The Impact of Green Innovation on Enterprise Green Economic Efficiency
Abstract
:1. Introduction
2. Literature Analysis and Hypothesis
2.1. Literature Analysis
2.2. Theoretical Analysis and Hypothesis Development
3. Methodology
3.1. Samples and Data
3.2. Variable Definition and Research Model
3.2.1. Green Innovation
3.2.2. Green Economic Efficiency
3.2.3. Control Variables
4. Results
4.1. Descriptive Statistics
4.2. Green Innovation and Green Economic Efficiency
4.3. Robustness Test
4.3.1. Sample Selection Bias
4.3.2. Omitted Variable Problem
4.3.3. Self-Selection Bias
4.4. Further Analysis
4.4.1. Production Process Upgrade
4.4.2. Freedom of Technology Selection
4.4.3. Intensity of Market Competition
4.5. Extended Test
4.5.1. The Degree of Protection of Innovation Achievements
4.5.2. The Nature of the Production and Operation Activities of Enterprises
4.6. How Green Innovation Can Positively Impact Enterprise Green Economic Efficiency
5. Conclusions, Recommendations, and Limitations
5.1. Conclusions
5.2. Recommendations for Practice
5.3. Limitations
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
Appendix A
Appendix B
Variable Symbol | Variable Name | Variable Definitions |
---|---|---|
GEE | Green economic efficiency | See definition above |
GI | Green innovation | Number of green patent applications/total number of patent applications |
Size | Enterprise size | Natural logarithm of total assets of the enterprise |
ROA | Return on assets | Net profit/Total assets |
Lev | Asset-liability ratio | Total liabilities/Total assets |
APTR | Accounts payable turnover ratio | Operating costs/Accounts payable |
Growth | Growth | (End value of the total assets-Beginning value of total assets)/(Beginning value of total assets) |
PER | Price-earnings ratio | Closing price today/(Net profit in previous year’s annual report/Value of paid-in capital at end of the current period) |
MF | Management fees rate | Management costs/Operating revenue |
RT | Risk-taking level | The standard deviation of return on assets of enterprise in periods t − 1, t, and t + 1 |
Share | Ownership concentration | Number of shares held by largest shareholder/Number of shares held by all shareholders |
Inde | The proportion of independent directors | Number of independent directors/Total number of board of directors |
CEO | Two-in-one | Equals 1 if the chairman of the board is also the general manager; otherwise, equals 0 |
Age | Enterprise age | Natural logarithm of years since the company’s establishment |
Variables | Obs | Mean | SD | Median | Min | Max |
---|---|---|---|---|---|---|
Capital Input | 2163 | 2.21 × 109 | 5.53 × 108 | 5.85 × 109 | 223,369 | 4.40 × 1010 |
Labor Input | 2163 | 10,331 | 3813 | 24,715 | 153 | 508,757 |
Desired Output | 2163 | 6.21 × 109 | 1.89 × 109 | 1.28 × 1010 | 5,363,377 | 7.99 × 1010 |
Undesired Output | 2163 | 2,778,327 | 138,168 | 10,002,373 | 88 | 74,455,192 |
