The digital logic of corporate green innovation:mechanisms identification and differences in effects under multi-target governance of local governments
In the era of the digital economy,corporate green innovation is in a critical period of overlapping pressures and heavy loads.It is particularly important to explore the internal logic of how the combined efforts of enterprises and governments can leverage the power of digital technology.This paper uses a sample of Chinese A-share listed companies from 2011 to 2021 to explore the driving effect of digital transformation on corporate green innovation under the multi-target governance of local governments.The study finds that digital transformation significantly promotes corporate green innovation,and the driving effect is more pronounced for large firms,those firms in heavily polluting industries,and firms located in regions with high levels of intellectual property protection.Mechanism analysis shows that digital transformation can optimize the talent structure and management costs of enterprises through the"targeting optimization"effect,as well as the"gap-filling"effect,which can effectively alleviate the constraints of enterprise financing and information constraints of technological innovation,which will significantly enhance the level of corporate green innovation.More importantly,in the context of digital transformation promoting corporate green innovation,the economic growth targets of local governments and their environmental constraint targets exert negative and positive moderating effects,respectively.Additionally,there is a synergistic moderating effect between these two targets,while no moderating effect is evident for the R&D innovation targets.This paper extends the analysis of the interaction between enterprises and government in facilitating the value realization of digital transformation.The research results provide empirical evidences for the policy orientation toward achieving the sound development of digital technologies,improving the governance model applicable to government objectives,and enhancing green innovation efficiency at the micro-level.
green innovationdigital transformationeconomic growth targetsenvironmental constraint targetsR&D innovation targets
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