Substantive Innovation or Symbolic Innovation:The Impact of Environmental Regulations on Green Innovation Models of Enterprises
Green innovation is an important lever for implementing the new development concept.This arti-cle takes Chinese A-share listed companies in Shanghai and Shenzhen from 2009 to 2021 as the research ob-ject.From the perspective of corporate innovation motivation,green innovation models are divided into substantive green innovation and symbolic green innovation.Firstly,it empirically tests the impact and mechanism of environmental regulations on different models of green innovation in enterprises,and further explores the moderating effect of executive compensation on the relationship between environmental regu-lations and green innovation.The study found that there is a significant positive correlation between the intensity of environmental regulation and the green innovation ability of enterprises,and the impact of en-vironmental regulation on overall green innovation,symbolic green innovation,and substantive green inno-vation of listed enterprises decreases in sequence;Executive compensation can positively regulate the rela-tionship between environmental regulations and green innovation;The symbolic green inventions and inno-vations of heavily polluting industry enterprises and non-state-owned enterprises are more active,and have a higher degree of correlation with the level of environmental governance.The positive regulatory role played by executive compensation is also more significant.
environmental regulationexecutive compensationsubstantive green innovationsymbolic green innovation
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