Variables | No Control | Financial Controls | Governance Controls | All Controls |
---|---|---|---|---|
(1) | (2) | (3) | (4) | |
GEE | GEE | GEE | GEE | |
GI | −0.0176 ** | −0.0159 ** | −0.0177 ** | −0.0161 ** |
(−2.26) | (−2.12) | (−2.30) | (−2.16) | |
Size | −0.0220 | −0.0208 * | ||
(−1.62) | (−1.66) | |||
ROA | 0.0862 ** | 0.0892 ** | ||
(2.22) | (2.37) | |||
Lev | −0.0024 | −0.0024 | ||
(−0.15) | (−0.14) | |||
APTR | 0.0004 | 0.0004 | ||
(1.18) | (1.22) | |||
Growth | 0.0114 * | 0.0105 * | ||
(1.67) | (1.68) | |||
PER | −0.0000 | −0.0000 | ||
(−1.35) | (−1.38) | |||
MF | −0.0203 ** | −0.0203 ** | ||
(−2.38) | (−2.42) | |||
RT | −0.0793 * | −0.0749* | ||
(−1.88) | (−1.80) | |||
Share | −0.0446 | −0.0580 | ||
(−0.71) | (−1.02) | |||
Inde | 0.0151 | −0.0036 | ||
(0.36) | (−0.09) | |||
CEO | −0.0014 | −0.0011 | ||
(−0.32) | (−0.26) | |||
Age | −0.0783 | −0.0503 | ||
(−1.18) | (−0.86) | |||
_cons | 0.0682 *** | 0.5581 * | 0.3040 | 0.6981 * |
(19.57) | (1.82) | (1.51) | (1.78) | |
Year fixed effect | Yes | Yes | Yes | Yes |
Firm fixed effect | Yes | Yes | Yes | Yes |
N | 2163 | 2163 | 2163 | 2163 |
Adj_R2 | 0.0265 | 0.0745 | 0.0295 | 0.0774 |
Variables | Match | Mean | Bias | Reduct Bias | t-Value | p-Value | |
---|---|---|---|---|---|---|---|
Treated | Control | ||||||
Size | Unmatched | 22.877 | 22.390 | 37.9 | 78.8 | 8.59 | 0.000 |
Matched | 22.877 | 22.774 | 8.0 | 1.51 | 0.132 | ||
ROA | Unmatched | 0.049 | 0.054 | −10.4 | 93.2 | −2.30 | 0.021 |
Matched | 0.049 | 0.048 | 0.7 | 0.14 | 0.887 | ||
Lev | Unmatched | 0.388 | 0.351 | 19.0 | 51.6 | 4.24 | 0.000 |
Matched | 0.388 | 0.370 | 9.2 | 1.76 | 0.078 | ||
APTR | Unmatched | 12.803 | 9.657 | 15.4 | 42.8 | 3.66 | 0.000 |
Matched | 12.803 | 14.601 | −8.8 | −1.30 | 0.193 | ||
Growth | Unmatched | 0.134 | 0.140 | −2.5 | −164.4 | −0.55 | 0.585 |
Matched | 0.134 | 0.149 | −6.6 | −1.30 | 0.193 | ||
PER | Unmatched | 45.877 | 54.370 | −11.4 | 86.3 | −2.48 | 0.013 |
Matched | 45.877 | 44.716 | 1.6 | 0.34 | 0.734 | ||
MF | Unmatched | 0.130 | 0.112 | 4.3 | −687.8 | 0.97 | 0.332 |
Matched | 0.130 | 0.268 | −34.0 | −3.55 | 0.000 | ||
TobinQ | Unmatched | 1.572 | 1.886 | −29.1 | 88.1 | −6.24 | 0.000 |
Matched | 1.572 | 1.609 | −3.5 | −0.76 | 0.445 | ||
Share | Unmatched | 0.358 | 0.359 | −0.5 | −597.6 | −0.12 | 0.905 |
Matched | 0.358 | 0.352 | 3.7 | 0.73 | 0.464 | ||
Inde | Unmatched | 0.370 | 0.372 | −4.8 | −47.7 | −1.07 | 0.283 |
Matched | 0.370 | 0.373 | −7.1 | −1.35 | 0.177 | ||
CEO | Unmatched | 0.210 | 0.251 | −9.6 | 17.1 | −2.11 | 0.035 |
Matched | 0.210 | 0.244 | −8.0 | −1.54 | 0.123 | ||
Age | Unmatched | 2.971 | 3.011 | −14.8 | 74.1 | −3.33 | 0.001 |
Matched | 2.971 | 2.961 | 3.8 | 0.73 | 0.465 |
Variables | Match | Mean | Bias | Reduct Bias | t-Value | p-Value | |
---|---|---|---|---|---|---|---|
Treated | Control | ||||||
Size | Unmatched | 22.877 | 22.390 | 37.9 | 85.2 | 8.59 | 0.000 |
