IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v17y2024i1p147-d1555055.html
   My bibliography  Save this article

The Impact of High-Tech Enterprise Certification on Green Innovation: Evidence from Listed Companies in China

Author

Listed:
  • Zhiqiang Liang

    (School of Economics, Shanghai University, Shanghai 200444, China)

  • Yao Shen

    (School of Economics, Shanghai University, Shanghai 200444, China)

  • Kunyu Yang

    (School of Economics and Trade, Hunan University of Technology and Business, Changsha 410205, China)

  • Jinsong Kuang

    (School of Economics and Trade, Hunan University of Technology and Business, Changsha 410205, China)

Abstract

Against the backdrop of global efforts towards carbon peak and carbon neutrality, enhancing the level of green innovation in enterprises represents a significant challenge faced by governments worldwide. The practice of establishing a certification system for high-tech enterprises and leveraging this certification to influence corporate behavior has been shown to be an effective approach. This paper constructs an analytical framework based on incentive effects, signaling effects, and external pressure, employing the negative binomial regression method to evaluate the impact of high-tech enterprise certification on green innovation using data from listed companies in China from 2006 to 2023. The research findings indicate that, generally speaking, this certification primarily promotes green innovation through increased government subsidies, alleviation of financing constraints, and enhanced market attention. Further analysis reveals that its impact is particularly pronounced on state-owned enterprises, enterprises in central regions, and labor-intensive enterprises. Based on these research outcomes, this paper recommends that the government should further strengthen the construction of the certification system to enhance its credibility and authority; place greater emphasis on green-oriented fiscal subsidy policies; promote the development of green finance to alleviate financing constraints for enterprises; and refine the external supervision mechanisms of the capital market to provide robust support for enterprise green innovation. This study deepens the understanding of the relationship between government institutional construction and green innovation and provides empirical evidence for transforming the economic development model.

