Environmental Judgement Disclosure and Corporate Green Innovation—Evidence from Listed Enterprises
The public disclosure of environmental judicial information will impact companies'decision-making in the field of green innovation.Basing on the judicial documents openness in China,the author utilized the timing of the initial environmental judgment disclosure in each city as the policy shock to conduct a quasi-natural experiment.The author examined how the deterrent effect of environmental law could influence corporate green innovation under a more transparent judicial disclosure system.The results indicate that the disclosure of environmental judgments can significantly promote corporate green innovation-,mainly through two channels:managers'environmental awareness and government environmental regulation intensity.Further analysis reveals that firms with more robust political connection,located in cities with more attention to environment,and with lighter financial constraint problems experience a more pronounced increase in green innovation following the environmental judgment disclosure.Additionally,except patent quantities,green innovation quality and efficiency also demonstrate a significant increase after the judgment disclosure.This study enriches the discussions on the impacts of the environmental judicial document disclosure and provides new insights for businesses in green innovation and technology development.It also offers decision-making references for the government on how to guide enterprises towards high-quality and high-level development.
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