Matched | 22.877 | 22.805 | 5.6 | 1.04 | 0.298 | ||
ROA | Unmatched | 0.049 | 0.054 | −10.4 | 98.1 | −2.30 | 0.021 |
Matched | 0.049 | 0.048 | 0.2 | 0.04 | 0.968 | ||
Lev | Unmatched | 0.388 | 0.351 | 19.0 | 74.7 | 4.24 | 0.000 |
Matched | 0.388 | 0.378 | 4.8 | 0.91 | 0.361 | ||
APTR | Unmatched | 12.803 | 9.657 | 15.4 | 76.4 | 3.66 | 0.000 |
Matched | 12.803 | 13.547 | −3.6 | −0.57 | 0.568 | ||
Growth | Unmatched | 0.134 | 0.140 | −2.5 | −50.0 | −0.55 | 0.585 |
Matched | 0.134 | 0.143 | −3.7 | −0.72 | 0.473 | ||
PER | Unmatched | 45.877 | 54.370 | −11.4 | 67.7 | −2.48 | 0.013 |
Matched | 45.877 | 48.622 | −3.7 | −0.74 | 0.460 | ||
MF | Unmatched | 0.130 | 0.112 | 4.3 | −543.0 | 0.97 | 0.332 |
Matched | 0.130 | 0.243 | −27.8 | −3.19 | 0.001 | ||
TobinQ | Unmatched | 1.572 | 1.886 | −29.1 | 89.6 | −6.24 | 0.000 |
Matched | 1.572 | 1.604 | −3.0 | −0.68 | 0.497 | ||
Share | Unmatched | 0.358 | 0.359 | −0.5 | −296.9 | −0.12 | 0.905 |
Matched | 0.358 | 0.355 | 2.1 | 0.41 | 0.680 | ||
Inde | Unmatched | 0.370 | 0.372 | −4.8 | 8.8 | −1.07 | 0.283 |
Matched | 0.370 | 0.367 | 4.4 | 0.86 | 0.388 | ||
CEO | Unmatched | 0.210 | 0.251 | −9.6 | 86.7 | −2.11 | 0.035 |
Matched | 0.210 | 0.216 | −1.3 | −0.25 | 0.801 | ||
Age | Unmatched | 2.971 | 3.011 | −14.8 | 82.9 | −3.33 | 0.001 |
Matched | 2.971 | 2.978 | −2.5 | −0.48 | 0.630 |
Variables | Sample | Treated | Controls | Difference | S.E. | T-Stat |
---|---|---|---|---|---|---|
GEE | Unmatched | 0.083 | 0.085 | −0.002 | 0.004 | −0.55 |
ATT | 0.083 | 0.098 | −0.015 | 0.007 | −2.34 |
Variables | Sample | Treated | Controls | Difference | S.E. | T-Stat |
---|---|---|---|---|---|---|
GEE | Unmatched | 0.083 | 0.085 | −0.002 | 0.004 | −0.55 |
ATT | 0.083 | 0.095 | −0.012 | 0.005 | −2.34 |
Variables | 1:1 Match | 1:4 Match | ||
---|---|---|---|---|
(1) | (2) | (3) | (4) | |
GEE | GEE | GEE | GEE | |
GI | −0.0289 *** | −0.0312 *** | −0.0177 ** | −0.0178 ** |
(−2.87) | (−2.98) | (−2.26) | (−2.25) | |
Size | −0.0117 | −0.0126 | ||
(−0.69) | (−0.83) | |||
ROA | 0.0474 | 0.0977 ** | ||
(0.78) | (2.31) | |||
Lev | −0.0287 | 0.0006 | ||
(−1.00) | (0.04) | |||
APTR | 0.0003 | 0.0003 | ||
(0.96) | (1.07) | |||
Growth | 0.0076 | 0.0059 | ||
(1.12) | (1.21) | |||
PER | −0.0000 | −0.0000 | ||
(−0.59) | (−0.41) | |||
MF | −0.0079 | −0.0109 *** | ||
(−1.59) | (−3.13) | |||
RT | −0.0966 * | −0.1183 *** | ||
(−1.69) | (−2.60) | |||
Share | −0.0818 | −0.0636 | ||
(−1.15) | (−1.02) | |||
Inde | 0.0295 | 0.0043 | ||
(0.63) | (0.10) | |||
CEO | −0.0106 | −0.0020 | ||
(−1.57) | (−0.45) | |||
Age | −0.0991 | −0.0886 | ||
(−1.13) | (−1.36) | |||
_cons | 0.0726 *** | 0.6460 | 0.0686 *** | 0.6206 |
(14.84) | (1.14) | (17.95) | (1.33) | |
Year fixed effect | Yes | Yes | Yes | Yes |
Firm fixed effect | Yes | Yes | Yes | Yes |
N | 1238 | 1238 | 1872 | 1872 |
Adj_R2 | 0.0410 | 0.0833 | 0.0329 | 0.0653 |
Variables | GEE | IV |
---|---|---|
GEE | 1.000 | |
