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With the increasing global emphasis on sustainable development goals, and in the context of pursuing high-quality sustainable development of the economy and enterprises, this study empirically examines the effect of digital finance on corporate financing constraints and the impact on corporate green innovation with a sample of China’s A-share-listed companies in the period of 2011–2020 and explores the issue from the perspectives of management power and corporate social responsibility (CSR) at the micro level of enterprises. The empirical results show that digital finance can indeed alleviate corporate financing constraints. Still, the synergistic effect of the two on corporate green innovation produces a “quantitative and qualitative separation” effect, which only promotes the enhancement of iconic green innovation, and the effect on substantive green innovation is not obvious. The power of management and CSR performanceshave different moderating roles in the alleviation of financing constraints by the empowerment of digital finance. Management power and corporate social responsibility have different moderating effects on digital financial empowerment to alleviate financing constraints. The findings of this study enrich the research in related fields and provide more basis for the promotion of digital financial policies and more solutions for the high-quality development of enterprises. Full article

Improving green innovation quality is a critical component for speeding green transformation and generating high-quality growth. This study examines the link between the pilot zone for green finance reform and innovations (PZGFRI) policy and the quality of green innovation in Chinese A-share listed firms from 2010 to 2020. This study demonstrates that the PZGFRI may greatly enhance the quality of enterprises’ green innovation. Additionally, by promoting environmental investment and reducing financial barriers, we use the mediating effect model to confirm that the PZGFRI improves the enterprises’ quality of green innovation. Meanwhile, the heterogeneity analysis demonstrates that the PZGFRI is more successful in raising the green innovation quality in state-owned, large-sized, and heavily polluting businesses. Our study’s findings offer a strong theoretical basis for improving the PZGFRI and encouraging businesses to undergo high-quality transformation. Full article

Central Environmental Protection Inspection (CEPI) is a major step in China’s environmental vertical supervision reform. With the multi-period Difference-in-Differences method, we assess the impact of CEPI on enterprise green transformation. In addition, we further explore the impact of enterprise environmental self-discipline. The results show that CEPI significantly promotes enterprise green transformation, and this effect on governance is further strengthened by environmental self-discipline. The synergistic governance effect of compound environmental regulation is pronounced, particularly in enterprises lacking government–enterprise relationships and in areas covered by CEPI “look back” initiatives and where local governments rigorously enforce environmental laws. The mechanism analysis reveals that CEPI mainly promotes enterprise green transformation by improving executive green cognition, boosting investment in environmental protection, and enhancing green innovation efficiency. This study provides a fresh perspective on analyzing the governance impact of CEPI and provides valuable insights for improving multi-collaborative environmental governance systems. Full article

Based on a comprehensive review of the current research status of ecological compensation both domestically and internationally, combined with field survey data, this study delves into the issue of multi-stakeholder participation in the ecological compensation mechanisms of the Xin’an River Basin. This research reveals that the joint participation of multiple stakeholders is crucial to achieving the goals of ecological compensation in river basins. The government plays a significant role in macro-guidance, financial support, policy guarantees, supervision, and management. It promotes the comprehensive implementation of ecological environmental protection by formulating relevant laws and regulations, guiding the public to participate in ecological conservation, and supervising and punishing pollution behaviors. The public, serving as the main force, forms strong awareness and behavioral habits of ecological protection through active participation in environmental protection, monitoring, and feedback. As participants, enterprises contribute to industrial transformation and green development by improving resource utilization efficiency, reducing pollution emissions, promoting green industries, and participating in ecological restoration projects. Scientific research institutions, as technology enablers, have effectively enhanced governance efficiency through technological research and innovation, ecosystem value accounting to provide decision-making support, and public education. Social organizations, as facilitators, have injected vitality and innovation into watershed governance by extensively mobilizing social forces and building multi-party collaboration platforms. Communities, as supporters, have transformed ecological value into economic benefits by developing characteristic industries such as eco-agriculture and eco-tourism. Based on the above findings, further recommendations are proposed to mobilize the enthusiasm of upstream communities and encourage their participation in ecological compensation, promote the market-oriented operation of ecological compensation mechanisms, strengthen cross-regional cooperation to establish joint mechanisms, enhance supervision and evaluation, and establish a sound benefit-sharing mechanism. These recommendations provide theoretical support and practical references for ecological compensation worldwide. Full article

