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| Great Protection Strategy of Yangtze River and Heavily Polluting Enterprise Green Innovation: Evidence from Listed Companies in the Yangtze River Economic Belt |
| Chen Zhen1,2,Tian Guanjun1,Wang Mingrui1,Wen Chuanhao3 |
| (1. Accounting Institute, Chongqing Technology and Business University；2. Research Center for Economy of Upper Reaches of the Yangtse River, Chongqing Technology and Business University，Chongqing 400067, China;3. School of Economics, Yunnan University, Kunming 650091, China) |
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Abstract The sustainable development of the Yangtze River Economic Belt is facing great challenges. The green innovation capability of heavily polluting enterprises in the Yangtze River Economic Belt is far behind that of non-heavily polluting enterprises. The improvement of their green innovation capability is conducive to the harmonious progress of ecological protection and economic development in the Yangtze River Economic Belt. However, the market driving mechanism alone cannot make the quantity and quality of green innovation reach the optimal level of social demand. The Porter hypothesis holds that reasonable environmental regulation will force enterprises to carry out green innovation. Many studies have proved that the Porter hypothesis is applicable in China. Therefore, as a kind of environmental regulation, the promulgation of Great Protection Strategy of the Yangtze River is of great importance to the comprehensive green development of the Yangtze River Economic Belt. At present, scholars only analyze the influence and mechanism of the strategy on the green development of the Yangtze River Economic Belt at the theoretical level. Few scholars have conducted empirical research to prove whether the strategy can promote the green innovation of the heavily polluting enterprises in the Yangtze River Economic Belt. Then what is the overall quality of green innovation? Are the heavily polluting enterprises along the route more likely to carry out substantive innovation or strategic innovation? Is there any difference in the green innovation capability of heterogeneous heavily pollution enterprises? What is the mechanism through which the green innovation driving effect of the protection strategy is realized? These problems need to be tested empirically.#br#This paper clarifies the protection strategy to promote the enterprise green innovation mechanism. It takes Shanghai and Shenzhen A-share listed companies from 2010 to 2019 as objects, and employs variations across industries (i.e., heavily polluting industries and non-heavily polluting industries) and year differences (i.e., before and after Great Protection of the Yangtze River) to construct a differences-in-differences (DID) model to identify the green innovation effect of the protection strategy. Through the empirical tests, it is found that first, the Great Protection Strategy of the Yangtze River effectively promotes the green innovation of the heavily polluting enterprises in the Yangtze River Economic Belt, but the heavily polluting enterprises prefer to engage in strategic green innovation. Second, the heterogeneity analysis of the upstream, middle and downstream of the Yangtze River Economic Belt shows that after the implementation of the Great Protection Strategy of the Yangtze River Protection, the upstream, middle and downstream heavily polluting enterprises in the Yangtze River Economic Belt only carry out strategic innovation, and the overall quality of green innovation of heavily polluting enterprises in the Yangtze River Economic Belt is not high. Third, the Great Protection Strategy of the Yangtze River mainly facilitates the green innovation of heavily polluting enterprises with greater financial pressure and higher political affiliation, and promotes their substantive green innovation. This indicates that when the regional financial pressure is low and the enterprises don't have political connections, the promotion effect of the protection strategy on the substantive innovation capability of heavily pollution enterprises will be weakened. Finally, the pressure of environmental legality and external attention of heavily polluting enterprises has been increased significantly since the issue of the Great Protection Strategy of the Yangtze River was issued. This means that the Great Protection of the Yangtze River may promote the strategic green innovation by promoting the environmental protection investment of heavily pollution enterprises and attracting the attention of the stakeholders of heavily pollution enterprises. #br#By evaluating the micro-effects of Great Protection Strategy of the Yangtze River from the perspective of green innovation, this paper provides new and reliable micro-empirical evidence for the application of Porter hypothesis in developing countries and expands the research on the driving factors of corporate green innovation has been expanded. Moreover it enriches the research on the impact of command-and-control environmental regulations on green innovation by analyzing the heterogeneity of the impact of the Yangtze River Great Protection Strategy on the green innovation of heavily polluting enterprises from regional location, regional financial pressure and corporate political connections. Finally, the study investigates the mechanism of the impact of Great Protection Strategy of the Yangtze River on the green innovation of heavily polluting enterprises, and clarifies the role of pressure of environmental legitimacy and external attention. The research conclusions provide important policy implications for how to use command-and-control environmental regulations to promote the green innovation capability of heavily polluting enterprises.#br#
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Received: 28 February 2022
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