Zhang, Zhi
A icle
G een c edi policy, co po a e social esponsibili y and
g een inno a ion
Jou nal o Business Economics and Managemen (JBEM)
P o ided in Coope a ion wi h:
Vilnius Gediminas Technical Uni e si y (VILNIUS TECH)
Sugges ed Ci a ion: Zhang, Zhi (2024) : G een c edi policy, co po a e social esponsibili y and g een
inno a ion, Jou nal o Business Economics and Managemen (JBEM), ISSN 2029-4433, Vilnius
Gediminas Technical Uni e si y, Vilnius, Vol. 25, Iss. 3, pp. 531-552,
h ps://doi.o g/10.3846/jbem.2024.21563
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Copy igh © 2024 The Au ho (s). Published by Vilnius Gediminas Technical Uni e si y
ISSN 1611-1699 / eISSN 2029-4433
2024
Volume 25
Issue 3
Pages 531–552
h ps://doi.o g/10.3846/jbem.2024.21563
GREEN CREDIT POLICY, CORPORATE SOCIAL RESPONSIBILITY AND
GREEN INNOVATION
Zhi ZHANG
Depa men o Audi ing, Fuzhou Uni e si y o In e na ional S udies and T ade, Fuzhou, China
A icle His o y: Abs ac . Human ac i i ies ha e an inc easingly se ious impac on ou na u al su -
oundings. Hence, cu ing-edge sus ainable echnologies a e essen ial o bo h
go e nmen al agencies and he co po a e sec o as a pi o al means o sa e-
gua d he en i onmen . This s udy aims o shed ligh on he unc ion ha co po-
a e social esponsibili y (CSR) plays in en e p ises by examining he ela ionship
be ween g een c edi policy (GCP) and g een inno a ion (GI). This esea ch ex-
amines a o al o 5,819 panels o Chinese lis ed businesses’ da a spanning om
2009 o 2021. The di e ences-in-di e ences (DID) model was used o assess
hypo heses. The empi ical esul s sugges ha GCP has acili a ed he adop ion
o GI by i ms. GI in hea ily pollu ing i ms was ele a ed by 15% ela i e o he
con ol g oup. The p esence o CSR se es as a media ing and mode a ing ac o
in he ela ionship be ween GCP and he implemen a ion o GI ini ia i es wi hin
i ms. Las ly, based on he empi ical esul s, ele an sugges ions o op imizing
GCP a e p oposed o achie e be e en i onmen al p o ec ion esul s.
■ ecei ed 06 Sep embe 2023
■ accep ed 27 Ma ch 2024
Keywo ds: Keywo ds: g een c edi policy, co po a e social esponsibili y, g een inno a ion, di e ences-in-di e ences
me hod, mode a ing e ec s, media ing e ec s.
JEL Classi ica ion: O31, O38, M38.
Co esponding au ho . E-mail: [email p o ec ed]
JOURNAL o BUSINESS
ECONOMICS & MANAGEMENT
1. In oduc ion
En i onmen al issues ha e always been an aspec o g ea conce n o mankind in he p ocess
o de elopmen . Global wa ming has become mo e se e e in ecen yea s. The u gency o
en i onmen al p o ec ion has ga ne ed global accep ance (Bai & Rub, 2024; Zhang e al.,
2020a). The issuance o he G een C edi Guidelines by he China Bank Regula o y Commis-
sion (CBRC) in 2012 es ablished he amewo k o China’s GCP sys em. This ini ia i e p o ided
a solid pla o m o he de elopmen o g een c edi by all banks and inancial ins i u ions
in China. The g een c edi guidelines apply o ele an inancial ins i u ions in China, such as
comme cial banks. GCP mainly includes he ollowing h ee aspec s: Fi s , p omo ing c edi
unds o key a eas such as he g een economy, ci cula economy, and ecological economy
and p omo ing he de elopmen o g een indus ies. Second, s eng hen en i onmen al isk
managemen and iden i y po en ial en i onmen al isks o en e p ises in ol ed in c edi
disbu semen . Finally, s eng hen equi emen s o o ganiza ional managemen , in o ma ion
disclosu e, and supe ision (Du & Ullah, 2024; Zhang e al., 2021). The p ima y objec i e o
he policy is o acili a e he ad ancemen o g een c edi , enhance inancial backing o en-
532 Z. Zhang. G een c edi policy, co po a e social esponsibili y and g een inno a ion
i onmen ally iendly, low-ca bon, and ci cula economic ac i i ies, mi iga e en i onmen al
isks, op imize he c edi composi ion, and os e he ansi ion o China’s g ow h pa adigm
(Fang e al., 2024; Wang e al., 2022). The execu ion o he g een c edi p og am has spanned
almos a decade, wa an ing ca e ul conside a ion and examina ion o i s dis inc impac s.
