Exploring the impact of economic and environmental target constraints on and the green investment efficiency of firms: The moderating role of anti-corruption

He, Yi; Chen, Haixin; Zhang, Tingyu

doi:10.1016/j.iref.2024.103687

International Review of Economics & Finance

2024

DOI: 10.1016/j.iref.2024.103687

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Exploring the impact of economic and environmental target constraints on and the green investment efficiency of firms: The moderating role of anti-corruption

Yi He,

Haixin Chen,

Tingyu Zhang

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Do Economic Growth Targets Hinder Green Innovation? Evidence from Chinese Heavy-Polluting Enterprises

Gao,

Gao

2024

Sustainability

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Corporate green innovation is a critical foundation for promoting resource conservation, pollution reduction, and energy efficiency, thereby contributing to sustainable economic development. In China, under the performance-based promotion mechanism of local officials, there exists a complex interaction between local government economic growth targets and corporate green innovation behavior. This paper aims to explore the impact of excessively high economic growth targets set by local governments on corporate green innovation, the mediating role of asset-based investments, and the moderating effect of environmental constraint targets. The findings suggest that economic growth target constraints suppress green innovation in heavy-polluting enterprises, primarily by expanding asset-based investments, which crowd out investments in green innovation, thereby inhibiting corporate green innovation. However, environmental constraint targets alleviate the suppressive effect of economic growth target constraints on green innovation in these enterprises. The results of the heterogeneity test indicate that the inhibitory effect of economic growth target constraints on green innovation in heavily polluting firms is stronger in regions with stricter economic growth constraints, in state-owned enterprises, and in regions with stronger motivation for the promotion of local officials. These results are consistent with the robustness check results. This study not only contributes to the understanding of how government policies affect firms’ green innovation behaviors but also has important implications for achieving economically, socially, and environmentally sustainable development.

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Do Economic Growth Targets Hinder Green Innovation? Evidence from Chinese Heavy-Polluting Enterprises

Gao,

Gao

2024

Sustainability

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Exploring the impact of economic and environmental target constraints on and the green investment efficiency of firms: The moderating role of anti-corruption

Cited by 1 publication

References 57 publications

Do Economic Growth Targets Hinder Green Innovation? Evidence from Chinese Heavy-Polluting Enterprises

Do Economic Growth Targets Hinder Green Innovation? Evidence from Chinese Heavy-Polluting Enterprises

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