Vertical Management Reform of Environmental Protection Agencies and Corporate Green Innovation
In the context of accelerating the green transformation of development mode,the modernization of environmental governance system is the key path to break through the dilemma of low efficiency of environmental regulation.The vertical management reform of environmental protection agencies is a major innovation in the ecological environment supervision system.This paper takes A-share listed companies from 2013 to 2021 as the research sample,based on the quasi-natural experiment scenario in which the reform implementation plan in various provinces is gradually promulgated in time and space,and with the help of staggered triple difference method,discusses the impact of vertical management reform of environmental protection agencies on corporate green innovation.We find that the vertical management reform of environmental protection agencies will promote corporate green innovation.After a series of robustness tests such as dynamic effect test and placebo test,the result still exists.Mechanism analysis shows that vertical management reform helps to strengthen the supervision of grassroots environmental protection agencies,weaken local protectionism,thereby enhancing the environmental regulation pressure of polluting enterprises and promoting their green transformation.The heterogeneity test shows that the positive impact of reform is more pronounced when the marketization level is lower,the economic competition pressure of local governments is greater,firms are state-owned and have weaker financing constraints.This paper not only provides a new perspective for promoting corporate green innovation,but also contributes empirical evidence for understanding the policy effect of vertical management reform of environmental protection agencies,and provides policy reference for further promoting vertical regulation.
vertical management reform of environmental protection agencygreen innovationlocal protectionism
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