An analysis o he se e al ac o s ha a ec he e iciency o GCP implemen a ion and i s
consequences o companies migh p o ide signi ican knowledge o he o mula ion and
implemen a ion o u u e en i onmen al p o ec ion laws.
The exis ing body o esea ch does no exhibi a consensus abou he e icacy o g een
c edi p og ams’ implemen a ion. The exis ing body o li e a u e ex ensi ely examines he
a o able impac s associa ed wi h g een inancing schemes. G een c edi policies incen i ize
companies o de elop low-ca bon echnologies and en i onmen al p o ec ion echnologies
by imposing es ic ions on loans p o ided o highly pollu ing companies (Liu e al., 2024;
Chen e al., 2022; Liuyong & Zeye, 2022; Qin & Cao, 2022; Su e al., 2022; Sun e al., 2019;
A. Zhang e al., 2022; K. Zhang e al., 2021). Ne e heless, i is wo h no ing ha se e al aca-
demics con end ha he economic and en i onmen al consequences o GCP emain unknown
(Wen e al., 2021; Wu e al., 2022). Wen e al. (2021) poin ed ou ha GCP se e ely inhibi s
i ms’ ex e nal inancing, leading o a decline in o al ac o p oduc i i y as i ms su e in
esea ch and de elopmen (R&D) in es men and upg ading (Wen e al., 2021). Due o es ic-
ions on he size and sou ces o inancing, GCP can lead companies o adop g eenwashing,
o GI, in o de o ob ain unding (He e al., 2022).
F om he exis ing esea ch on GCP, mos s udies ocus on he ex e nal en i onmen o
en e p ises as he s a ing poin , s udying he impac o en i onmen al policies on en e p ise
inno a ion. Howe e , ew esea che s in eg a e he in e nal ac o s o en e p ises om an
in e nal pe spec i e and examine he policy e ec s unde he comp ehensi e in luence o
in e nal and ex e nal ac o s. Hence, his wo k seeks o ill his esea ch gap by conduc ing
a comple e analysis o i ms’ GI beha io , conside ing bo h hei ex e nal legisla i e en i on-
men and in e nal CSR.
The esea ch used he DID model echnique o assess hypo heses. DID is able o de e -
mine he ex en o an e en ’s o policy’s in luence. The undamen al idea behind he app oach
is o di ide he sample in o wo dis inc g oups: he ea men g oup, which is subjec o
he policy, and he con ol g oup, which is no . Using he da a on he ea men and con ol
g oups be o e and a e he policy was implemen ed, i is easible o de e mine he mag-
ni ude o change in an indica o o bo h he ea men g oup and he con ol g oup. This
allows o a compa ison o he changes in he same indica o be o e and a e he policy
was implemen ed. The di e ence be ween he wo changes is hen calcula ed ( he so-called
“double di e ence”). The DID me hodology is sui able o he assessmen o he policy e ec s
o GCP, and some s udies ha e p e iously used he DID me hodology o conduc ela ed
esea ch (Li e al., 2024; Peng e al., 2022; Hu e al., 2021; Zhang e al., 2022; Qin and Cao,
2022; Chen e al., 2022).
This s udy makes signi ican con ibu ions in he ollowing a eas: The objec i e o his
s udy is o analyze he in luence o GCP on he decision-making o i ms ega ding hei
GI. Ini ially, we quan i a i ely analyze he in luence o GCP on he le el o GI exhibi ed by
i ms. Nex , we examine he media ing and mode a ing e ec s o CSR on GCP ha impac
GI. Fu he mo e, we examine he dynamic e ec s o GCP on he GI o i ms and ind ou he
imeliness o GCP’s impac on GI. Based on he empi ical indings, we p o ide solu ions o
enhance companies’ GI in ela ion o bo h ex e nal ins i u ions and in e nal CSR.
The succeeding po ions o his wo k a e o ganized in he ollowing way: Sec ion 2 o his
esea ch pape comp ises a comp ehensi e li e a u e e alua ion and he subsequen c ea ion
Jou nal o Business Economics and Managemen , 2024, 25(3), 531–552 533
o hypo heses. The hi d sec ion o he documen p o ides a comp ehensi e o e iew o he
s udy me hodology, da a sou ces, and he p ecise de ini ions o a iables. The indings de-
i ed om he s udy a e p o ided in Sec ion 4. The obus ness es s a e co e ed in Sec ion
5 o he esea ch. Sec ion 6 o he ex pe ains o he discussion o he indings. Sec ion 7
o he pape se es as he conclusion and he policy implica ions ha s em om he esul s.
