School of Business, Macau University of Science and Technology, Macau, China.
PLoS One. 2024 May 2;19(5):e0301317. doi: 10.1371/journal.pone.0301317. eCollection 2024.
With the predicament of sustainable improvement in traditional cities, the low-carbon city pilot policy (LCCPP), as a novel development mode, provides thinking for resolving the tensions of green development, resource conservation and environmental protection among firms. Using Chinese A-share listed companies panel data during 2007-2019, this study adopts the difference-in-differences model to explore the impact of LCCPP on firm green innovation. Based on theoretical analysis, LCCPP-driven environmental rules have the impact of encouraging business green innovation. The relationship between LCCPP and green innovation is strengthened by external media attention and organizational redundancy resources. The mechanism study shows that the incentive effect of LCCPP on firm green innovation is mainly due to the improvement of enterprises' green total factor productivity and financial stability. In addition, the heterogeneity analysis shows that the LCCPP has significantly positive effects in promoting green innovation in high-carbon industries and state-owned enterprises. This research contributes to the understanding of city-level low-carbon policies as a driving force for corporate green innovation, offering practical implications for policymakers and businesses striving for sustainability.
面对传统城市低碳发展的困境，低碳城市试点政策（LCCPP）作为一种新的发展模式，为解决企业绿色发展、资源节约和环境保护之间的紧张关系提供了思路。本文利用 2007-2019 年中国 A 股上市公司面板数据，采用双重差分模型探讨了 LCCPP 对企业绿色创新的影响。基于理论分析，LCCPP 驱动的环境规则具有鼓励企业绿色创新的作用。外部媒体关注度和组织冗余资源增强了 LCCPP 与绿色创新之间的关系。机制研究表明，LCCPP 对企业绿色创新的激励作用主要源于企业绿色全要素生产率和财务稳定性的提高。此外，异质性分析表明，LCCPP 在促进高碳产业和国有企业绿色创新方面具有显著的积极影响。本研究有助于理解城市层面的低碳政策作为企业绿色创新的驱动力，为政策制定者和追求可持续发展的企业提供了实践启示。
