries, technology-intensive sectors, non-heavily polluting industries and companies situated in China’s eastern regions. Overall, our findings suggest that corporate GLCT enhances NQPF by improving resource-utilization efficiency and fostering innovation, with these effects amplified by specific regional advantages and firm characteristics. This study offers implications for corporate strategy, highlighting how aligning GLCT initiatives with core business objectives can drive NQPF, and provides evidence relevant for policymakers aiming to optimize environmental governance and foster sustainable economic pathways. Full article

Against the backdrop of the accelerated transition to sustainable development in global emerging markets, the synergistic mechanism between environmental governance innovation and corporate green transformation has become a key issue in realizing high-quality development. As the world’s largest emerging economy, China’s new Environmental Protection Law (EPL), implemented in 2015, has promoted green technology innovation and performance improvement of heavily polluting enterprises by strengthening environmental regulation. This paper takes Chinese A-share listed companies as samples from 2012–2023, treats the EPL as a quasi-natural experiment, and applies the DID method to explore the path of its impact on the performance of heavily polluting firms, with a focus on analyzing the mediating effect of green technological innovation and the moderating role of firm size and regional differences. The study revealed the following findings: the implementation of the EPL significantly improves the performance of heavily polluting enterprises, which verifies the applicability of “Porter’s hypothesis” in emerging markets; green technological innovation plays a partly intermediary role in the process of policy affecting enterprise performance, indicating that environmental regulation achieves win–win economic and environmental benefits by driving the innovation compensation mechanism; and there is significant heterogeneity in policy effects, with large-scale firms and firms in the eastern region experiencing more pronounced performance improvements, reflecting differences in resource endowments and institutional implementation strength within emerging markets. This study provides empirical evidence for emerging market countries to optimize their environmental governance policies and construct a “regulation–innovation–performance” synergistic mechanism, which will help green economic transformation and ecological civilization construction. Full article

With the continuous expansion of global trade, achieving sustainable maritime transport optimization and operations has become a key strategic direction for transforming maritime transport companies. To summarize the current state of research and identify emerging trends in sustainable maritime transport optimization and operations, this study systematically examines representative studies from the past decade, focusing on three dimensions, technology, management, and policy, using data sourced from the Web of Science (WOS) database. Building on this analysis, potential avenues for future research are suggested. Research indicates that the technological field centers on the integrated application of alternative fuels, improvements in energy efficiency, and low-carbon technologies in the shipping and port sectors. At the management level, green investment decisions, speed optimization, and berth scheduling are emphasized as core strategies for enhancing corporate sustainable performance. From a policy perspective, attention is placed on the synergistic effects between market-based measures (MBMs) and governmental incentive policies. Existing studies primarily rely on multi-objective optimization models to achieve a balance between emission reductions and economic benefits. Technological innovation is considered a key pathway to decarbonization, while support from governments and organizations is recognized as crucial for ensuring sustainable development. Future research trends involve leveraging blockchain, big data, and artificial intelligence to optimize and streamline sustainable maritime transport operations, as well as establishing a collaborative governance framework guided by environmental objectives. This study contributes to refining the existing theoretical framework and offers several promising research directions for both academia and industry practitioners. Full article

It is increasingly recognized that the twin transitions of digitalization and green transformation are pivotal to achieving sustainable development. This study examines how digital trade affects corporate green total factor productivity (GTFP), using panel data from Chinese A-share listed firms and 287 prefecture-level cities in Mainland China from 2012 to 2022. The results demonstrate that digital trade exerts a significant positive impact on GTFP, primarily through improvements in technical efficiency, with heterogeneous effects across different stages of the corporate life cycle. Endogeneity concerns are carefully addressed through instrumental variable estimation and quasi-experimental designs, and robustness checks confirm the reliability of the findings. Mechanism analyses further reveal that digital trade enhances GTFP by stimulating green technological innovation and optimizing supply chain management. Importantly, threshold regression reveals non-linear effects. Both the level of digital trade and institutional factors, such as environmental regulation, intellectual property protection, and market integration, moderate the relationship between digital trade and GTFP in U-shaped, N-shaped, and other positive non-linear patterns. These insights enhance the understanding of how digitalization interacts with institutional contexts to drive sustainable productivity growth, providing practical implications for policymakers seeking to optimize digital trade strategies and complementary regulatory frameworks. Full article

