Search Results (232)

This study examines how green credit policies, specifically the green credit guidelines (GCGs) implemented in 2012, influence corporate sustainable innovation. This study employs a quasi-natural experiment approach, utilizing data from Chinese listed companies between 2005 and 2023, to examine the differential impact of the GCGs on high-polluting enterprises versus energy-efficient enterprises. The study uses a Difference-in-Differences (DID) methodology to explore how policy-induced changes in financing conditions affect firms’ innovation behaviors, particularly in terms of green patent applications. This study uses a mechanism to understand the role of R&D investment and access to long-term financing in driving these changes. And this study considers heterogeneity across firm ownership types and industry competition to investigate the varying effects of the GCGs. By identifying the causal pathways through which green credit policies influence innovation, this study contributes to the understanding of how environmental policies shape corporate behavior and innovation outcomes. Full article

Despite growing interest in sustainable supply chains, we still know relatively little about how environmental requirements transmitted from key customers along the supply chain affect firms’ productivity and long-run economic sustainability. To address this gap, we introduce the notion of green supply chain pressure, downstream customers’ explicit green and low-carbon requirements on suppliers, and examine its implications for firm-level productivity and the mechanisms involved. Using a panel of Chinese A-share listed firms over 2014–2024, we construct a novel text-based index of green supply chain pressure by combining supply-chain relationship data with MD&A disclosures of major customers. Firm-level economic sustainability is measured by Levinsohn–Petrin total factor productivity, with Olley–Pakes estimates used for robustness. Fixed-effects regressions with industry–year and city–year controls show that stronger green supply chain pressure is associated with significantly higher productivity. Mediation analysis reveals that this effect operates partly through three resource-intensive adjustment channels: (i) a higher share of green patents in total innovation, (ii) capital deepening via a higher share of digital and intelligent fixed assets in total net fixed assets, and (iii) human capital upgrading through a larger proportion of highly educated employees. Interaction models further indicate that financing constraints critically condition these gains: the productivity effect of green supply chain pressure is stronger for firms with greater financial slack, and for high-tech, green-attribute and larger firms. Overall, the results highlight supply chain-based governance as a powerful complement to formal regulation for promoting long-run economic sustainability at the firm level. Full article

Amid the intensifying global mandate for sustainable aquafeed strategies, this study investigates the functional efficacy and biochemical implications of black soldier fly larvae oil (BLO), extracted via recently approved patent method depending on cold-aqueous process, as a substitute for conventional fish oil (FO) in zebrafish (Danio rerio) diets. The refined extraction technique, representing an advancement over traditional aqueous methodologies, was engineered to selectively preserve bioactive lipid fractions while minimizing environmental footprint and processing residues. Over a 28-day feeding period, adult zebrafish were allocated into triplicate groups and fed diets comprising 0%, 50%, and 100% substitution of FO with BLO and growth, lipid composition, and dietary fatty acid profiles of both diets and flesh were rigorously evaluated. Zebrafish fed the BLO₁₀₀ diet exhibited the most pronounced somatic growth (2.47 ± 0.01 g), significantly elevated specific growth rates (3.88 ± 0.82% day⁻¹), and the most efficient feed conversion, without compromising survival. Flesh lipid analysis revealed a substantial enrichment in saturated fatty acids—most notably lauric acid (C12:0)—corresponding to increasing dietary BLO levels. Although dietary EPA and DHA levels were reduced, DHA concentrations in fish tissues remained comparable to those of the control group, indicating a compensatory capacity mediated by endogenous elongation and desaturation pathways. These findings substantiate the dual potential of BLO as both a nutritionally viable lipid source and a vector for enhancing aquafeed sustainability. The cold-aqueous extraction method demonstrated here underscores a pivotal advancement in green lipid processing, aligning oil quality with ecological stewardship. This integrative approach not only reinforces BLO’s candidacy as a strategic fish oil substitute but also delineates a pathway toward scalable, species-adapted feed innovation. Future investigations should prioritize the modulation of fatty acid profiles through dietary and extraction optimization to fully realize the translational potential of insect-derived lipids in aquaculture. Full article