Suggested Citation

  • Zhiqiang Liang & Yao Shen & Kunyu Yang & Jinsong Kuang, 2024. "The Impact of High-Tech Enterprise Certification on Green Innovation: Evidence from Listed Companies in China," Sustainability, MDPI, vol. 17(1), pages 1-21, December.
    • Handle: RePEc:gam:jsusta:v:17:y:2024:i:1:p:147-:d:1555055
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/17/1/147/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/17/1/147/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Boris Aleksandrov & Christian H. Weiß & Simon Nik & Maxime Faymonville & Carsten Jentsch, 2024. "Modelling and diagnostic tests for Poisson and negative-binomial count time series," Metrika: International Journal for Theoretical and Applied Statistics, Springer, vol. 87(7), pages 843-887, October.
    2. Dai, Xiaoyong & Li, Yanchao & Chen, Kaihua, 2021. "Direct demand-pull and indirect certification effects of public procurement for innovation," Technovation, Elsevier, vol. 101(C).
    3. Zhang, Wei & Ke, Jinjun & Ding, Yougang & Chen, Sicen, 2024. "Greening through finance: Green finance policies and firms' green investment," Energy Economics, Elsevier, vol. 131(C).
    4. Shanshan Gao & Wenqi Li & Jiayi Meng & Jianfeng Shi & Jianhua Zhu, 2023. "A Study on the Impact Mechanism of Digitalization on Corporate Green Innovation," Sustainability, MDPI, vol. 15(8), pages 1-21, April.
    5. Blind, Knut & Niebel, Crispin, 2022. "5G roll-out failures addressed by innovation policies in the EU," Technological Forecasting and Social Change, Elsevier, vol. 180(C).
    6. Yu-Shan Chen & Shyh-Bao Lai & Chao-Tung Wen, 2006. "The Influence of Green Innovation Performance on Corporate Advantage in Taiwan," Journal of Business Ethics, Springer, vol. 67(4), pages 331-339, September.
    7. Feng, Gen-Fu & Niu, Peng & Wang, Jun-Zhuo & Liu, Jian, 2022. "Capital market liberalization and green innovation for sustainability: Evidence from China," Economic Analysis and Policy, Elsevier, vol. 75(C), pages 610-623.
    8. Sining Song & Yan Dong & Thomas Kull & Craig Carter & Kefeng Xu, 2023. "Supply chain leakage of greenhouse gas emissions and supplier innovation," Production and Operations Management, Production and Operations Management Society, vol. 32(3), pages 882-903, March.
    9. Wilson, Paul, 2015. "The misuse of the Vuong test for non-nested models to test for zero-inflation," Economics Letters, Elsevier, vol. 127(C), pages 51-53.
    10. Xiang, Xiaojian & Liu, Chuanjiang & Yang, Mian, 2022. "Who is financing corporate green innovation?," International Review of Economics & Finance, Elsevier, vol. 78(C), pages 321-337.
    11. George M. Guess, 2021. "Information resolution and subnational capital markets," Public Administration & Development, Blackwell Publishing, vol. 41(5), pages 279-281, December.
    12. Aleksy Kwilinski & Oleksii Lyulyov & Tetyana Pimonenko, 2023. "Environmental Sustainability within Attaining Sustainable Development Goals: The Role of Digitalization and the Transport Sector," Sustainability, MDPI, vol. 15(14), pages 1-14, July.
    13. Zhang, Ling & Berk Saydaliev, Hayot & Ma, Xiaoyu, 2022. "Does green finance investment and technological innovation improve renewable energy efficiency and sustainable development goals," Renewable Energy, Elsevier, vol. 193(C), pages 991-1000.
    14. Tang, Maogang & Liu, Yinlin & Hu, Fengxia & Wu, Baijun, 2023. "Effect of digital transformation on enterprises' green innovation: Empirical evidence from listed companies in China," Energy Economics, Elsevier, vol. 128(C).
    15. Yucai Hu & Shaorui Du & Yukun Wang & Xinya Yang, 2023. "How Does Green Insurance Affect Green Innovation? Evidence from China," Sustainability, MDPI, vol. 15(16), pages 1-15, August.
    16. Gu, Haoran & Yang, Shenggang & Xu, Zhaoyi & Cheng, Cheng, 2023. "Supply chain finance, green innovation, and productivity: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 78(C).
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Ying Lu & Sha Sun & Mingming Zhang & Zikun Yang, 2024. "Moving Towards Sustainable Development: Can Supply Chain Finance Promote Corporate Green Innovation?," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(3), pages 13001-13026, September.
    2. Licheng Yang & Shijie Song & Chunlin Liu, 2024. "Green signals: The impact of environmental protection support policies on firms' green innovation," Business Strategy and the Environment, Wiley Blackwell, vol. 33(4), pages 3258-3278, May.
    3. Li, Hemei & Liu, Zhenya & Hachard, Virginie, 2024. "Digital transformation driving green innovation: Evidence from Chinese A-Share firms," International Review of Economics & Finance, Elsevier, vol. 95(C).
    4. Wang, Xin & Ma, Chaoqun & Yao, Zheng, 2024. "The double-edged sword effect of digital capability on green innovation: Evidence from Chinese listed industrial firms," Economic Analysis and Policy, Elsevier, vol. 82(C), pages 321-339.
    5. Yang, Fang & Ma, Yang & Tang, Xi & Ye, Xinhai & Chen, Xiaoye & Zhang, Ruochen, 2024. "Listing on the stock exchange and firm innovation," Finance Research Letters, Elsevier, vol. 66(C).
    6. Jia, Xingping & Wang, Jiangzhe & Liu, Tingting, 2024. "The impact of business-to-government relationship emphasis on green innovation: An empirical analysis," Technovation, Elsevier, vol. 129(C).
    7. Chen, Yuhuilin & Yuan, Ruizhi & Guo, Xinran & Ni, Tao, 2024. "Do foreign acquisitions improve target firms’ green innovation performance?," International Review of Economics & Finance, Elsevier, vol. 95(C).
    8. Yin, Hongying & Qian, Yuting & Zhang, Bin & Pérez, Rebeca, 2023. "Urban construction and firm green innovation: Evidence from China's low-carbon pilot city initiative," Pacific-Basin Finance Journal, Elsevier, vol. 80(C).
    9. Peng Liang & Xinhui Sun, 2024. "Does digital transformation promote the green innovation of China’s listed companies?," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 26(9), pages 22199-22235, September.
    10. Liu, Ting & Quan, Lei & Gao, Xing, 2023. "Social dishonesty and corporate green innovation," Economic Analysis and Policy, Elsevier, vol. 79(C), pages 967-985.
    11. Hu, Yi & Jin, Shuchang & Ni, Juan & Peng, Kai & Zhang, Lei, 2023. "Strategic or substantive green innovation: How do non-green firms respond to green credit policy?," Economic Modelling, Elsevier, vol. 126(C).
    12. Liu, Xiaojing & Huang, Ningren & Su, Wunhong & Zhou, Haiyan, 2024. "Green innovation and corporate ESG performance: Evidence from Chinese listed companies," International Review of Economics & Finance, Elsevier, vol. 95(C).
    13. Chao Yang & Qi Liu, 2024. "Driving Green Innovation Through Digital Transformation: Empirical Insights on Regional Variations," Sustainability, MDPI, vol. 16(23), pages 1-24, December.
    14. Hong, Jifeng & Kazakis, Pantelis & Strieborny, Martin, 2024. "A fish rots from the head down: The contagion effect of upstream firms’ environmental misconduct on downstream firms’ green innovation continuity," MPRA Paper 122743, University Library of Munich, Germany.
    15. Wang, Jun, 2023. "The impact of investor communication on enterprise green innovation," Finance Research Letters, Elsevier, vol. 57(C).
    16. Yin, Hongying & Zhang, Jinkang & Zhong, Rui & Ji, Qiong, 2023. "Academic workstations and corporate green innovation," International Review of Economics & Finance, Elsevier, vol. 83(C), pages 571-590.
    17. Aparna Sundar & James J. Kellaris, 2017. "How Logo Colors Influence Shoppers’ Judgments of Retailer Ethicality: The Mediating Role of Perceived Eco-Friendliness," Journal of Business Ethics, Springer, vol. 146(3), pages 685-701, December.
    18. Vitaliy Roud & Thomas Wolfgang Thurner, 2018. "The Influence of State‐Ownership on Eco‐Innovations in Russian Manufacturing Firms," Journal of Industrial Ecology, Yale University, vol. 22(5), pages 1213-1227, October.
    19. Chen, Mo & Xue, Wei-Xian & Zhao, Xin-Xin & Chang, Chun-Ping & Liu, Xiaoxia, 2024. "The impact of economic sanctions on the COVID-19 pandemic," Economic Analysis and Policy, Elsevier, vol. 82(C), pages 163-174.
    20. Monika Stachowiak-Kudła & Janusz Kudła, 2023. "Measuring the prestige of administrative courts," Quality & Quantity: International Journal of Methodology, Springer, vol. 57(4), pages 3637-3662, August.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:17:y:2024:i:1:p:147-:d:1555055. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.