In the context of pursuing the goal of strategic imperatives of sustainable development, the ESG performance of enterprises has become a key yardstick for measuring their comprehensive environmental contribution and economic efficiency. Enhancing ESG performance has far-reaching significance in promoting green and sustainable development of enterprises and society. Drawing on the upper echelons theory, this paper investigates the impact of the chief executive officer’s (CEO’s) green experience on corporate environmental, social, and governance (ESG) performance, utilizing a sample of publicly listed Chinese companies from 2011 to 2023. The study demonstrates that CEOs with green experience significantly enhance corporate ESG performance, a conclusion that remains consistent following a series of rigorous robustness checks. Mechanistic analysis reveals that CEOs’ green experience primarily facilitates corporate ESG performance enhancement through green innovation initiatives. Furthermore, CEO discretion amplifies the positive influence of green experience on ESG performance. Heterogeneity analysis demonstrates that the influence of the CEOs’ green experience on ESG performance is more pronounced in high-tech enterprises, in markets characterized by lower levels of competition, and in firms situated in regions exhibiting higher degrees of social trust. These findings impart both theoretical and practical implications for enhancing corporate ESG performance and offer novel strategic perspective to advance environmental stewardship, social responsibility, and corporate governance frameworks. Full article

Background: Sustainability in supply chain management (SCM) practices is becoming increasingly important as environmental responsibility and social concerns, as well as enterprises’ competitiveness in terms of innovation, risk, and economic performance, become increasingly urgent. This paper aims to identify and prioritize concepts for implementing sustainable supply chains, drawing on sustainable supply chain management (SSCM) and green supply chain management (GSCM) techniques. Corporate supply chain managers across various industries, markets, and supply chain segments brainstormed management practices to enhance the sustainability of their supply chains. Four industry sectors were surveyed across five different value chain segments. Methods: A group concept mapping (GCM) approach incorporating multi-dimensional scaling (MDS) and hierarchical cluster analysis (HCA) was used. A hierarchy of practices is proposed, and hypotheses are developed about achievability and impact. Results: A decision-making matrix prioritizes eight solution concepts based on two axes: impact (I) and ease of implementation (EoI). Conclusions: Eight concepts are prioritized based on the optimal effectiveness of implementing the solutions. Pattern matching reveals differences between emerging and developed markets, as well as supply chain segments, that decision-makers should be aware of. By analyzing supply chains from a multi-part perspective, this research goes beyond empirical studies based on a single industry, geographic region, or example case. 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

In the era of climate change, the strategic importance of forestry products for sustainable development is increasingly recognized. Amid a global resurgence of industrial policy aimed at addressing environmental challenges, this study investigates the impact of China’s central and provincial green industrial policies on the export competitiveness of wood-processing enterprises. Utilizing firm-level data from the China Industrial Enterprise Database and China Customs Export Database (2000–2013), we apply a double machine learning (DML) approach and construct a heterogeneous competitiveness model to evaluate policy effects along two dimensions: export quantity (volume and intensity) and export quality (product complexity and consumer-perceived quality). Our findings reveal a clear dichotomy in policy outcomes. While industrial policies have significantly improved export product complexity—reflecting China’s comparative advantage in labor-intensive production—they have had limited or even negative effects on export volume, intensity, and product quality. This suggests that current policy frameworks disproportionately reward horizontal innovation (product diversification) while neglecting vertical upgrading (quality enhancement), thereby hindering comprehensive export performance gains. Those results highlight the need for more balanced and targeted policy design. By aligning industrial policy instruments with both complexity and quality objectives, policymakers can better support the sustainable transformation of China’s forestry sector and enhance its competitiveness in global value chains. Full article

The rapid development of the digital economy and the pursuit of green transformation are reshaping the innovation landscape of Chinese firms. However, limited attention has been paid to how digital industry agglomeration (DIA) influences corporate green innovation (CGI) at the firm level. Drawing on panel data from China’s A-share listed firms between 2017 and 2021, this study examines the differential effects of specialized agglomeration and diversified agglomeration of digital industry on CGI. The results indicate that DIA can promote CGI, with a 1% increase in DIA associated with a 1.503% increase in green innovation output. Further analysis reveals that specialized agglomeration exerts a significant positive effect, while diversified agglomeration has no evident impact. Our mechanism analysis indicates that knowledge spillovers serve as the key channel through which DIA fosters CGI. Moreover, heterogeneous effects analysis indicates that DIA exerts a stronger influence on non-high-tech enterprises and in regions where environmental regulation is less stringent. Drawing on these insights, fostering specialized digital clusters and strengthening knowledge-sharing mechanisms can help alleviate existing constraints on innovation diffusion, accelerating green innovation and supporting long-term sustainability. Full article