Sustainable development represents a fundamental pathway for advancing high-quality economic and social transformation. Taking China’s Sustainable Development Agenda Pilot Zones Policy as a quasi-natural experiment and drawing on data from A-share listed firms from 2013 to 2022, this study constructs a difference-in-differences model to systematically assess the policy’s impact on corporate green development and the underlying mechanisms. The empirical results indicate that the policy significantly improves corporate green development and that entrepreneurial green attention exerts a significant positive moderating effect. The mechanism analysis shows that improvements in the digital–real integration, the strengthening of regional green innovation capability, and increases in media attention constitute the primary channels through which the policy takes effect. The heterogeneity analysis further reveals that the policy impact is more pronounced among non-state-owned enterprises, firms in non-heavily polluting industries, regions oriented toward modern urban development, and cities with higher levels of governmental environmental concern. Additional analyses suggest that, while fostering green development, the policy is also associated with a greater tendency toward inflation in green invention patents and a decline in the quality of environmental information disclosure. These findings deepen the understanding of the micro-level effects of differentiated environmental regulation and provide empirical evidence for improving the green governance system and promoting high-quality development in China. Full article

Understanding the pathways through which digital innovation contributes to carbon emission reduction is crucial for designing effective climate policies. Existing studies generally find a negative association between digitalization and carbon emissions, but they often treat this relationship as a “black box” and pay insufficient attention to the distinct local and spatial mechanisms through which digital innovation operates. This paper investigates the impact of digital innovation on city-level carbon emissions in 283 Chinese cities from 2010 to 2020 and decomposes the total effect into a local synergistic effect and a spatial spillover effect using a Spatial Durbin Model. We further conduct an empirical test of the underlying mechanisms, including energy efficiency gains and industrial structure upgrading for the local synergy pathway, and green technology diffusion for the spatial spillover pathway. The results indicate that (1) digital innovation significantly reduces city-level carbon emissions, confirming an overall negative effect; (2) spatial decomposition reveals two simultaneous pathways, with a significant local synergistic effect within cities and a spatial spillover effect to neighboring cities; (3) the mechanism analysis shows that the local synergy is significantly associated with improvements in energy efficiency and industrial upgrading, whereas the spatial spillover is significantly associated with the diffusion of green patents; and (4) the effects are especially pronounced in technology-intensive industries and cities in more advanced regions. These findings imply that carbon reduction driven by digital innovation occurs through both intra-city optimization and inter-city technology diffusion. Therefore, policies should not only motivate cities to strengthen their own digital capacities, but also promote interregional collaboration to enhance positive spillovers and achieve cost-effective and well-coordinated carbon neutrality. Full article

This study investigates the impact of environmental judicial reform on corporate sustainable development, specifically focusing on the establishment of Environmental Protection Courts (EPCs) in China. Leveraging a quasi-natural experiment created by the staggered rollout of EPCs, we employ a difference-in-differences (DID) model based on a comprehensive dataset of Chinese A-share listed companies from 2009 to 2024. The empirical results demonstrate that the establishment of EPCs significantly enhances corporate ESG performance. This promoting effect remains robust across a series of validity tests, including alternative ESG measures and green patent indicators. Mechanism analysis reveals a dual channel: externally, the reform intensifies local governmental supervision and penalty risks; internally, it elevates managerial green cognition and fosters substantive green investment. Heterogeneity analysis further indicates that the effect is more pronounced in regions with stronger judicial foundations and, notably, for non-heavy-polluting firms sensitive to reputational risks. This paper contributes to the literature by unpacking the “black box” of the judicial transmission mechanism and providing causal evidence of how specialized environmental justice shapes corporate sustainability strategies. Full article

Astaxanthin, a high-value keto-carotenoid with potent antioxidant and health-promoting properties, has gained global attention as a sustainable nutraceutical and biotechnological product. The green microalgae Haematococcus pluvialis and Chromochloris zofingiensis represent two promising natural producers, yet they differ markedly in physiology, productivity, and industrial scalability. This review provides a focused comparative analysis of these two species, emphasizing their quantitative performance differences. H. pluvialis can accumulate astaxanthin up to ~3–5% of dry biomass but typically reaches biomass densities of only 5–10 g L⁻¹, whereas C. zofingiensis achieves ultrahigh biomass concentrations of 100–220 g L⁻¹ under heterotrophic fed-batch fermentation, although its astaxanthin content is much lower (~0.1–0.5% DW). While H. pluvialis remains the benchmark for natural astaxanthin due to its exceptionally high cellular content, its thick cell wall, slow growth, and strict phototrophic requirements impose major cost and operational barriers. In contrast, C. zofingiensis exhibits rapid and flexible growth under heterotrophic, mixotrophic, or phototrophic conditions and can achieve ultrahigh biomass in fermentation, though its ketocarotenoid flux and astaxanthin accumulation remain comparatively limited. Meanwhile, a rapidly growing patent landscape demonstrates global technological competition, with major portfolios emerging in China, the United States, and Europe, spanning chemical synthesis, microbial fermentation, algal metabolic engineering, and high-density cultivation methods. These patents reveal clear innovation trends—ranging from solvent-free green synthesis routes to engineered microalgae and yeast chassis for enhanced astaxanthin production—which increasingly shape industrial development strategies. By synthesizing recent advances in metabolic engineering, two-stage cultivation, and green extraction technologies, this review identifies key knowledge gaps and outlines a practical roadmap for developing next-generation astaxanthin biorefineries, with an emphasis on scalable production and future integration into broader biorefinery frameworks. The findings aim to guide future research and provide actionable insights for scaling sustainable, cost-effective production of natural astaxanthin. Full article

