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Enhancing Sustainability Through Regional Integration: A Quasi-Natural Experiment on Green Innovation of Listed Firms in the Yangtze River Delta

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  • Huiling Zhao

    (School of Marxism, Central South University, Changsha 410083, China
    School of Management, Guangzhou University, Guangzhou 510006, China)

  • Yujie Xiang

    (School of Marxism, Central South University, Changsha 410083, China)

  • Feng Gong

    (School of Marxism, Central South University, Changsha 410083, China)

  • Tianxiang Xu

    (School of Software and Microelectronics, Peking University, Beijing 100871, China)

  • Yinghao Chen

    (School of Mathematics and Statistics, Central South University, Changsha 410083, China)

  • Xinyu Li

    (School of Computer Science and Engineering, Central South University, Changsha 410083, China)

Abstract

Enhancing corporate green innovation has become a critical question in the context of sustainable development. Prior studies have predominantly examined the macro-level effects of regional integration while largely overlooking its micro-level impacts on enterprises. This study aims to examine the institutional effect of regional integration on corporate green innovation. Taking the Yangtze River Delta integration as a quasi-natural experiment, we utilize panel data from A-share listed companies between 2003 and 2022 and apply a multi-period difference-in-differences method. The empirical results reveal that regional integration significantly enhances corporate green innovation, with a more pronounced effect for non-state-owned firms, large firms, and those located in non-corridor cities. Mechanism analyses further reveal that regional integration promotes corporate green innovation by alleviating financing constraints and attracting foreign direct investment. By identifying regional integration as a critical driver of corporate green innovation, this study broadens the research perspective on corporate green innovation and provides policy implications for promoting sustainability through coordinated regional development strategies.

Suggested Citation

  • Huiling Zhao & Yujie Xiang & Feng Gong & Tianxiang Xu & Yinghao Chen & Xinyu Li, 2025. "Enhancing Sustainability Through Regional Integration: A Quasi-Natural Experiment on Green Innovation of Listed Firms in the Yangtze River Delta," Sustainability, MDPI, vol. 17(23), pages 1-21, December.
    • Handle: RePEc:gam:jsusta:v:17:y:2025:i:23:p:10841-:d:1809831
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