Corporate resilience, a critical metric assessing firms’ capacity to withstand risks, recover rapidly, and maintain growth in dynamic environments, has garnered increasing attention from academia and industry. This study employs China’s Green Factory certification policy within its green manufacturing system as a quasi-natural experiment, utilizing a multi-period difference-in-differences (DID) model to evaluate the impact of green manufacturing implementation on corporate resilience. Results confirm that Green Factory certification significantly enhances firms’ resilience. Mechanism analyses identify three reinforcing pathways: alleviating financing constraints, optimizing resource allocation efficiency, and fostering green technological innovation. Heterogeneity analyses reveal more pronounced effects among heavily polluting industries, firms with low reputations, and those with higher levels of managerial myopia. Furthermore, the certification exhibits significant spillover effects, transmitting resilience improvements to industry peers and geographic clusters. This research expands the theoretical boundaries of corporate resilience literature while offering practical implications and empirical evidence for enterprises undergoing green manufacturing transitions. Full article

Purpose: The acquirer’s corporate environmental performance (CEP) in mergers and acquisitions has been a subject of debate, yielding mixed results. This paper uses the US firm-level data of 1437 M&A deals from 2002–2019 to examine the impact of overall CEP, resource use, emissions, and innovation on the acquirers’ post-merger market value. Design/methodology/approach: This study employs multi-level fixed effects panel regression using Ordinary Least Squares (OLS) and the instrumental variable (IV) 2SLS method to estimate the models and compare the results with those from robust estimation. Absorbing the multiple levels of fixed effects (i.e., firm, industry, and year) offers a novel and robust algorithm for efficiently accounting for unobserved heterogeneity. The results from IV (2SLS) are more convincing, as the method overcomes the problem of endogeneity due to reverse causality and sample selection bias. Findings: The authors find that CEP has a significant impact on market value, particularly in the long term. While both resource use and emissions performance have positive effects, emissions performance has a stronger impact, presumably because external stakeholders and market participants are more concerned about emissions reduction. The performance of environmental innovation is relatively weak compared to other pillars. Descriptive analysis shows low average scores in environmental innovation compared to the resource use and emissions performance of the acquirers. However, large deals yield significant returns from investing in environmental innovation in both the short and long term compared to small deals. Practical implications: This paper offers several practical implications. First, environmental performance can help improve the acquirer’s long-term market value. Second, managers can focus on the strategic side of environmental performance, based on its pillars, and benchmark their relative position against peers. Third, environmental innovation can be considered a new potential, as the market as a whole in this area is still lagging. Given the growing pressure to improve environmental technology and innovation, prospective acquirers should confidently prioritise actions on green revenue, product innovation, and capital expenditure now rather than ticking these boxes later. Originality value: The key contribution is offering valuable insights into the impact of acquirers’ environmental performance on long-term value creation in mergers and acquisitions (M&A). These results fill the gap in the literature focusing mainly on the effect of environmental pillar and sub-pillar scores on acquirer’s firm value. The authors claim that analysing sub-pillar-level granularity is crucial for accurately measuring the effects on firm-level performance. Full article

This study examines the impact of capital market openness on corporate green total factor productivity (GTFP) using a quasi-natural experiment based on the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect policies. Employing a multi-period difference-in-differences (DID) approach, the findings reveal that capital market openness significantly enhances corporate GTFP through two primary mechanisms: strengthening firms’ green financial resources and technological innovation (green “hard strength”) and improving corporate environmental governance, green information disclosure, and managerial green expertise (green “soft strength”). Further heterogeneity analysis suggests that firms with greater institutional investor engagement, higher market competition, and non-state ownership exhibit stronger responses. These results provide policy insights into leveraging financial liberalization to drive corporate sustainability and green economic growth. This study highlights the role of financial markets in supporting global carbon neutrality and sustainable development goals. Full article

The positive impact of data elements on enterprise operation has been confirmed by many scholars, but few studies have paid attention to the effect of data elements on corporate green transformation, especially in the context of global climate change. In this study, we employ panel data from Chinese listing firms to identify the casual impact of data elements on corporate green transformation, using the staggered difference-in-differences method. We show that: (a) Data elements exert a significant positive influence on corporate green transformation. This finding holds up in a series of robustness checks; (b) The promoting effect of data elements on green transformation is mediated by alleviating financing constraints and elevating executive green attention; (c) Green governance resilience and green management innovation can strengthen the positive relationship between data elements and green transformation; and (d) The promoting effect is more pronounced in enterprises with larger boards of directors, those located in the eastern regions, and those characterized by higher carbon emission intensities. Overall, we not only provide empirical evidence of optimizing regional data-factor allocation and promoting green technological innovation but also offer theoretical guidance for refining the pathways of corporate green transformation. Full article