2. Li e a u e e iew and hypo hesis de elopmen
2.1. GCP and GI
The Po e hypo hesis is a well-es ablished heo e ical amewo k employed in he exami-
na ion o he link be ween en i onmen al legisla ion and indus ial inno a ion. The Po e
hypo hesis posi s ha in esponse o go e nmen al p essu es o en i onmen al egula ions,
i ms a e inclined o augmen hei R&D expendi u e on pollu ion con ol echnology and
ene gy-sa ing echnology, esul ing in sho - e m cos escala ion. O e ime, he combina ion
o echnological ad ancemen s, imp o emen s in p oduc i i y, and enhanced ma ke compe -
i i eness has he po en ial o gene a e supplemen a y e u ns ha su pass he ini ial in es -
men in R&D. In summa y, he hypo hesis pu o h by Po e posi s ha he implemen a ion
o en i onmen al laws yields ad an ageous esul s by os e ing in en i eness (Po e & Van
de Linde, 1995; Wang e al., 2024). Howe e , whe he he Po e hypo hesis can be es ed o
no is highly dependen on he in e nal and ex e nal cha ac e is ics o he i m, such as he
deg ee o ma ke compe i ion he company aces and he company’s s a egy (Shao e al.,
2020; W. Zhang e al., 2024).
One iew is ha GCP policies do p omo e GI by i ms. Wi h s ic social supe ision and
he imp o emen o he go e nmen ’s en i onmen al laws, companies end o choose o
conduc g een echnology esea ch and de elopmen o a oid en i onmen al pollu ion and
penal ies om he go e nmen . By ac i ely ca ying ou g een echnology inno a ion, en e -
p ises can no only a oid go e nmen penal ies bu also ob ain mo e sou ces o inancing
(Sinha e al., 2021). Mo eo e , Sinha e al. (2021) cons uc ed a quan ile model o s udy he
ela ionship be ween he G een Bond Index (GRBI) and he En i onmen al and Social Respon-
sibili y Index (ESRI). They ound ha a a low le el o GRBI and ESRI, he GRBI has a posi i e
impac on he ESRI. Howe e , he impac o GRBI on ESRI is dec easing as bo h indices ise.
They a gued ha in he absence o policy-le el di ec i es o de e mine sus ainabili y h ough
business ope a ions, companies may use GRBI p ima ily as a means o sa e on axes a he
han en isioning i as a ool o gene a e socio-ecological ou comes. The concep o GCP
en ails a shi in he inancial sys em’s lending p ac ices, whe ein p ojec s and en e p ises
cha ac e ized by excessi e ai pollu ion and consump ion o ene gy a e no longe eligible
o loans. Con e sely, p ojec s ha align wi h en i onmen ally iendly o g een ini ia i es a e
mo e likely o secu e unding om bo h go e nmen al and inancial es ablishmen s (Peng
e al., 2022). Peng e al. (2022) conduc ed empi ical es s by cons uc ing a DID model wi h
a selec ion o Chinese i ms ha we e lis ed om 2006 o 2018. They disco e ed ha GCP
signi ican ly educes he deb inancing o hea y pollu ing en e p ises (HPEs). Howe e , HPEs
see e y li le impac on hei sho - e m deb inancing as a esul o GCP. Meanwhile, he
dec ease in company pe o mance esul ed in a inancial penal y. GCP incen i izes HPEs o
enhance hei R&D in es men and echnical inno a ion as a means o mi iga e he penal y
impac . Comme cial banks ha e a g ea e inclina ion o p o ide loans o inno a i e g een
p ojec s and companies unde he GCP guidelines. F om he i m’s pe spec i e, GCP imple-
men s an ex e nal s imulus, simila o an incen i e mechanism, and in o de o ge mo e
534 Z. Zhang. G een c edi policy, co po a e social esponsibili y and g een inno a ion
unds, i ms ha e o ca e o he go e nmen and comme cial banks o ge mo e scale o
unds (Zhang e al., 2020b). In a s udy by Zhang e al. (2020b), he esea che s looked a he
ela ionship be ween GI and inancing cons ain s in Chinese non- inancial p i a e en e p ises
lis ed on he Shanghai and Shenzhen S ock Exchanges om 2012 o 2017. They u ilized OLS
eg ession modeling and disco e ed ha GI has he po en ial o mi iga e co po a e inancing
cons ain s. The eg ession analysis indings o he s udy demons a ed ha GI, including
bo h g een echnological inno a ion and g een managemen inno a ion, e ec i ely mi iga ed
co po a e unding es ic ions. F om a cos -bene i pe spec i e, companies weigh he payo s
and ewa ds and hen ac . GI is a long and isky p ocess, and in he sho e m, he cos s
exceed he bene i s. Long- e m, howe e , he p essu e on businesses om he en i onmen is
cons an o e en ising. Wi hou GI, companies will ace high expenses such as en i onmen al
axes, en i onmen al p o ec ion expenses, and sewage cha ges in he long un, so i is a wise
decision o hem o choose GI (Hu e al., 2021). Hu e al. (2021) used a DID model o analyze
he in luence o GCP on he GI o HPEs and explo e he policy’s consequences. The indings
indica ed ha GCP has a a o able and cons uc i e in luence on he g een pa en p oduc-
ion o HPEs. In he con ex o igh e ex e nal inancial cons ain s, GCP p oduces a g ea e
impac . The e o e, he indings indica ed ha GCP has he abili y o p omo e en i onmen ally
iendly inno a ion in HPEs by implemen ing es ic ions on inancing, he eby acili a ing he
ansi ion owa ds sus ainabili y.
