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| Energy Efficiency Top-runner Program and Enterprise Green Innovation: The Moderating Effects of Government Eco-environmental Attention and Executive Environmental Experience |
| Du Jiang,Gong Xinshu |
| (School of Economics and Management, Shihezi University, Shihezi 832003, China) |
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Abstract Energy-saving and efficiency improvement are the primary measures to achieve the carbon peaking and carbon neutralization in China.The top-runner program implemented in high-energy-consuming industries aims at reducing energy consumption by setting the top-runner enterprises' energy efficiency level as the benchmark, providing policy support to the top-runner enterprises and incorporating the energy efficiency level of the top-runner enterprises into the energy consumption limit standard in time to urge the non-top-runner enterprises to take measures to save energy and improve efficiency.#br#Therefore, this paper takes the top-runner program in China as a quasi-natural experiment, selects the micro-data of high-energy-consuming industries listed in Shanghai and Shenzhen A-shares from 2011 to 2020 to analyze the influence of top-runner program on the green innovation of non-top-runner enterprises by time-varying difference-in-differences method, and examines the moderating effects of government eco-environmental attention and executive environmental experience on the relationship between them.Compared with the existing studies which focus on the incentive effect of voluntary environmental regulation to drive green innovation of enterprises, but rarely involve the demonstration of regulation, this paper aims to study the impact of top-runner program on green innovation of non-top-runner enterprises.From the perspective of external environment and internal management of enterprises, this study examines the moderating effect of government eco-environmental attention and executive environmental experience, expands the research on situational factors that affect the relationship between voluntary environmental regulation and green innovation of enterprises, and provides a theoretical reference for formulating feasible and effective voluntary environmental regulations for high-energy-consuming enterprises under the target of carbon peaking and carbon neutralization.#br#In conclusion, the paper shows that, firstly, the implementation of top-runner program promotes the green innovation of non-top-runner enterprises, and this conclusion is still valid after a series of robustness tests.Although the top-runner program in China has no restriction of energy-saving standards in the actual implementation process to benchmark the energy efficiency level of top-runner enterprises, the leading role of top-runner enterprises' innovative behavior and energy-saving service provided by energy-saving service companies for non-top-runner enterprises, as well as the policy incentive effects including resources and reputation incentives for top-runner enterprises still play a role in promoting the green innovation of non-top-runner enterprises.Secondly, the government's eco-environmental attention and the executive with environmental experiences play negative moderating roles in the relationship between the top-runner program and the green innovation of enterprises, which weakens the promotion effect of top-runner program on the green innovation of non-top-runner enterprises.With the intense environment attention of the government, enterprises are faced with the resource dilemma caused by relieving the pressure of being non-top-runner enterprises as soon as possible and paying more environmental protection investment than they want, and their unwillingness to become the "vanguard" in energy conservation has weakened their green innovation capability.At the same time, executive's negative judgment on the role of top-runner program based on their own environmental experience dampens the motivation of green innovation of enterprises,and the environmental experience provides convenience for rent-seeking behavior of enterprises in the top-runner program, which is not conducive to enterprise green innovation.Thirdly,the top-runner program has a stronger positive impact on the green innovation of enterprises with non-state-owned nature, fewer financing constraints and less media attention, and the government's ecological environment attention has a more significant negative moderating effect on enterprises with state-owned nature, stronger financing constraints and more media attention, while executive environmental experience only has a negative moderating effect on non-state-owned enterprises.#br#Therefore, in order to give full play to the institutional function of top-runner program for long-term energy conservation and continuous innovation, on the one hand, it is necessary to give full play to the leading role of top-runner enterprises, and continue to increase the incentives;meanwhile, the government should set time limits for the energy efficiency level of top-runner enterprises to transform into energy-saving standards, and further enhance the motivation of non-top-runner enterprises for green innovation.On the other hand, the government should take into account the environmental benefits and the economic interests of enterprises, and enterprises need to optimize the incentive mechanism of executives and improve the imbalance between risks and benefits of executives in innovation decisions.Furthermore,the different characteristics of enterprises should be stressed when providing them with heterogeneous policy guidance.#br#
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Received: 05 September 2022
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