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| Environmental Decentralization, Environmental Investment and Enterprise Green Innovation: A Multiple Parallel Moderated Mediation Model |
| Zhu Yanjiao1, Mao Chunmei2 |
| (1.Business School, Hohai University, Nanjing 210024, China;2.School of Public Administration, Hohai University, Nanjing 210024, China) |
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Abstract The key to green and low-carbon economic development is to integrate the "double carbon" goal and green technology innovation with the economic development goal. Enterprise green and low-carbon transformation is an important carrier of environmental protection and technological innovation behavior; however, in practice most enterprises lack the sustainable driving force of green and low-carbon transformation, and most Chinese enterprises have to invest a large amount of capital in the early stage without satisfactory output. The market mechanism alone is unable to activate green and low-carbon transformation, and thus the government incentives for the enterprises to realize technological progress towards green and low-carbon transformation become particularly important. The existing studies mostly focus on the impact of environmental goals or government environmental responsibility on enterprise green innovation, but the impact of combining environmental goals with government environmental responsibility assessment on enterprise green innovation is still unclear. Besides,researchers mostly focus on the impact of environmental decentralization on enterprise green innovation, or the impact of environmental protection input on enterprise green innovation without consideration of the mediating role of environmental protection input between environmental decentralization and enterprise green innovation. It is also unclear whether the constraint of environmental goals can mediate the role of government environmental protection input and enterprise environmental protection input between environmental decentralization and enterprise green innovation. In view of this, this paper provides an empirical analysis to remedy the above deficiencies. #br#Through the theoretical analysis, this study clarifies the relationship among green and low-carbon transition, environmental decentralization, enterprise environmental investment, government environmental investment and green innovation, and puts forward the research hypotheses. In the empirical test, this study selects 668 A-share listed companies in Shanghai and Shenzhen from 2011 to 2017 as the samples. On the important premise of achieving the goal of green and low-carbon transition, this study explores the impact of environmental decentralization on corporate green innovation by using the multiple parallel moderatedmediation model. The results show that there is an inverted U-shaped relationship between environmental decentralization and enterprise green innovation. Moderate environmental decentralization can effectively improve the level of enterprise green innovation, while the incentive distortion under a system with excessive environmental decentralization is not conducive to enterprise green innovation. The conclusion of the impact of environmental decentralization on enterprise green innovation remains valid with consideration of endogeneity.From the perspective of patent types, environmental decentralization has a greater impact on the proportion of green invention patent applications in comparison with the proportion of green utility model patent applications (0.241, -0.100). In addition, the goal constraint of green and low-carbon transition makes the inverted U-shaped relationship curve between environmental decentralization and enterprise green innovation steeper, and higher environmental goal constraint makes an earlier inflection point of the inverted U-shaped relationship. #br#The mechanism analysis shows that government environmental protection input and enterprise environmental protection input play a mediating role in the influence of environmental decentralization on enterprise green innovation. Moreover, there is a threshold effect between government environmental input and enterprise environmental input on environmental decentralization and enterprise green innovation. When the levels of government environmental input and enterprise environmental input are high, environmental decentralization has a significant promoting effect on enterprise green innovation, and vice versa. At the same time, the goal constraint of green and low-carbon transition strengthens the mediating role of government environmental investment in environmental decentralization and enterprise green innovation.#br#Thus it is proposed that the central government should appropriately strengthen the responsibility in environmental affairs, improve the incentives of environmental affairs, and set a reasonable level of environmental decentralization, so as to effectively promote enterprises to improve the level of green innovation. Meanwhile, it is suggested that the impact of environmental decentralization on enterprise green innovation with enterprise heterogeneity and regional heterogeneity can be further analyzed in future studies, and the roles of central environmental protection input, local environmental protection input and enterprise environmental protection input in the impact of environmental decentralization on enterprise green innovation could be further subdivided.#br#
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Received: 26 July 2022
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