China’s GCP can be seen as an en i onmen al egula ion policy because i equi es i ms
o con ibu e o en i onmen al imp o emen in o de o ob ain bank loans. Su e al. (2022)
acknowledged ha GCP has he capabili y o mi iga e en i onmen al damage by diminish-
ing ai bo ne con aminan s. In he long un, GCP will ha e a mo e a o able impac on he
en i onmen as he g een c edi sys em is imp o ed (Su e al., 2022). Su e al. (2022) used
G ange causali y, pa ame ic s abili y es s, and quan ile- o-quan ile es o examine he
associa ion be ween GCP and ai quali y om 2003 o 2019. The enhancemen o he g een
c edi sys em has a subs an ial bene icial e ec on ai pollu ion. This s udy added addi ional
e idence ha GCP a ec s ai pollu ion. Zhang e al. (2022) conduc ed a s udy using g een
c edi guidelines as a quasi-na u al expe imen o in es iga e he e ec o GCP on he ca -
bon emission in ensi y o HPEs. By using panel da a and employing a DID model, he s udy
e eals ha he adop ion o GCP p ima ily leads o a educ ion in ca bon emissions ia wo
p ima y mechanisms. Qin and Cao (2022) examined whe he he implemen a ion o GCP
p omo es a low-ca bon economy. By cons uc ing a DID model, his esea ch de e mines
ha he implemen a ion o g een inancing policies has a signi ican impac on educing
pollu ion in businesses.
Based on he a o emen ioned s udy, we pu o h he subsequen hypo hesis:
Hypo hesis 1: GCP d i es GI in en e p ises.
An al e na i e pe spec i e says ha GCP ails o os e co po a e GI. In esponse, com-
panies may emb ace en i onmen ally- iendly cleaning p ac ices as a means o ci cum en
egula o y egula ions pe aining o he en i onmen . F om he s andpoin o he in luence
o GCP on co po a e esou ces, i can be in e ed ha GCP implemen a ion will esul in a
ise in he inancial equi emen s o businesses. Consequen ly, i ms may ace cons ain s
in accessing cash wi hin a limi ed ime ame. En e p ises ha e a lack o inancial esou ces
o unde ake GI ini ia i es due o limi ed inancing channels. Wi hin he GCP, comme cial
banks ex end loans by e alua ing he ex en o which he e ealed in o ma ion p o ided by
he company aligns wi h he s ipula ed GCP c i e ia. To mi iga e he ad e se consequences
Jou nal o Business Economics and Managemen , 2024, 25(3), 531–552 535
o a capi al de ici , i ms may eso o g eenwashing ac ics wi hin he ealm o in o ma ion
disclosu e. This s a egic app oach aims o pe plex comme cial banks, acili a ing he ac-
quisi ion o c edi unds (Dages ani e al., 2024; Kim & Lyon, 2015). Thus, we pu o h he
subsequen hypo hesis:
Hypo hesis 2: GCP p omo es companies o adop g eenwashing.
