Green Process Innovation and Corporate Performance in the Context of Government's Financial Incentive: An Empirical Study Based on Content Analysis

Abstract

Abstract:

There are “black boxes” in the previous studies of green process innovation, which ignore the impact of contingent factors on the relationship between green process innovation and corporate performance. Integrating resource-based theory and upper echelons theory, using a content analysis of 208 listed manufacturers’ Corporate Responsibility Reports and Annual Reports (2013-2017), this paper constructs econometrics models and explores the antecedents and consequences of green process innovation and the moderating effects of financial constraints and top management team (TMT) heterogeneity. The results show that: (1) green subsidies are crucial in promoting green process innovation; (2) green process innovation has a positive impact on environmental performance; (3) green process innovation has a lag effect on financial performance; (4) the moderating effects that financial constraints have on the relationships between green process innovation and financial and environmental performance are not significant; (5) TMT heterogeneity positively moderates the relationship between green process innovation and financial and environmental performance. These findings provide a better understanding for green process innovation theory and deepen the contingent mechanism of green process innovation, so they can be used as reference for government and companies to develop green process innovation strategies.

Key words: green process innovation, green subsidies, financial constraints, TMT heterogeneity, content analysis

Xie Xuemei, Wang Ruoyi, Huo Jiage. Green Process Innovation and Corporate Performance in the Context of Government's Financial Incentive: An Empirical Study Based on Content Analysis[J]. , 2020, 32(5): 109-124.

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