IV | 0.025 | 1.000 |
(0.242) |
Variables | First Stage | Second Stage |
---|---|---|
(1) | (2) | |
GI | GEE | |
IV | 0.9797 *** | |
(34.39) | ||
GI | −0.0163 * | |
(−1.66) | ||
Size | −0.0190 | −0.0208 * |
(−0.82) | (−1.67) | |
ROA | 0.0602 | 0.0892 ** |
(0.69) | (2.37) | |
Lev | 0.0679 * | −0.0024 |
(1.87) | (−0.15) | |
APTR | 0.0001 | 0.0004 |
(0.70) | (1.22) | |
Growth | −0.0025 | 0.0105 * |
(−0.21) | (1.68) | |
PER | 0.0000 | −0.0000 |
(0.11) | (−1.38) | |
MF | 0.0317 * | −0.0203 ** |
(1.90) | (−2.46) | |
RT | 0.0796 | −0.0748 * |
(0.70) | (−1.79) | |
Share | 0.0054 | −0.0580 |
(−0.12) | (−1.02) | |
Inde | −0.0348 | −0.0036 |
(−0.42) | (−0.09) | |
CEO | −0.0165 | −0.0011 |
(−1.52) | (−0.26) | |
Age | 0.0908 | −0.0503 |
(0.63) | (−0.86) | |
Year fixed effect | Yes | Yes |
Firm fixed effect | Yes | Yes |
N | 2091 | 2091 |
Adj_R2 | 0.5559 | 0.0774 |
Kleibergen–Paap rk LM Statistic | 59.759 | |
Cragg-Donald Wald F Statistic | 1762.702 | |
Kleibergen–Paap rk Wald F Statistic | 1182.870 |
Variables | First Stage | Second Stage |
---|---|---|
(1) | (2) | |
GI | GEE | |
IV | 8.6956 *** | |
(18.62) | ||
GI | −0.0213 ** | |
(−2.54) | ||
IMR | 0.0025 * | |
(1.69) | ||
Size | 0.4133 *** | −0.0208 * |
(12.37) | (−1.66) | |
ROA | 0.6644 | 0.0899 ** |
(0.95) | (2.38) | |
Lev | 0.1491 | −0.0028 |
(0.76) | (−0.17) | |
APTR | −0.0012 | 0.0004 |
(−0.68) | (1.20) | |
Growth | −0.0638 | 0.0105 * |
(−0.48) | (1.67) | |
PER | −0.0006 | −0.0000 |
(−1.45) | (−1.41) | |
Share | −0.3249 | −0.0573 |
(−1.43) | (−1.01) | |
Inde | 0.2586 | −0.0045 |
(0.42) | (−0.12) | |
Age | −0.1253 | −0.0500 |
(−0.98) | (−0.85) | |
MF | −0.0206 ** | |
(−2.42) | ||
RT | −0.0754 * | |
(−1.81) | ||
CEO | −0.0011 | |
(−0.25) | ||
_cons | −9.3237 *** | 0.6978 * |
(−11.73) | (1.77) | |
Year fixed effect | Yes | Yes |
Firm fixed effect | Yes | Yes |
N | 2225 | 2163 |
Pseudo/Adj_R2 | 0.2872 | 0.0786 |
Variables | Green Invention Innovation | Green Utility Model Innovation | High-Tech Market | Low-Tech Market | High Market Competition | Low Market Competition |
---|---|---|---|---|---|---|
(1) | (2) | (3) | (4) | (5) | (6) | |
GEE | GEE | GEE | GEE | GEE | GEE | |
GI-I | −0.0096 | |||||
(−1.45) | ||||||
GI-UM | −0.0142 ** | |||||
(−2.35) | ||||||
GI | −0.0154 | −0.0199 ** | −0.0108 | −0.0185 * | ||
(−1.27) | (−2.00) | (−0.97) | (−1.92) | |||
Size | −0.0224 * | −0.0225 * | −0.0118 | −0.0234 | −0.0408 * | 0.0032 |
(−1.70) | (−1.71) | (−0.88) | (−1.32) | (−1.82) | (0.22) | |
ROA | 0.0956 ** | 0.0964 ** | 0.0680 | 0.0620 | 0.0755 | 0.1248 ** |
(2.40) | (2.44) | (1.23) | (1.13) | (1.42) | (2.51) | |
Lev | −0.0016 | −0.0006 | 0.0069 | −0.0087 | −0.0005 | 0.0064 |
(−0.10) | (−0.04) | (0.20) | (−0.42) | (−0.03) | (0.25) | |
APTR | 0.0004 | 0.0004 | 0.0000 | 0.0007 | 0.0005 | 0.0002 |
(1.17) | (1.21) | (0.02) | (1.15) | (0.95) | (1.50) | |
Growth | 0.0125 * | 0.0127 * | −0.0008 | 0.0157 | 0.0182 ** | −0.0025 |