2.2. Role o CSR in GCP and GI
CSR is a opic wi h a long his o y, and esea che s ha e been s udying i o close o 100
yea s (Be le, 1931; Dodd, 1932; F ede ick, 1960). This pape adop s Aguinis’ de ini ion o CSR
(Aguinis, 2011), which has also been widely accep ed by o he schola s (E. Rupp, 2011; Williams
& Aguile a, 2008): “con ex -speci ic o ganiza ional ac ions and policies ha ake in o accoun
s akeholde s’ expec a ions and he iple bo om line o economic, social, and en i onmen al
pe o mance.” As esea ch on CSR deepened, schola s began o conduc esea ch on CSR in
e ms o speci ic eal-wo ld issues (Belay e al., 2024; Peloza & Shang, 2011). In e ms o CSR
in he inno a ion o en e p ises, mos o he li e a u e concludes ha he e is a s ong link be-
ween CSR and co po a e GI and ha CSR leads o signi ican imp o emen s in GI (Hao & He,
2022; Fo cadell e al., 2021; Mbanyele e al., 2022; Xue e al., 2022; Yuan & Cao, 2022). Empi ical
s udies ha e ound ha CSR d i es he cons uc ion o i ms’ echnological esou ces, he eby
inc easing i ms’ echnological e o s, o R&D, and ou comes in p oduc and p ocess inno a-
ion. Fo cadell e al. (2021) conduc ed empi ical esea ch o examine he connec ion be ween
CSR and he abili y o small and medium-sized en e p ises (SMEs) o inno a e. They ga he ed
da a om a panel o 2,405 SMEs in Spain o e a span o eigh yea s. The esea ch disco -
e ed ha CSR p omo es he cons uc ion o echnological esou ces in i ms. CSR s eng hens
inno a ion in i ms and p omo es inno a ion in p e iously non-inno a i e i ms, wi h e ec s
ha pe sis o e ime (Fo cadell e al., 2021). In u he s udies, esea che s con i m ha CSR
ul ima ely imp o es he ma ke compe i i eness o companies by p omo ing GI and acqui ing
new co e echnologies (Padilla-Lozano & Collazzo, 2022). The ela ionship be ween CSR and
GI becomes e en s onge , especially when he go e nmen equi es businesses o publish
CSR- ela ed da a. In esponse, companies seek o emb ace s a egies ha p omo e GI in o de
o bols e hei CSR c eden ials (Mbanyele e al., 2022). The GCP has compelled na ional c edi
depa men s o in eg a e en i onmen al issues in o he s uc u e o co po a e c edi alloca ion
and o p o ide g ea e c edi esou ces owa ds g een ini ia i es. Ne e heless, he p esence
o in o ma ion asymme y in he capi al ma ke makes i challenging o accu a ely assess he
en i onmen al pe o mance o en e p ises. Consequen ly, en e p ises mus employ hei own
en i onmen ally esponsible ac ions as a means o signal hei c edi wo hiness o inancial
ins i u ions. Unde aking social esponsibili y and ansmi ing g een signals o he c edi de-
pa men a e conside ed he mos c ucial me hods in his ega d (Liao e al., 2024; Oikonomou
e al., 2014). To pu i ano he way, low CSR is a penal y, such as highe inancial cos s, while
high CSR is a ewa d, such as a good epu a ion and low capi al cos s.
The e o e, d awing om he a o emen ioned s udy, we pu up he subsequen hypo hesis:
Hypo hesis 3: CSR plays a media ing ole in he connec ion be ween GCP and GI.
Hypo hesis 4: CSR plays a mode a ing ole in he link be ween GCP and GI.
The abo e li e a u e e iew shows ha in he pas , he in luence o co po a e GI o g een-
washing was gene ally examined in e ms o some aspec o he in e nal o ex e nal ac o s
536 Z. Zhang. G een c edi policy, co po a e social esponsibili y and g een inno a ion
o he i m. Based on he pas li e a u e, we ha e cons uc ed a esea ch amewo k ha
in eg a es in e nal and ex e nal in luencing ac o s, as depic ed in Figu e 1.
Figu e 1. Theo e ical hypo hesis diag am
GCP is a inancial policy based on en i onmen al p o ec ion ha suppo s na ional o
egional en i onmen al p o ec ion unde akings om he pe spec i e o inance. GCP mainly
wo ks by in luencing en e p ises’ decisions ela ed o en i onmen al ma e s. Capi al is he
mos signi ican ac o ha a ec s en e p ises unde he GCP. In o de o ob ain loans om
banks, en e p ises a e bound o ca e o he GCP as much as possible. In o de o comply
wi h he GCP, he e a e wo main choices o en e p ises: one is o ca y ou GI ac i i ies in
acco dance wi h he go e nmen ’s equi emen s in a u h ul manne , and he o he is o
adop a g eenwashing policy, which does no ca y ou GI bu a he deco a es he compa-
ny’s da a o be in line wi h he GCP by means o in o ma ion asymme y. These wo policy
choices a e closely linked o he CSR o he en e p ise. The CSR enables en e p ises o make
decisions ha a e mo e in line wi h he ha monious de elopmen o human beings and he
en i onmen , a he han using in o ma ion asymme y o seek bank loans. CSR encou ages
companies o make decisions ha a e mo e in line wi h he ha monious de elopmen o
human beings and he en i onmen , a he han aking ad an age o in o ma ion asymme y
in o de o ob ain bank loans.
