**4. Empirical Findings**

#### *4.1. Descriptive Statistics and Correlation Analysis*

Table 3 provides the results of descriptive statistics and correlation tests. The mean value of GRInno is 0.394, and the standard deviation is 0.805, indicating that most of the companies in this study carried out green innovation activities during the sample period, but there were significant differences in the level of green innovation among these companies. The mean and standard deviation values of hbbjdum are 0.310 and 0.463, respectively, indicating that the overall level of executives with environmental protection backgrounds in companies was low and the percentage of executives with environmental protection backgrounds varied significantly between companies. The mean value of MA is 5.024, and the standard deviation is 1.121, indicating that listed companies generally

received media attention. The mean and standard deviation of BI are 0.379 and 0.069, respectively, indicating a relatively high percentage of independent directors in listed companies. The variables hbbjdum, lnhbbj, and GRInno are positively correlated at the 1% level, indicating that executives with environmental protection backgrounds helped to enhance the level of green innovation. Hypothesis 1 was initially verified.

**Table 3.** Descriptive statistics and correlation analysis.


Notes: \* *p* < 0.1, \*\* *p* < 0.05, \*\*\* *p* < 0.01.