(1.72) | (1.75) | (−0.09) | (1.52) | (2.14) | (−0.31) | |
PER | −0.0000 | −0.0000 * | −0.0001 ** | 0.0000 | −0.0001 * | 0.0000 |
(−1.64) | (−1.67) | (−2.52) | (0.13) | (−1.86) | (0.53) | |
MF | −0.0128 *** | −0.0117 *** | −0.0381 * | −0.0121 ** | −0.0314 ** | −0.0095 *** |
(−2.73) | (−2.67) | (−1.86) | (−2.29) | (−2.21) | (−3.08) | |
RT | −0.0741 * | −0.0720 * | 0.0966 | −0.1432 ** | −0.0645 | −0.1199 ** |
(−1.78) | (−1.69) | (1.13) | (−2.36) | (−1.10) | (−2.17) | |
Share | −0.0597 | −0.0633 | −0.0855 | −0.0525 | −0.0793 | −0.0685 |
(−1.04) | (−1.10) | (−1.20) | (−0.53) | (−0.77) | (−1.09) | |
Inde | −0.0055 | −0.0058 | −0.0525 | 0.0113 | 0.0106 | −0.0085 |
(−0.14) | (−0.15) | (−0.61) | (0.25) | (0.22) | (−0.13) | |
CEO | −0.0002 | 0.0001 | 0.0096 | −0.0100 ** | 0.0049 | −0.0064 |
(−0.03) | (0.01) | (1.57) | (−2.02) | (0.75) | (−1.00) | |
Age | −0.0455 | −0.0382 | −0.2079 * | −0.0658 | −0.0849 | 0.0080 |
(−0.68) | (−0.58) | (−1.94) | (−0.76) | (−0.88) | (0.14) | |
_cons | 0.7211 * | 0.7021 * | 0.9899 ** | 0.7855 | 1.2360 * | −0.0068 |
(1.73) | (1.69) | (2.32) | (1.30) | (1.86) | (−0.02) | |
Year fixed effect | Yes | Yes | Yes | Yes | Yes | Yes |
Firm fixed effect | Yes | Yes | Yes | Yes | Yes | Yes |
N | 2108 | 2108 | 862 | 1301 | 1191 | 972 |
Adj_R2 | 0.0638 | 0.0653 | 0.1373 | 0.0961 | 0.1256 | 0.0633 |
Variables | Strong Legal Environment | Weak Legal Environment | Strong Technical Protection | Weak Technical Protection |
---|---|---|---|---|
(1) | (2) | (3) | (4) | |
GEE | GEE | GEE | GEE | |
GI | −0.0067 | −0.0152 * | −0.0129 | −0.0174 * |
(−0.50) | (−1.90) | (−1.23) | (−1.71) | |
Size | 0.0129 | −0.0092 | −0.0081 | −0.0148 |
(0.90) | (−0.84) | (−0.56) | (−1.28) | |
ROA | 0.0787 | 0.0404 | 0.0221 | 0.1189 *** |
(1.27) | (0.98) | (0.40) | (3.00) | |
Lev | −0.0108 | −0.0079 | −0.0219 | 0.0112 |
(−0.40) | (−0.40) | (−0.77) | (0.52) | |
APTR | 0.0006 | 0.0002 | 0.0007 | 0.0001 |
(1.08) | (1.36) | (1.14) | (0.80) | |
Growth | 0.0035 | 0.0085 | 0.0189 | 0.0100 ** |
(0.43) | (1.60) | (1.28) | (2.06) | |
PER | −0.0000 | −0.0000 * | −0.0000 | −0.0001 |
(−0.88) | (−1.92) | (−1.12) | (−1.31) | |
MF | −0.0039 | −0.0396 * | −0.0078 * | −0.0275 ** |
(−0.46) | (−1.79) | (−1.89) | (−2.42) | |
RT | −0.0255 | −0.0788 | −0.0346 | −0.0601 |
(−0.25) | (−1.37) | (−0.45) | (−1.15) | |
Share | 0.0273 | 0.0417 | −0.0617 | −0.0459 |
(0.40) | (1.00) | (−0.53) | (−0.91) | |
Inde | 0.0435 | −0.0751 | 0.0448 | −0.0635 |
(0.70) | (−1.57) | (0.86) | (−1.40) | |
CEO | −0.0025 | −0.0052 | −0.0091 | 0.0045 |
(−0.60) | (−0.94) | (−1.35) | (0.87) | |
Age | −0.2055 ** | 0.0309 | −0.0948 | 0.0450 |
(−1.97) | (0.51) | (−1.19) | (0.80) | |
_cons | 0.3453 | 0.1998 | 0.5283 | 0.3069 |
(0.91) | (0.66) | (1.17) | (1.09) | |
Year fixed effect | Yes | Yes | Yes | Yes |
Firm fixed effect | Yes | Yes | Yes | Yes |
N | 933 | 1230 | 987 | 1176 |
Adj_R2 | 0.0933 | 0.1494 | 0.0803 | 0.1255 |