3. Me hodology, da a, and a iable de ini ion
3.1. Me hodology
The DID me hod is employed in his s udy o assess he in luence o GCP on en e p ises’
GI. The DID me hodology is sui able o he assessmen o policy e ec s o GCP, and some
s udies ha e p e iously used he DID me hodology o conduc GCP- ela ed esea ch (Li e al.,
2024; Peng e al., 2022; Hu e al., 2021; A. Zhang e al., 2022; Qin & Cao, 2022; Chen e al.,
2022). This esea ch examines a o al o 5,819 panels o Chinese lis ed businesses’ da a span-
ning om 2009 o 2021. Lis ed companies on he Shanghai S ock Exchange and Shenzhen
S ock Exchange a e used as esea ch samples. We di ide he sample i ms in o wo g oups,
HPEs is he ea men g oup and he o he is he con ol g oup, and y o analyze he policy
e ec s o GCP using he DID model. The u iliza ion o he p opensi y sco e ma ching (PSM)
echnique, as in oduced by Rosenbaum and Rubin (1983), is employed o ma ch samples in
o de o mi iga e he p esence o selec i e sample bias. This app oach ul ima ely enhances
Jou nal o Business Economics and Managemen , 2024, 25(3), 531–552 537
he dependabili y o he eg ession ou comes de i ed om he DID model. In he p ocess
o cons uc ing he empi ical model, we se up wo ypes o dummy a iables: (1) ea men
g oups and con ol g oups. Lis ed companies in hea ily pollu ing indus ies ake 1, o he s
ake 0, and (2) ime i ual a iable. The yea s 2012 and la e a e aken as 1, and he yea s
be o e 2012 a e aken as 0.
We ollowed he li e a u e (e.g., Gao & Wang 2021; Xing e al., 2019) o measu e en e p is-
es’ GI by he numbe o g een in en ion pa en s, and we cons uc ed Model 1 o es ima e he
impac o GCP on en e p ises’ GI and g eenwashing. We used model 2 o es he mode a ing
impac o CSR, and models 3 and 4 o es he media ing impac o CSR.
( )
= β +β × + +ξ +λ +ε
01
;inn
i i i i i i
G o G eenwashing T ea Pos Con ol
(1)
( )
=β +β × +β +β ×
× + +ξ +λ +ε
01 2 3
;
i i i i i
i i i i
Ginn o G eenwashing T ea Pos CSR T ea
Pos CSR Con ol
(2)
= β +β × + +ξ +λ +ε
01
;
i i i i i
CSR T ea Pos Con ol
(3)
=β +β × +β + +ξ +λ +ε
01 2 .
i i i i i i
Ginn T ea Pos CSR Con ol
, (4)
whe e
i
Ginn
is he deg ee o GI, i
G eenwashing
is he deg ee o g eenwashing,
i
T ea
is he ea men g oup dummy,
Pos
is he ime dummy, and i
Con ol
a e he con ol
a iables as shown in Table 1. We u he conside i m ixed e ec s and yea ixed e ec s,
and winso ize con inuous a iables a he 1s and 99 h pe cen iles. In model 3,
i
CSR
is
he deg ee o CSR.
3.2. Va iable de ini ion
The dependen a iable is he i m’s GI, o g eenwashing. We quan i ied he GI o i ms by
e alua ing hei use o GI pa en s
.( )
i
Ginn
G eenwashing e e s o a company’s a emp o
con use o exagge a e i s pe o mance in en i onmen al p o ec ion by making symbolic dis-
closu es in he en i onmen al disclosu e p ocess (Kim & Lyon, 2015; Walke & Wan, 2012). We
e e o He and Gan (2022) o cons uc e alua ion indexes o g eenwashing deg ee based
on en i onmen al in o ma ion disclosu e epo s o lis ed companies (He e al., 2022). The
speci ic app oach is as ollows: a o al o 20 disclosu e i ems in he en i onmen al epo ,
wi h 0 poin s o no disclosu e, 1 poin o desc ip i e disclosu e (no speci ic quan i y in he
disclosu e in o ma ion), and 2 poin s o quan i a i e disclosu e ( he e a e speci ic quan i ies
in he disclosu e in o ma ion). A e ob aining he speci ic sco es o lis ed companies, he
deg ee o g eenwashing is calcula ed by he ollowing o mula:
= −
1 ;
Numbe o disclosed i ems
SDS To al numbe o disclosed i ems
(5)
=
;
.
Numbe o symbolic disclosu e i ems
DDS To al numbe o disclosed i ems (6)
= ×
.
i
G eenwashing SDS DDS (7)
538 Z. Zhang. G een c edi policy, co po a e social esponsibili y and g een inno a ion
The a o emen ioned me hod u ilizes he ac onym SDS o ep esen he selec i e disclosu e
sco e, whe eby a highe sco e signi ies a heigh ened le el o selec i e disclosu e exhibi ed by
he o ganiza ion. The ac onym DDS ep esen s he Symbolic Disclosu e Sco e, which se es
as a me ic o measu ing he ex en o symbolic disclosu e unde aken by a co po a ion. A
highe sco e on he DDS implies a heigh ened le el o symbolic anspa ency exhibi ed by
he company. The e m “g eenwashing” is used o assess he ex en o g eenwashing, wi h a
highe sco e indica ing a mo e signi ican le el o g eenwashing.
