“…Under the influence of China's “Mass Entrepreneurship and Innovation” strategy, since 2014, enterprises (especially SEs) have been encouraged to enter the market and conduct innovative activities. Those SEs that engage in innovative behaviors can avoid the adverse effects of environmental regulations (Chang & Sam, 2015; Song, Wang, & Sun, 2018; Yuan & Zhang, 2017). According to different innovative objectives, innovations can be divided into three categories, namely, process innovation, product innovation, and technological innovation (Shao, Hu, Cao, Yang, & Guan, 2020).…”