Fire at the City Gate,Harmful to the Fish in the Pond:Infectious Effect of Supplier Environmental Violations on Innovation Investment of Enterprises
Environmental violations of enterprises have serious consequences on their stock prices,reputation,etc.,but whether they affecting supply chain enterprises remains to be examined.Based on the data of A-share listed companies from 2011 to 2021,it used an individual fixed-effect model to explore the chain contagion effect of supplier environmental violations on corporate innovation investment from the perspectives of risk effect and resource effect.The results show that supplier environmental violations significantly reduce innovation investment and exploratory innovation investment,although the effect on development innovation investment is negative but not significant,and ESG performance help enterprises to resist the negative impact of supplier environmental violations.The mechanism effect test result shows that supplier environmental violations weaken the firms'innovation investment preference mainly by increasing the firms'operating risks and financing constraints.Further research finds that firms with higher bargaining power tend to be less sensitive to supplier environmental violations.The conclusions supplement the research on the economic consequences of environmental violations and the driving factors of corporate innovation investment,providing some insights for firms'supply chain management and innovation investment behaviors.
NETL
NSTL
万方数据
