期刊
BUSINESS STRATEGY AND THE ENVIRONMENT
卷 30, 期 5, 页码 2271-2292出版社
WILEY
DOI: 10.1002/bse.2746
关键词
absorptive capacity; financial performance; government green subsidies; green process innovation; market turbulence; sustainable development
资金
- Fuzhou University [GXRC201916]
- General project of the Soft Science Research Program of Shaanxi Province [2020KRM099]
- Humanities and Social Sciences Project of Northwest AF University [2452020069]
- innovation strategy research program of Fujian Province [2020R01020093]
- National Natural Science Foundation of China [72004026]
The study shows that government green subsidies positively influence firms' financial performance through encouraging green product innovation, with higher absorptive capacity and market turbulence amplifying this indirect effect.
The impact of government green subsidies on firms' green innovation behaviors and sustainable development has been recognized in the existing literature, but the deep relationship remains poorly understood. This study aims to examine the mechanism of how government green subsidies influence firms' financial performance via green innovation and how the mediating effect varies under different contingent conditions. Empirical results based on data of Chinese listed companies between 2006 and 2018 reveal that green subsidies have positive effects on green process and product innovation, but only green product innovation can rise higher financial performance, which further verifies that green subsidies positively influence financial performance through green product innovation rather than green process innovation. In addition, both higher absorptive capacity and higher market turbulence strengthen the indirect effect of green subsidies on firms' financial performance via green product innovation. Our study provides useful implications for enterprises by revealing the influence mechanism of green subsidies on financial performance through green innovation under different leveraging levels of internal and external conditions. It also provides basis for the government to formulate relevant environmental policies.
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