Two-dimensional heterogenous pro-environmental innovation and new qualitative growth of enterprise value——Analysis based on environmental and social co-governance
The idea of new quality productivity and the concept of environmental and social co-governance require the growth of enterprise value to abide by innovation-driven and green background.As the green allocation of innovative ele-ments of high-quality development of enterprises,pro-environmental innovation is an important way to achieve a leap in new quality productivity.Considering the heterogeneity of the practice of corporate pro-environmental innovation,this paper explores the influencing mechanism of instrumental and normative pro-environmental innovation on the new qualitative growth of enterprise value,reveals the intrinsic influence mechanism of market competitiveness and financing constraints in the relationship,and studies the moderating role of media attention in the above relationship.Based on the micro data of Chi-na's Shanghai and Shenzhen A-share manufacturing listed companies,the results show that:①Both instrumental and norm-ative pro-environmental innovation can promote the qualitative growth of enterprise value,but the former is more conducive to enhancing economic value,while the latter is more inclined to improve environmental value;②Market competitiveness and financing constraints play a certain mediating role in different dimensions of the relationship between pro-environmental innovation and the new qualitative growth of enterprise value,and the former plays more of a partial intermediary effect,while the latter mainly shows a complete mediation;③Media attention can effectively trigger public supervision and stimulate flow-oriented,and play a significant positive process moderating effect in the relationship between pro-environ-mental innovation and the new qualitative growth of corporate value.The results reveal the multi-dimensional influence mechanism,internal mechanism and boundary conditions of heterogeneous pro-environmental innovation on the new qualita-tive growth of enterprise value,and have certain implications for the high-quality development of environmental-social co-governance enterprises.
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