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Do well, say good: Transforming green innovation into financial return through tone management

Author

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  • Bi, Jingyu
  • Sheng, Shibin
  • Xie, En
  • Gao, Xuehao

Abstract

Although firms see green innovation as a way to deal with regulatory pressures while also meeting the needs of customers, existing research has not provided a clear answer as to why it can also enhance financial performance. Building on impression management theory, this study examines the mediating effect of media tone and manager tone on the relationship between green innovation and firms' financial performance, as well as the moderated mediation effect of state ownership. Using a dataset consisting of 10,064 observations of 1460 high-tech firms from China over a 20-year period (2000–2019), this study reveals that green innovation has the potential to improve firm financial performance through positive media and manager tone. In addition, state ownership negatively moderates the indirect effect on firm performance of green innovation on firms’ financial performance through media tone and manager tone. The findings of this study extend extant research into green innovation and offer important managerial implications.

Suggested Citation

  • Bi, Jingyu & Sheng, Shibin & Xie, En & Gao, Xuehao, 2026. "Do well, say good: Transforming green innovation into financial return through tone management," Technovation, Elsevier, vol. 151(C).
    • Handle: RePEc:eee:techno:v:151:y:2026:i:c:s0166497225002299
    DOI: 10.1016/j.technovation.2025.103397
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