The Influence of Environmental Regulation and Factor Allocation on Industrial Green Total Factor Productivity: Output Compensation or Innovation Compensation

Abstract

Abstract: The reason why environmental regulation can influence industrial green total factor productivity (GTFP) lies in its role in allocating corporate production factors. Based on the assumption that an enterprise is divided into R&D department and production department, this paper constructs a theoretical model of economic growth arising from endogenous technological progress to analyze the influence of environmental regulation on industrial GTFP and the role that environmental regulation plays in factor allocation with and without considering heterogeneity. Drawing upon the industrial panel data of 30 provinces in China from 2000 to 2017, we use the non-oriented EBM-ML model that contains undesirable output to measure their industrial GTFP, and use Tobit panel regression and instrumental variables to test the theoretical hypothesis. The findings are as follows. (1) The relative magnitude of the “output compensation effect” and the “innovation compensation effect” affects the effect of environmental regulation on industrial GTFP. (2) The influence of environmental regulation on industrial GTFP is in an inverted U-shape. A moderate increase in factor allocation to the production department can effectively enhance and prolong environmental regulation’s role in promoting GTFP. This process will gradually change the capital and labor allocation ratio among the departments. (3) The influence of command and control regulations on industrial GTFP is U-shaped. A moderate increase in factor allocation to the production department enables command and control regulation to promote industrial GTFP in advance and more significantly. Market incentive regulation has a U-shaped influence on industrial GTFP and a moderate increase in the proportion of factor allocation enables market incentive-based environmental regulation to promote industrial GTFP in a faster pace. (4) Industrial structure upgrading and regional transfer of industries are external mechanisms through which environmental regulation influences GTFP. Promoting technological innovation and enhancing the synergistic management of environmental pollution can effectively promote the role of environmental regulation in enhancing industrial GTFP.

Key words: environmental regulation, green total factor productivity, factor allocation, EBM-ML model, instrumental variable method

Yuan Jiaqi, Bu Wei, Tang Yuni. The Influence of Environmental Regulation and Factor Allocation on Industrial Green Total Factor Productivity: Output Compensation or Innovation Compensation[J]. Management Review, 2023, 35(10): 45-62.

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