Variables | High-Tech Enterprise | Nonhigh-Tech Enterprise | Heavily Polluting Enterprise | Nonheavily Polluting Enterprise |
---|---|---|---|---|
(1) | (2) | (3) | (4) | |
GEE | GEE | GEE | GEE | |
GI | −0.0108 | −0.0171 ** | −0.0050 | −0.0316 ** |
(−0.73) | (−2.10) | (−0.65) | (−2.33) | |
Size | −0.0463 * | −0.0006 | −0.0394 | 0.0019 |
(−1.80) | (−0.05) | (−1.57) | (0.22) | |
ROA | 0.0430 | 0.1675 *** | 0.0512 | 0.0885 ** |
(0.79) | (4.10) | (0.68) | (2.16) | |
Lev | 0.0125 | −0.0090 | −0.0612 * | 0.0169 |
(0.54) | (−0.44) | (−1.90) | (0.83) | |
APTR | 0.0005 | 0.0002 * | 0.0000 | 0.0006 |
(0.87) | (1.92) | (0.01) | (1.32) | |
Growth | 0.0175 * | 0.0014 | 0.0142 | 0.0072 |
(1.93) | (0.22) | (1.05) | (1.25) | |
PER | −0.0001 | −0.0000 | −0.0001 | −0.0000 |
(−1.39) | (−0.64) | (−1.16) | (−0.86) | |
MF | −0.0332 ** | −0.0093 *** | −0.0426 *** | −0.0053 |
(−2.27) | (−3.47) | (−2.95) | (−1.57) | |
RT | −0.0911 | −0.1013 * | −0.0651 | −0.0777 * |
(−1.33) | (−1.82) | (−0.59) | (−1.77) | |
Share | −0.0775 | −0.0569 | −0.1376 | 0.0596 |
(−0.55) | (−1.15) | (−1.64) | (0.95) | |
Inde | −0.0365 | 0.0239 | 0.0646 | −0.0176 |
(−0.48) | (0.58) | (0.96) | (−0.37) | |
CEO | 0.0099 | −0.0102 * | 0.0093 | −0.0061 |
(1.40) | (−1.72) | (1.08) | (−1.21) | |
Age | −0.1001 | −0.0044 | −0.1153 | −0.0047 |
(−0.95) | (−0.08) | (−0.87) | (−0.08) | |
_cons | 1.3980 * | 0.1098 | 1.3236 | 0.0161 |
(1.82) | (0.37) | (1.64) | (0.07) | |
Year fixed effect | Yes | Yes | Yes | Yes |
Firm fixed effect | Yes | Yes | Yes | Yes |
N | 1026 | 1137 | 749 | 1414 |
Adj_R2 | 0.1089 | 0.0929 | 0.1926 | 0.0762 |
Variables | Lack of Production Process Upgrade | Lack of High Degree of Freedom of Technology Selection | Lack of High Market Competition Intensity | All Conditions Are Met |
---|---|---|---|---|
(1) | (2) | (3) | (4) | |
GEE | GEE | GEE | GEE | |
GI | 0.0151 | |||
(1.23) | ||||
GI-I | −0.0091 | −0.0086 | 0.0196 * | |
(−0.73) | (−0.94) | (1.95) | ||
Size | −0.0308 | −0.0408 * | −0.0121 | −0.0312 |
(−1.53) | (−1.83) | (−0.92) | (−1.56) | |
ROA | 0.0788 | 0.0745 | 0.0690 | 0.0780 |
(1.56) | (1.39) | (1.26) | (1.49) | |
Lev | 0.0006 | −0.0009 | 0.0061 | 0.0018 |
(0.02) | (−0.05) | (0.18) | (0.06) | |
APTR | −0.0002 | 0.0005 | −0.0000 | −0.0002 |
(−1.38) | (0.94) | (−0.09) | (−1.28) | |
Growth | 0.0064 | 0.0183 ** | −0.0003 | 0.0059 |
(0.72) | (2.16) | (−0.04) | (0.67) | |
PER | −0.0001 ** | −0.0001 * | −0.0001 ** | −0.0001 ** |
(−2.00) | (−1.85) | (−2.51) | (−2.04) | |
MF | −0.0815 *** | −0.0319 ** | −0.0381 * | −0.0815 *** |
(−4.27) | (−2.29) | (−1.86) | (−4.28) | |
RT | 0.1007 | −0.0648 | 0.0938 | 0.1005 |
(1.06) | (−1.12) | (1.11) | (1.05) | |
Share | 0.0064 | −0.0786 | −0.0836 | 0.0023 |
(0.11) | (−0.76) | (−1.19) | (0.04) | |
Inde | 0.0534 | 0.0114 | −0.0511 | 0.0557 |
(0.62) | (0.24) | (−0.60) | (0.65) | |
CEO | 0.0058 | 0.0049 | 0.0095 | 0.0063 |
(0.91) | (0.76) | (1.54) | (0.99) | |