In response to urban digital intelligence transformation (DIT) and the rising global emphasis on corporate carbon performance (CP), this study leverages the “National New-Generation AI Innovation Development Pilot Zones” (NAIPZs) as a quasi-natural experiment. Utilizing an unbalanced panel of A-share listed firms from China’s Shanghai and Shenzhen stock exchanges between 2010 and 2022, this study employs a multi-period Difference-in-Differences (DID) model combined with propensity score matching (PSM-DID) to examine how urban DIT affects corporate CP and its underlying mechanisms. The results indicate that the policy significantly enhances corporate CP, with robustness confirmed through parallel trend, placebo, and PSM-DID tests. Heterogeneity analysis shows stronger effects for non-state-owned enterprises, high-pollution industries, and large enterprises. Mechanism analysis reveals that green technological innovation and R&D expenditure are key drivers of improved CP. The study concludes with policy suggestions including tailored regulation, the development of innovation platforms, strengthened R&D support, and the implementation of monitoring systems to better harness AI technologies for improving corporate carbon performance. Full article

Against global carbon neutrality goals and China’s “dual carbon” strategy, this study examines how green technology innovation shapes corporate carbon performance through a dual-path mechanism—improving enterprises’ resource utilization efficiency and environmental governance capabilities. Leveraging data from Chinese A-share listed firms (2007–2022) and methods including fixed effects, instrumental variables, and Heckman two-stage models, key findings include: (1) Green technology innovation significantly improves carbon performance. (2) This effect operates through two pathways: enhancing total factor productivity (TFP) and strengthening environmental governance. (3) Green media and investor attention amplify the positive impact of green innovation on carbon performance. (4) The effect remains significant but shows diminishing marginal returns over 1–4 future periods. (5) Non-state-owned enterprises and non-high-carbon industries exhibit more pronounced improvements. This research provides micro-level evidence for “technology-driven low-carbon transformation”, offering theoretical support for policy differentiation and corporate green technology strategies, with practical implications for achieving China’s “dual carbon” objectives. Full article

The enhancements of tax policies and their coordination have emerged as a significant way to promote corporate sustainability, especially in developing economies worldwide. Using panel data from Chinese non-financial A-share listed companies from 2009 to 2022, this study empirically explores the promoting effects of corporate income tax (CIT) incentives and environmental protection tax (EPT) levies on corporate ESG performance. We find that the CIT incentive has a notable positive impact on firms’ ESG behavior, acting on the micro-mechanisms of increasing corporate cash flow and reducing agency costs, and its promoting effect is more salient with regard to the social and governance dimensions. This study also traces the interactive effects between the EPT levy and CIT incentive policies, which boost corporate ESG behavior synergistically. Heterogeneity analyses reveal that these effects are more noticeable in manufacturing firms and non-state-owned firms with severe financing constraints. Environmental tests show that CIT incentive policies have positive effects on green technological innovation, and Chinese enterprises are still experiencing relatively serious negative impacts. The conclusions of this study are conducive to providing theoretical support and policy suggestions for encouraging the sustainable development of companies through the policy combination of environmental regulation and tax incentives. Full article

With the continuous development of today’s economy and the growing interest in green technological innovation, this study investigates the impact of executive political connection heterogeneity (EPCH) on corporate green technological innovation (CGTI) in Chinese listed companies. Specifically, it distinguishes between ascribed and achieved political connections, examining their influence on incremental and radical CGTI. This study employs a quantitative research design, utilizing a sample of Chinese A-share listed companies from 2007 to 2022. Data are sourced from the China Securities Market & Accounting Research (CSMAR) database and the China National Research Data Service (CNRDS) database. The study analysis applies fixed-effect regression models to test the relationships between political connection heterogeneity and innovation outcomes. The findings reveal that ascribed political connections promote incremental innovation, while achieved political connections drive radical innovation. Moreover, strong GEO weakens the effect of ascribed political ties on incremental CGTI while enhancing the effect of achieved political ties on radical CGTI. These results contribute to the understanding of how political ties influence corporate innovation strategies and provide insights into the role of dynamic capabilities in green technological advancements. Full article