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Substantive or strategic green innovation? The green policy effect differentiation perspective

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  • Song, Jing
  • Xue, Lixing
  • Bai, Ruobing
  • Ye, Tao

Abstract

This study investigates the differentiated impact of the GCP on GI. Utilizing data from 2007 to 2022 for A-share listed companies in China, indicates that GCP has a more pronounced effect on strategic GI and a relatively less significant effect on substantive GI. Furthermore, this study examines the moderating influence of managerial ability and media attention on the relationship between GCP and GI. The results demonstrate that higher managerial ability or media attention can enhance the positive association between GCP and corporate GI. The mechanism through which GCP affects GI is facilitated by increased investment efficiency and R&D investment.

Suggested Citation

  • Song, Jing & Xue, Lixing & Bai, Ruobing & Ye, Tao, 2024. "Substantive or strategic green innovation? The green policy effect differentiation perspective," Finance Research Letters, Elsevier, vol. 63(C).
    • Handle: RePEc:eee:finlet:v:63:y:2024:i:c:s154461232400343x
    DOI: 10.1016/j.frl.2024.105313
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    References listed on IDEAS

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    1. Peter Demerjian & Baruch Lev & Sarah McVay, 2012. "Quantifying Managerial Ability: A New Measure and Validity Tests," Management Science, INFORMS, vol. 58(7), pages 1229-1248, July.
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    3. Zhiyong Li & Ying Tang & Jingya Wu & Junfeng Zhang & Qi Lv, 2020. "The Interest Costs of Green Bonds: Credit Ratings, Corporate Social Responsibility, and Certification," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 56(12), pages 2679-2692, September.
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    Cited by:

    1. Sun, Qingyu & Li, Chuandong & Ma, Xiaowei, 2026. "The impact of network relationships on green innovation and industrial growth: Evidence from China's production and technological interdependencies," Technological Forecasting and Social Change, Elsevier, vol. 222(C).
    2. Wang, Xiongjun & Zhou, Ping & Pan, Yixin & Zhou, Yuanyuan, 2026. "AI Innovation and firm-specific risks: the double-edged sword of media and customer focus," Finance Research Letters, Elsevier, vol. 89(C).
    3. Han, Yang & Zhang, Zhihao, 2025. "Does the heterogeneity of risk preferences in power companies affect the synergistic effects of environmental regulation?," Energy, Elsevier, vol. 338(C).
    4. Xu, Jing & Wu, Xianming & Bu, Xuelin, 2025. "Nonlinear effects of firm internationalization on the maturity mismatch: Evidence from China," Finance Research Letters, Elsevier, vol. 85(PA).
    5. Zhang, Zhihao & Gao, Zhi, 2025. "Can environmental regulation synergy inhibit the differentiation of the Porter effect in carbon markets?," Economic Analysis and Policy, Elsevier, vol. 87(C), pages 2254-2278.

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