Age | −0.1338 | −0.0875 | −0.2045 * | −0.1303 |
(−0.95) | (−0.89) | (−1.92) | (−0.93) | |
_cons | 1.1184 * | 1.2422 * | 0.9861 ** | 1.1177 * |
(1.74) | (1.87) | (2.32) | (1.74) | |
Year fixed effect | Yes | Yes | Yes | Yes |
Firm fixed effect | Yes | Yes | Yes | Yes |
N | 489 | 1191 | 862 | 489 |
Adj_R2 | 0.3316 | 0.1255 | 0.1366 | 0.3333 |
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Variables | Obs | Mean | SD | Median | Min | Max |
---|---|---|---|---|---|---|
GEE | 2163 | 0.0840 | 0.0928 | 0.0546 | 0.0007 | 0.6145 |
GI | 2163 | 0.1238 | 0.1696 | 0.0606 | 0.0000 | 0.8462 |
Size | 2163 | 22.5569 | 1.2759 | 22.3884 | 20.1819 | 25.8538 |
ROA | 2163 | 0.0520 | 0.0502 | 0.0398 | −0.2719 | 0.2497 |
Lev | 2163 | 0.3623 | 0.1931 | 0.3455 | 0.0150 | 0.9584 |
APTR | 2163 | 10.7435 | 19.1876 | 5.8323 | 0.5973 | 156.3812 |
Growth | 2163 | 0.1371 | 0.2295 | 0.0816 | −0.3311 | 1.4300 |
PER | 2163 | 51.2148 | 75.5002 | 27.8139 | 4.0473 | 512.7808 |
MF | 2163 | 0.1186 | 0.4042 | 0.0532 | 0.0059 | 5.7002 |
RT | 2163 | 0.0179 | 0.0288 | 0.0094 | 0.0001 | 0.2694 |
Share | 2163 | 0.3582 | 0.1495 | 0.3379 | 0.0998 | 0.7505 |
Inde | 2163 | 0.3711 | 0.0519 | 0.3333 | 0.3333 | 0.5714 |
CEO | 2163 | 0.2367 | 0.4252 | 0 | 0 | 1 |
Age | 2163 | 2.9961 | 0.2640 | 3.0445 | 2.1972 | 3.4657 |
Variables | No Control | Financial Controls | Governance Controls | All Controls |
---|---|---|---|---|
(1) | (2) | (3) | (4) | |
GEE | GEE | GEE | GEE | |
GI | −0.0176 ** | −0.0159 ** | −0.0177 ** | −0.0161 ** |
(−2.26) | (−2.12) | (−2.30) | (−2.16) | |
Financial Controls | Yes | Yes | ||
Governance Controls | Yes | Yes | ||
Year fixed effect | Yes | Yes | Yes | Yes |
Firm fixed effect | Yes | Yes | Yes | Yes |
N | 2163 | 2163 | 2163 | 2163 |
Adj_R2 | 0.0265 | 0.0745 | 0.0295 | 0.0774 |
Variables | 1:1 Match | 1:4 Match | ||
---|---|---|---|---|
(1) | (2) | (3) | (4) | |
GEE | GEE | GEE | GEE | |
GI | −0.0289 *** | −0.0312 *** | −0.0177 ** | −0.0178 ** |
(−2.87) | (−2.98) | (−2.26) | (−2.25) | |
Controls | Yes | Yes | ||
Year fixed effect | Yes | Yes | Yes | Yes |
Firm fixed effect | Yes | Yes | Yes | Yes |
N | 1238 | 1238 | 1872 | 1872 |
Adj_R2 | 0.0410 | 0.0833 | 0.0329 | 0.0653 |
Variables | 2SLS | Heckman Two-Stage | ||
---|---|---|---|---|
First Stage | Second Stage | First Stage | Second Stage | |
(1) | (2) | (3) | (4) | |
GI | GEE | GI | GEE | |
IV | 0.9797 *** | 8.6956 *** | ||
(34.39) | (18.62) | |||
GI | −0.0163 * | −0.0213 ** | ||
(−1.66) | (−2.54) | |||
IMR | 0.0025 * | |||
(1.69) | ||||
Controls | Yes | Yes | Yes | Yes |
Year fixed effect | Yes | Yes | Yes | Yes |
Firm fixed effect | Yes | Yes | Yes | Yes |
N | 2091 | 2091 | 2225 | 2163 |
Pseudo/Adj_R2 | 0.5559 | 0.0774 | 0.2872 | 0.0786 |
Kleibergen–Paap rk LM Statistic | 59.759 | |||
Cragg-Donald Wald F Statistic | 1762.702 | |||
Kleibergen–Paap rk Wald F Statistic | 1182.870 |