Innovation in the new energy industry serves not only as a key accelerator for the global green and low-carbon energy transition but also as a core driving force of the ongoing energy revolution. This study utilizes data on publications, patents, and the spatial distribution of representative innovation enterprises in the new energy industry of the Yangtze River Delta urban agglomeration from 2009 to 2023 to construct a multilayer science–technology–industry innovation network. Social network analysis is employed to examine its evolutionary dynamics and structural characteristics, and the Quadratic Assignment Procedure (QAP) is used to investigate the factors shaping intercity innovation linkages. The results reveal that the multilayer innovation network has continuously expanded in scale, gradually forming a multi-core radiative structure with Shanghai, Nanjing, and Hangzhou at the center. At the cohesive subgroup level, the scientific and technological layers exhibit clear hierarchical differentiation, where core cities tend to engage in strong mutual collaborations, while the industrial layer shows a hub-and-spoke pattern combining large, medium, and small cities. In terms of layer relationships, the centrality of the scientific layer increasingly surpasses that of the technological and industrial layers. Inter-layer degree correlations and overlaps also display a strengthening trend. Furthermore, differences in regional higher education scale, urban economic density, and geographic proximity are found to exert significant influences on scientific, technological, and industrial innovation linkages among cities. In response, this study recommends enhancing the leadership role of core cities, leveraging the bridging and intermediary functions of peripheral cities, and promoting application-driven cross-regional innovation collaboration, thereby building efficient science–technology–industry networks and enhancing intercity innovation linkages and the flow of innovation resources, and ultimately promoting the high-quality development of the regional new energy industry. Full article

Against the backdrop of China’s “triple carbon” goals, carbon peaking by 2030, carbon reduction by 2035, and carbon neutrality by 2060, examining the impacts of the clean energy equipment manufacturing industry’s (CEEMI’s) imports on carbon emissions holds significant practical importance for promoting sustainable development. Based on provincial panel data from 2001 to 2023, we employed a STIRPAT model to analyze how the CEEMI’s imports affect China’s carbon emissions. We further explored the sustainable transformation mechanism from two perspectives, global value chain (GVC) participation and green technological progress. The results indicate that a 1% increase in imports leads to a 0.1312% reduction in carbon emissions. Mechanism tests show that imports lower emissions primarily by increasing backward GVC participation and promoting green patent innovation. Heterogeneity analysis further reveals that the emission-abating effects are more pronounced in high-income and industry-dominated provinces, and that imports of lithium batteries exhibit stronger emission-abating effects than those of wind turbines and solar PVs. Full article

Amid China’s push for digital transformation, green technology innovation has become a vital pathway to achieving its carbon neutrality goals. Using panel data from Chinese A-share-listed companies between 2012 and 2023, sourced from the CNRDS and CSMAR databases, this study employs a two-way fixed effects model to examine how digital transformation affects green innovation. In this model, carbon information disclosure serves as a mediator and is measured through text analysis and entropy weighting, while media attention is included as a moderator. The results show that: (1) Digital transformation significantly promotes green technology innovation, with a one-unit increase in the digitalization index raising green patent applications by 4.45%; upon controlling for potential path dependence, the effect remains stable at 3.76%. (2) Carbon information disclosure plays a partial mediating role. (3) Media attention moderates both the direct effect of digital transformation and the first stage of the indirect effect through carbon information disclosure. (4) Heterogeneity analyses, supplemented by inter-group difference tests, reveal stronger effects in state-owned enterprises, firms in western China, and larger firms. The study concludes with practical recommendations for corporate practice and public policy. Full article

Excessive corporate use of fossil fuels has significantly worsened global air quality. In response, many governments, including China’s, have implemented tax incentives to promote sustainable development, though their effectiveness at the firm level remains unclear. This study empirically examines the relationship between tax incentives and corporate green transition using a panel of 30,483 firm-year observations from Chinese A-share non-financial listed firms spanning 2009–2023. We construct a Green Sustainable Development Performance (GSDP) index based on green patent applications and environmental disclosure and identify innovation investment as the main transmission mechanism. The results show that stronger tax incentives are associated with higher GSDP scores. This relationship is largely driven by innovation: after controlling R&D input, the direct effect of tax incentives declines, while the indirect effect through innovation remains both statistically and economically significant. The effect is more evident in large firms and those in eastern provinces, but weaker in regions with higher financial constraints with limited time lags. The findings offer practical implications for designing targeted, verifiable, and innovation-oriented tax instruments to foster high-quality, sustainable corporate development. Full article