The independen a iable is he in e ac ion e m among he dummy a iable o GCP im-
plemen a ion ime and he dummy a iable o he HPEs. In e ms o con ol a iables, ollow-
ing li e a u e (e.g., Gao & Wang, 2021; Xing e al., 2019; He e al., 2022), we exe cise con ol
o e a ange o a iables ha ha e he po en ial o impac he GI o o ganiza ions, including
e u n on asse s (Roa), liabili y a io (Le ), i m size (Lnsize), i m cash low le el (Cash), i m
g ow h (G o), equi y concen a ion (H1), and p opo ion o independen di ec o s (Inde).
Table 1. Va iable names and de ini ions
Va iable ype Va iable name Va iable symbol Va iable desc ip ion
Dependen
a iables
Deg ee o GI Ginn
The na u al loga i hm o he numbe o
g een in en ion pa en s applied o plus
one.
Deg ee o
g eenwashing G een washing I is calcula ed by he o mula (3)–(5).
Independen
a iable
The in e ac ion e m
be ween HPEs and
GCP ime.
T ea ×Pos
T ea is a dummy a iable o HPEs.
When he indus y whe e he en e p ise
is loca ed is a hea ily pollu ing indus y,
ake 1, o he wise ake 0. Pos is a dummy
a iable o he implemen a ion ime o
GCP, ake 1 in 2012 and a e , o he wise
ake 0.
Con ol
a iables
P o i abili y Roa Ne p o i di ided by o al asse s
Deb le el Le To al liabili ies di ided by o al asse s
En e p ise size Lnsize Na u al loga i hm o o al asse s
Cash low Cash Ne cash low om ope a ing ac i i ies
di ided by o al ope a ing e enue
G ow h G o Ope a ing income g ow h a e.
Concen a ion o
sha eholding H1 Sha eholding a io o he la ges
sha eholde
Pe cen age o
independen di ec o s Inde Numbe o independen di ec o s di ided
by o al numbe o boa d o di ec o s
In he empi ical model la e , we s udy Ginn and G eenwashing as dependen a iables,
espec i ely, o cla i y how GCP a ec s he wo and o dig ou he ole played by CSR in i .
3.3. Da a
We choose all publicly aded i ms in China as ou sample. Because, in o de o obse e he
e ec o GCP on esponden s’ GI, we need o analyze he di e ence be ween esponden s’ GI
be o e and a e he implemen a ion o GCP. Howe e , i he compa ison is only be o e and
a e he GCP, he e will be se ious e o s, because, as ime mo es, he ex e nal en i onmen
Jou nal o Business Economics and Managemen , 2024, 25(3), 531–552 545
=β +β × +β + +ξ +λ +ε
01 2
_ .
i i i i i i
Subs an i e inn T ea Pos Subsidies Con ol
(11)
The indings om analyzing he undamen al channels a e shown in Table 7. The a i-
ables o in e es in column (1) a e he inno a ion subsidies p o ided o en e p ises by he
go e nmen . The eg ession indings in column (1) indica e ha he eg ession coe icien s
o T ea ×Pos a e conside ably posi i e, sugges ing a conside able ise in go e nmen inno-
a ion subsidies o he HPEs. Ginn a e he dependen a iables in column (2). The eg ession
analysis in columns (2) e eals ha he eg ession coe icien s o subsidies exhibi a s a is i-
cally signi ican posi i e ela ionship, sugges ing ha go e nmen subsidies se e as a c ucial
mechanism o he p omo ion o GI by HPEs.
Table 7. Ve i ying he unde lying channel
Subsidies Ginn
(1) (2)
T ea ×Pos 1.638***
(0.007)
0.197***
(0.001)
Subsidies 0.004*
(0.089)
Con ol a iables Yes Yes
Cons an 1.682
(0.767)
-14.8699***
(0.000)
Yea FE Yes Yes
Fi m FE Yes Yes
No e: ***, **, * indica e signi ican a 1%, 5%, 10% con idence le el, and P alues in pa en heses.
In ecen yea s, he Chinese go e nmen has been paying mo e and mo e a en ion o
en i onmen al issues and has con inued o gi e subsidies o companies in o de o p omo e
inno a ion and change hei p e ious hea y eliance on esou ces and nega i e impac on
he en i onmen . Th ough he analysis o he unde lying channel abo e, we can make i clea
ha an impo an eason why Chinese i ms do no choose g eenwashing beha io unde he
GCP is ha he go e nmen is con inuously gi ing subsidies o i ms o GI, hus p omo ing
i ms o ul ima ely choose GI.
