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Environmental Policy, Dynamic Capability and Enterprise Green Transformation: A Longitudinal Case Study of Guangxi Liuzhou Steel Group |
Ye Chunmei,Wu Lihua |
(School of Economics and Management, Southeast University, Nanjing 211189, China) |
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Abstract Steel enterprises are one of the main causes of environmental pollution. To promote the green development of steel enterprises, China has formulated relevant policies from multiple aspects. Environmental policy is a major external factor affecting the green transformation of enterprises. Policies on both sides of supply and demand promote green transformation by reducing costs and improving the market benefits. On the one hand, the supply-side environmental policies help to reduce the cost of enterprise green transformation and the risk of green development by applying the improved external resource conditions; on the other hand, the demand-side environmental policies are conducive to improving the market benefits of enterprises' green transformation and the profit margins of enterprises by increasing the demand and income of green products.#br#Dynamic capability refers to the ability that the enterprises perceive opportunities and threats, learn and create new knowledge, and reconstruct internal and external resources to manage the rapid changes in the environment. It helps enterprises to bridge the resource and capacity gaps before and after the transformation and accelerate green transformation. Green transformation of enterprises is a process in which enterprises obtain new green competitive advantages by reorganizing and allocating internal and external resources, changing business directions, business models and corresponding organization modes to ensure the continuous development.#br#The green transformation of enterprises is the joint result of external and internal causes. Considering the characteristics of multi-links in the green transformation of enterprises and combining the comprehensive study from the external and internal perspectives, this paper focuses on the green transformation of enterprises by constructing the theoretical framework of “Environmental Policy-External Pressure-Green Transformation Link-Dynamic Capability-Internal Choice”. It uses a longitudinal case study method with a time span and text quantitative analysis method to analyze the process mechanism of Guangxi Liuzhou Steel Group's green transformation. The green transformation process of Liuzhou Steel has witnessed a typical microcosm of the green development of numerous steel and iron enterprises, and also represented the growth of enterprises in an economically underdeveloped region without large-scale investment. The green transformation of enterprises involves green product development, green material investment, green production process, green supply chain management and green marketing, among which the policies providing external support are in line with the internal dynamic capabilities of enterprises, and promote the green transformation of the whole life cycle of enterprises.#br#It is found that the green transformation of enterprises is a dynamic system with a constantly changing environment. Environmental policies stimulate enterprises to change, and dynamic capabilities provide a strong foundation for enterprise transformation. The external environment and internal capabilities have joint efforts in the green transformation of enterprises. Under a dynamically changing environment, the key for an enterprise to implementing transformation and achieving success lies in its dynamic capability to match the changes in the external environment. The essence of dynamic capability is the capability to change. Enterprises are expected to internally grasp national environmental policies and industrial development trends, learn new knowledge and technologies, and reconstruct enterprise resources as well as capabilities, and cyclically promote the green transformation of the whole life cycle of the enterprise from product development, material input, production and manufacturing, to supply chain management and marketing management. Moreover they shall not only grasp the business opportunities brought by changes from the external environmental policies, but also grasp the key links of transformation. From the perspective of the green transformation process, enterprises prefer to improve the back-end links in the life cycle, like the production process that is capable of obviously bringing benefits, and pay less attention to the front-end links such as the green material investment. The huge fossil energy consumption of the steel and iron industry has caused high carbon emissions, so that the green development of the material input link is significant for enterprises to achieve green transformation. It is essential for the government to guide steel enterprises to reduce the use of traditional high-emission raw materials and energy, and increase the proportion of green and clean energy. Enterprises shall actively increase the proportion of electric furnace steelmaking and hydrogen energy steelmaking, and utilize technologies of carbon dioxide capture, utilization and storage to make new green competitive advantages.#br#
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Received: 25 July 2022
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