This study investigates the effect of the Green Finance Reform Pilot Zone Policy (GFRPZP) on corporate sustainable development performance (SDP) using a multi-period difference-in-differences (DIDs) regression model. This model incorporates control variables, reflecting firm-level characteristics and regional economic conditions. The results show that GFRPZP significantly enhances corporate SDP, with stronger effects observed among non-state-owned enterprises (Non-SOEs), companies situated in eastern regions, those in non-heavily polluting industries, and high-tech companies. Mediation analysis indicates that the policy enhances sustainable development through four main channels: improving the quality and quantity of green innovation, easing financing constraints, and increasing analyst attention. Moderation analysis further demonstrates that digital transformation and internal control strengthen the policy’s effect. 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

Achieving high-level green technological innovation in heavily polluting enterprises is critical for advancing sustainable development, particularly in the context of both organizational and regional digitalization. This study adopts a configurational perspective grounded in the Technology–Organization–Environment (TOE) framework and integrates theoretical insights from resource orchestration, resource dependence, and IT capability theories. It investigates how different types of skilled talent, such as production, technical, sales, and managerial employees, contribute to green innovation under varying digital conditions. By applying fuzzy-set qualitative comparative analysis (fsQCA) to a sample of 96 publicly listed firms from China’s heavily polluting industries, this study identifies four distinct talent-based configurations that can lead to high levels of green innovation: production-centric, management-led, technical talent driven, and regionally enabled models. Each configuration reflects a specific system state in which a core group of skilled employees plays a leading role, supported by complementary functions, and shaped by the interaction between internal digital transformation and the external digital environment. This study contributes to the systems literature by elucidating the combinational roles of digital resources and talent deployment within the systemic TOE framework, and offers practical guidance for enterprises aiming to strategically utilize human capital to enhance green innovation performance amid ongoing digital transformations. 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

In the low-carbon era, there is a serious challenge of climate change, which urgently needs to promote low-carbon consumption behavior in order to build sustainable low-carbon consumption patterns. The establishment of this model not only requires in-depth theoretical research as support, but also requires tripartite cooperation between the government, enterprises and the public to jointly promote the popularization and practice of the low-carbon consumption concept. Therefore, by constructing a tripartite evolutionary game model and simulation analysis, this study deeply discusses the mechanism of government policy on the strategy choice of logistics enterprises. The stability strategy and satisfying conditions are deeply analyzed by constructing a tripartite evolutionary game model of the logistics industry, government, and consumers. With the help of MATLAB R2023b simulation analysis, the following key conclusions are drawn: (1) The strategic choice of logistics enterprises is affected by various government policies, including research and development intensity, construction intensity, and punishment intensity. These government policies and measures guide logistics enterprises toward low-carbon development. (2) The government’s research, development, and punishment intensity are vital in determining whether logistics enterprises adopt low-carbon strategies. R&D efforts incentivize logistics companies to adopt low-carbon technologies by driving technological innovation and reducing costs. The penalties include economic sanctions to restrain companies that do not comply with low-carbon standards. In contrast, construction intensity mainly affects the consumption behavior of consumers and then indirectly affects the strategic choice of logistics enterprises through market demand. (3) Although the government’s active supervision is a necessary guarantee for logistics enterprises to implement low-carbon strategies, more is needed. This means that in addition to the government’s policy support, it also needs the active efforts of the logistics enterprises themselves and the improvement of the market mechanism to promote the low-carbon development of the logistics industry jointly. This study quantifies the impact of different factors on the system’s evolution, providing a precise decision-making basis for policymakers and helping promote the logistics industry’s and consumers’ low-carbon transition. It also provides theoretical support for the logistics industry’s low-carbon development and green low-carbon consumption and essential guidance for sustainable development. Full article

Green innovation has become a core driving force for promoting sustainable development, making the accurate evaluation of enterprises’ green innovation efficiency an important research topic. Based on the Environmental, Social, and Governance (ESG) framework, this paper improves the SBM model to overcome shortcomings such as homogeneity in traditional SBM models during efficiency evaluation. By introducing an asymmetric slack measure, it breaks through the limitation of efficiency value ceilings, enabling gradient ranking of decision-making units and precisely distinguishing between efficient and inefficient enterprises, thereby better assessing the green innovation efficiency of hydrogen energy companies. The study shows that the improved SBM model significantly enhances the accuracy of enterprise efficiency evaluation. The contribution of this paper lies in constructing an improved SBM model integrated within the ESG framework, compensating for the lack of environmental dimensions in traditional evaluation methods, addressing issues of efficiency homogeneity and the static nature of the frontier, and achieving optimized ranking of frontier-efficient enterprises. Full article