In recent decades, with the urgent need to move toward more low-carbon and sustainable development, green infrastructure (GI) has gained increased attention. Due to the complexity and uniqueness of GI, and involvement of numerous organizations, it is imperative to address it via inter-organization collaborative innovation effectively. However, few studies have explored the dynamic evolution of collaborative innovation in GI and how proximity mechanisms drive collaborative innovation (CI). To explore CI in GI, this study is based on 610 patents in the field of GI in China from 2010 to 2024 and uses social network analysis (SNA) to construct CI networks, applying the Exponential Random Graph Model (ERGM) to explore the driving factors of CI in GI, with a specific focus on the driving effect of multidimensional proximity on CI. The results show that the network density decreases from 0.153 to 0.033, and the average path length remains below 3.4, presenting typical small-world characteristics. Furthermore, our results demonstrate that multidimensional proximity drives the evolution of CI in GI. Among them, the positive driving effect of social proximity is the most significant, while the coefficient of geographical proximity decreased from 2.83 in the budding stage to 0.003 in the mature stage. Similarly, the coefficient of technical proximity decreased from 2.528 to 1.735, indicating that its driving effect gradually weakened. These results contribute to the theory implications regarding dynamic perspectives for complex CI relationships in GI, and provide useful guidance for effectively allocating resources and talent training. Full article

The integration of digital technologies with the physical economy has emerged as a crucial driver of sustainable and high-quality development. Drawing on a patent co-classification framework, this study constructs a provincial-level indicator of digital–real integration in China to evaluate its influence on carbon productivity and the underlying mechanisms. The empirical findings show that digital–real integration exerts a clear and statistically significant positive impact on carbon productivity. Moreover, the improvement in carbon productivity occurs mainly through three channels: green technological innovation, adjustments in industrial structure toward upgrading, and enhancements in resource allocation efficiency. Industrial upgrading is reflected in the gradual shift toward more advanced and low-carbon industrial configurations, whereas the allocation channel captures the coordinated optimization of traditional and emerging production factors. Regarding the nonlinearity, a threshold pattern is identified between digital–real integration and carbon productivity, shaped by the degree of biased technological progress. When the technological bias remains low, the productivity gains are modest; once the bias surpasses a certain critical level, the positive effect of integration intensifies substantially. The magnitude of this threshold effect also varies by bias type, with capital-biased technological progress producing the strongest influence. Overall, the results provide theoretical and policy implications for advancing digital–real integration and supporting a green and low-carbon transition. Full article

The European Union’s Cohesion Policy is a key instrument designed to reduce disparities among regions and promote sustainable, inclusive growth across Europe. In the context of the green and digital transitions, understanding how Cohesion Policy funds affect innovation is crucial to effective policy design. This study examines the impact of these funds on firm-level innovation in three domains: digital, green, and combined digital–green innovation. Using firm-level data and econometric models, our analysis uncovers a strong and statistically significant positive effect of Cohesion Policy funding on digital innovation. The impact on green innovation alone is positive but weaker and only marginally significant. Innovations that are both digital and green benefit from Cohesion Policy significantly, highlighting the potential of integrated innovation strategies. Full article

This study tests whether labeled green and sustainability-linked financing complements firms’ R&D to lower the weighted average cost of capital (WACC), raise valuation, and shift innovation toward climate mitigation technologies. Using a 2012–2024 panel of S&P 500 constituents with complete coverage, this study applies a staggered-adoption difference-in-differences design with interaction-weighted event-time estimators and entropy balancing; WACC is decomposed into equity and debt components, valuation is measured by Tobin’s Q, and innovation outcomes cover patent counts and the CPC Y02 share, with matched-bond and secondary-market comparisons for the debt channel. Within two years of first-time adoption, this study observes a meaningful decline in WACC (approximately 40–60 bp) driven mainly by the cost of debt, alongside higher valuation and increased innovation intensity with a larger Y02 share. Effects are larger where R&D intensity is higher and are strongest for use-of-proceeds green bonds and for sustainability-linked contracts with material KPIs and non-trivial step-ups. These results indicate that labeled financing is most effective when aligned with credible R&D pipelines and verification mechanisms, clarifying its governance role in corporate sustainability strategies. Full article