Why Does Government Environmental Protection Subsidy Induce Deviate Behavior of Green Governance?——From the Perspective of Resource Dependence Theory
Based on the perspective of resource dependence theory,this paper empirically examines the relationship between government environ-mental protection subsidy and deviation behavior of green governance with the sample of listed companies in China's capital market from 2010 to 2020.The research finds that:(1)Government environmental protection subsidy has a significant positive impact on deviation behavior of green governance.(2)This promotion effect is more significant in private enterprises and high financing constraint enterprises which are more dependent on the government.(3)Further,in areas with high financial development level and weak environmental protection demands,the positive correlation between government environ-mental protection subsidy and deviation behavior of green governance is weakened.(4)There is a certain substitution effect between environmental re-sponsibility,shareholder responsibility,social responsibility and employee responsibility in realizing short-term commercial profits.This paper not only ex-plains the formation mechanism of deviation behavior of green governance from the perspective of resource dependence theory and expands the research on green governance,but also helps the government and regulatory agencies to formulate policies to guide the green development of enterprises.
Government Environmental Protection SubsidyDeviate Behavior of Green GovernanceResource Dependence Theory
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