Variables | Green Invention Innovation | Green Utility Model Innovation | High-Tech Market | Low-Tech Market | High Market Competition | Low Market Competition |
---|---|---|---|---|---|---|
(1) | (2) | (3) | (4) | (5) | (6) | |
GEE | GEE | GEE | GEE | GEE | GEE | |
GI-I | −0.0096 | |||||
(−1.45) | ||||||
GI-UM | −0.0142 ** | |||||
(−2.35) | ||||||
GI | −0.0154 | −0.0199 ** | −0.0108 | −0.0185 * | ||
(−1.27) | (−2.00) | (−0.97) | (−1.92) | |||
Controls | Yes | Yes | Yes | Yes | Yes | Yes |
Year fixed effect | Yes | Yes | Yes | Yes | Yes | Yes |
Firm fixed effect | Yes | Yes | Yes | Yes | Yes | Yes |
N | 2108 | 2108 | 862 | 1301 | 1191 | 972 |
Adj_R2 | 0.0638 | 0.0653 | 0.1373 | 0.0961 | 0.1256 | 0.0633 |
Variables | Strong Legal Environment | Weak Legal Environment | Strong Technical Protection | Weak Technical Protection |
---|---|---|---|---|
(1) | (2) | (3) | (4) | |
GEE | GEE | GEE | GEE | |
GI | −0.0067 | −0.0152 * | −0.0129 | −0.0174 * |
(−0.50) | (−1.90) | (−1.23) | (−1.71) | |
Controls | Yes | Yes | Yes | Yes |
Year fixed effect | Yes | Yes | Yes | Yes |
Firm fixed effect | Yes | Yes | Yes | Yes |
N | 933 | 1230 | 987 | 1176 |
Adj_R2 | 0.0933 | 0.1494 | 0.0803 | 0.1255 |
Variables | High-Tech Enterprise | Nonhigh-Tech Enterprise | Heavily Polluting Enterprise | Nonheavily Polluting Enterprise |
---|---|---|---|---|
(1) | (2) | (3) | (4) | |
GEE | GEE | GEE | GEE | |
GI | −0.0108 | −0.0171 ** | −0.0050 | −0.0316 ** |
(−0.73) | (−2.10) | (−0.65) | (−2.33) | |
Controls | Yes | Yes | Yes | Yes |
Year fixed effect | Yes | Yes | Yes | Yes |
Firm fixed effect | Yes | Yes | Yes | Yes |
N | 1026 | 1137 | 749 | 1414 |
Adj_R2 | 0.1089 | 0.0929 | 0.1926 | 0.0762 |
Variables | Lack of Production Process Upgrade | Lack of High Degree of Freedom of Technology Selection | Lack of High Market Competition Intensity | All Conditions Are Met |
---|---|---|---|---|
(1) | (2) | (3) | (4) | |
GEE | GEE | GEE | GEE | |
GI | 0.0151 | |||
(1.23) | ||||
GI-I | −0.0091 | −0.0086 | 0.0196 * | |
(−0.73) | (−0.94) | (1.95) | ||
Controls | Yes | Yes | Yes | Yes |
Year fixed effect | Yes | Yes | Yes | Yes |
Firm fixed effect | Yes | Yes | Yes | Yes |
N | 489 | 1191 | 862 | 489 |
Adj_R2 | 0.3316 | 0.1255 | 0.1366 | 0.3333 |
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Li, Y.; Huang, N.; Zhao, Y. The Impact of Green Innovation on Enterprise Green Economic Efficiency. Int. J. Environ. Res. Public Health 2022, 19, 16464. https://doi.org/10.3390/ijerph192416464
Li Y, Huang N, Zhao Y. The Impact of Green Innovation on Enterprise Green Economic Efficiency. International Journal of Environmental Research and Public Health. 2022; 19(24):16464. https://doi.org/10.3390/ijerph192416464
Chicago/Turabian StyleLi, Yuan, Nan Huang, and Yang Zhao. 2022. "The Impact of Green Innovation on Enterprise Green Economic Efficiency" International Journal of Environmental Research and Public Health 19, no. 24: 16464. https://doi.org/10.3390/ijerph192416464