*Article* **The Impacts of Resource Endowment, and Environmental Regulations on Sustainability—Empirical Evidence Based on Data from Renewable Energy Enterprises**

**Hongyi Zhang, Hsing Hung Chen, Kunseng Lao and Zhengyu Ren \***

School of Business, Macau University of Science and Technology, Taipa 999078, Macau; 1709853nbm30001@student.must.edu.mo (H.Z.); hhchen@must.edu.mo (H.H.C.); 1709853abm30001@student.must.edu.mo (K.L.)

**\*** Correspondence: 2109853ebf20001@student.must.edu.mo

**Abstract:** In today's socio-economic context where environmental protection and sustainable development are equally important, how renewable energy enterprises can achieve sustainable development has become a topic of academic interest in recent years. This paper investigates the link between sustainable growth (*SG*) of renewable energy firms, resource endowment (*RE*), and environmental regulatory (*ERs*) issues through a fixed-effects model and a GMM model. Through empirical analysis, it was found that economical environmental regulations have the greatest positive impact on sustainable growth, followed by legal environmental regulations and supervised environmental regulations. Resource endowment is positively related to sustainable growth for non-state-owned renewable energy enterprises, but the negative impact on sustainable growth reflects the effect the of "resource curse". In addition, resource endowment has a negative moderating effect on environmental regulations and sustainable growth. Thus, the most significant effect is on the relationship between economical environmental regulations and sustainable growth, followed by legal environmental regulations and supervised environmental regulations. Therefore, the flexible and concurrent application of multiple environmental policies is an important way to ensure effective regulations and promote sustainable business growth.

**Keywords:** renewable energy business; fixed-effects model; GMM model; sustainable growth (*SG*)
