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| Can "National Team" Ownership Promote Corporate Green Innovation? The Heterogeneity Analysis of Heavily-Polluted Industry |
| Qiao Fei1,Wen Wen2,Feng Xiaoqing3 |
| (1. School of Accounting, Dongbei University of Finance and Economics, Dalian 116025, China; |
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Abstract Since the reform and opening-up, China's economy has made remarkable development achievements, but the traditional crude economic development mode has increased the burden on the ecological environment, and the weak innovation capacity have restricted the high-quality development of China's economy. In September 2020, President Xi Jinping proposed at the 75th session of the United Nations General Assembly that China should strive to peak its carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060 ("dual-carbon" goals). Green technology innovation is the key path for China to achieve "dual-carbon" goals and high-quality economic development. Thus it is urgent to explore how to motivate companies to improve their green innovation performance and raise the awareness of green governance.#br#Institutional investors are representatives of rational investors in the capital market and play an important role in corporate governance. As a special category of institutional investors with government background in the capital market, the "national team" plays an important function of stabilizing stock prices and boosting investor confidence. As an institutional investor with a long-term participation in the capital market, it is confirmed by prior literature that the "national team" can help reduce corporate fraud, improve corporate investment efficiency, and reduce corporate risks. Meanwhile since green innovation involves many links such as R&D and production, green innovation technology has high professionalism and complexity, the green innovation practice of enterprises needs more sufficient resource input, stronger talent team guarantee and more comprehensive technical support, and also requires the management to have a longer-term vision and strategic foresight. As a special institutional investor with a long-term vision, the "national team" can improve the level of green innovation of enterprises by reducing the degree of internal and external information asymmetry of enterprises and alleviating the financial tension in the process of innovation. Therefore, can "national team" positively influence enterprises' green innovation decisions? If so, what is the mechanism behind? Does "national team" ownership have a stronger incentive effect on green innovation for enterprises in heavily polluting industries than for other industries?#br#Using Chinese A-share listed companies’data from year 2015-2020, this paper empirically investigates the impact of "national team" on corporate green innovation, and the moderating effect on heavily-polluted industry. The results suggest that "national team" ownership can promote corporate green innovation, and this positive impact is more pronounced in heavy-polluted industries. Mechanism tests show that mitigating information asymmetry and obtaining government's subsidies for innovation are potential channels through which the "national team" ownership promotes corporate green innovation. Further analysis reveals that the green innovation incentive effect of the "national team" is more pronounced when its share-holding time gets longer. #br#The paper contributes to the existing literature in the following ways. First, it expands the study on the determinants of corporate green innovation. Prior literature has mainly focused on the influence of macro factors such as government environmental regulations and green credit policies, little research has explored the determinants of green innovation from the heterogeneity of institutional investors; thus this study enriches this field of research by exploring the role of "national teams". Second, the existing literature focuses on the impact of "national teams" on stock market volatility, this study expands the research on the economic consequences of national teams' shareholding from the perspective of green innovation. Finally, the study explores the mechanism of the incentive effect of "national team" shareholding on green innovation from the perspectives of information asymmetry and government innovation subsidies, which helps to understand the influence of state-owned institutional investors on the investment and financing decisions of enterprises. Practically, the findings also have implications for improving corporate governance structures, promoting green innovation and high-quality development of enterprises.#br#Because there are other the paths for "national team" institutional investors to promote green innovation, such as private communication with the management, sending directors to listed companies,follow-up literature needs more in-depth and expanding research; in addition, they may also have an impact on corporate credit resource acquisition, bond credit spread, insider trading and other behaviors, which also provides a direction for follow-up research.#br#
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Received: 22 March 2022
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