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| Organizational Slack,Risk-taking Capability and Green Innovation Strategy: Evidence from Listed Enterprises of the Heavily-polluting Industries |
| Liu Yujia,Liu Ligang,Shao Jianbing |
| (Business School,Liaoning University,Shenyang 110136,China) |
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Abstract The business practices show that the traditional extensive economic development can't be sustained. For enterprises in heavily polluting industries,it is imperative to adhere to innovation-driven development strategy and attach great importance to environmental protection to achieve green transformation and upgrading. The green innovation strategy refers to the incorporation of green innovation practices into the strategic framework of enterprises,which is regarded as an important forward-looking environmental strategy. However,different from traditional innovation,green innovation takes into account the ecological environment,with a longer innovation cycle and higher uncertainty. These factors undoubtedly increase the opportunity cost of green innovation strategy implementation. In addition,due to the organizational profit and resource specificity,enterprises generally lack the motivation of sustainable innovation. It is necessary to consider the risk of green innovation strategy implementation with the constraint of organizational resources. The organizational slack can provide the possibility for the implementation of high-risk innovation activities. Therefore,it is of great practical significance to explore whether and how organizational slack promotes the green innovation strategy of enterprises.#br#Existing literature has conducted intense discussions on the value effect of slack resources,but has not reached a consistent conclusion. Many studies based on the organizational theory believe that organizational slack provides enterprise more options for investment projects and thus motivates enterprise to implement green innovation strategy. Other studies based on the resource constraint theory believe that organizational slack makes enterprises satisfied with the status quo,and weakens the motivation to respond positively to market changes. In addition,organizational slack leads to the dispersion of management investment objectives,resulting in behavioral friction,and hindering enterprises from carrying out green innovation activities. The reasons for the conflict may lie in that firstly existing empirical studies are from the comprehensive perspective of listed companies as a whole or a certain industry such as manufacturing,but less pertinently consider the special sample of enterprises in heavily polluting industries. Secondly,existing studies ignore that question whether different stages of organizational slack can be effectively transformed to risk-taking,which to some extent limits the important play of enterprise initiative during the green innovation practices. In addition,existing studies ignore digital environment is an important situational factor of enterprise strategy. On one hand,digital technology improves the dynamic deployment efficiency of internal resources and optimizes the way to acquire innovative resources. On the other hand,the digital environment has also revolutionized the way of market competition and further aggravated the risks of green innovation.#br#With the integration of the resource constraint theory and the organizational theory,this paper takes the 2013-2020 Shanghai and Shenzhen A-share listed enterprises in heavily-polluting industries as samples to explore the influence of organizational slack on green innovation strategy. It introduces risk-taking as a mediating variable,and constructs a modeled mediation model to examine the contextual role of the digital environment. The research indicates that organizational slack has a U-shaped relationship with green innovation strategy and risk-taking；risk-taking has a mediating effect in this process; digital environment positively moderates the U-shaped relationship between organizational slack and green innovation strategy,and has a positive effect on the mediating effect of risk-taking between absorbed slack and green innovation strategy. #br#Compared with previous research,this study centers around the heavily polluting industries and finds a new relationship between organizational slack and green innovation. Moreover,it takes "resource-capacity-behavior" as the overall logic,introduces risk-taking capability as mediating variable,and investigates whether different stages of slack can be effectively transformed to risk-taking,so as to promote green innovation strategy of enterprises. It makes up for the lack of the mechanism research in the existing literature. Finally,this study focuses on the green innovation strategy research under the background of digital economy,expands the boundary conditions of the impact of organizational slack on the green innovation strategy by incorporating digital environment variables into the analysis framework,and constructs a mediation model to investigate the comprehensive effect of enterprise risk-taking and digital environment on green innovation strategy.#br#
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Received: 01 April 2022
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