5. Robus ness es s
5.1. PSM-DID es
This esea ch used he PSM me hod and he DID app oach o e alua e he impac o GCP
on GI, wi h he aim o imp o ing he c edibili y o he esul s. Figu e 4 demons a es ha he
dispa i ies in a iables be ween he ea men and con ol g oups we e signi ican ly mi iga ed
wi h he implemen a ion o PSM. The igu es, speci ically Figu e 5 and Figu e 6, illus a e ha
he dis ibu ions o he ea men and con ol g oups exhibi a high deg ee o p oximi y o
one ano he a e using he PSM me hod. The esul s o he DID analysis ollowing PSM a e
p esen ed in Table 8. In he i s column, he eg ession coe icien o he in e ac ion e m
be ween T ea and Pos demons a es a s a is ically signi ican posi i e e ec . This sugges s
ha he implemen a ion o GCP has a majo impac on os e ing GI in i ms.
546 Z. Zhang. G een c edi policy, co po a e social esponsibili y and g een inno a ion
Figu e 4. Va iable di e ences be o e and a e ma ching
Figu e 5. Densi y o he ea men g oup and con ol g oup be o e ma ching
Figu e 6. Densi y o he ea men g oup and con ol g oup a e ma ching
By conduc ing a igo ous obus ness es , we es ablish ha CSR signi ican ly impac s en-
e p ises’ GI wi hin he GCP. Based on he empi ical indings, i can be in e ed ha CSR has
a bene icial impac on GCP. I encou ages companies o choose GI while discou aging hem
om engaging in decep i e g eenwashing p ac ices.
Jou nal o Business Economics and Managemen , 2024, 25(3), 531–552 547
5.2. Placebo es
In o de o be e accu a ely demons a e he impac o he GCP, we implemen ed a placebo
es . The - alue o he policy impac is de e mined by andomly picking businesses as he
ea men g oup and cycling hem 1,000 imes. This in o ma ion is shown in Figu e 7. Figu e
7 illus a es ha he - alue is mos ly cen e ed a ound 0. Howe e , in he ac ual scena io, he
- alue o he policy impac o GCP is 3.16, indica ing ha i s coe icien is no s a is ically
signi ican a he 95% con idence le el when i ms a e andomly alloca ed as he ea men
g oup. The e o e, i demons a es ha he p omo ion o GI in o ganiza ions has a angible
impac in he eal wo ld, and his impac is no only by chance.
Figu e 7. The esul o placebo es
Wi h he placebo es , we can see ha his posi i e e ec p oduced by GCP is no a co-
incidence o da a bu is ue in eal-li e si ua ions. This is because in andomly selec ed i ms,
a i icially assigning GCP did no yield signi ican esul s on GI.
Table 8. Reg ession esul s o PSM-DID
Ginn G eenwashing
(1) (2)
T ea ×Pos 0.150***
(0.002)
0.00121
(0.858)
CSR 0.00492
(0.211)
0.000313
(0.577)
T ea ×Pos ×CSR 0.0543***
(0.000)
-0.00134
(0.128)
Con ol Va iables Yes Yes
Cons an –14.61***
(0.000)
0.276***
(0.003)
Yea FE Yes Yes
Fi m FE Yes Yes
Obse a ions 5819 5819
No e: ***, **, * indica e signi ican a 1%, 5%, 10% con idence le el, and P alues in pa en heses.
548 Z. Zhang. G een c edi policy, co po a e social esponsibili y and g een inno a ion
6. Discussion
This esea ch used he PSM-DID app oach o in es iga e he co ela ion be ween GCP and
GI. In able 8, he eg ession coe icien o he in e ac ion e m be ween T ea and Pos is
0.15. This coe icien has a subs an ial and bene icial impac on he GI. By using he DID
echnique, he eg ession coe icien o T ea ×Pos inco po a es he 15% ise in GI esul ing
om he in luence o he GCP on he ea men g oup compa ed o he con ol g oup. The
eg ession coe icien o T ea ×Pos ×CSR in he DID model ep esen s he mode a ing e ec
o CSR. In Table 8, he eg ession coe icien o T ea ×Pos ×CSR is 0.0543, which means ha
he g ea e he CSR, he g ea e he e ec o GCP on GI. In model 3, he eg ession coe i-
cien o T ea ×Pos is 0.601, which means ha GCP has a signi ican posi i e e ec on he
CSR o en e p ises. In model 4, he eg ession coe icien o CSR is 0.019, which indica es
ha CSR has a posi i e impac on GI. The combined eg ession esul s o models 1, 3, and
4 imply ha GCP has an indi ec e ec on GI h ough CSR. The s udy’s esul s p o ide many
signi ican disco e ies. Ou esea ch demons a ed ha he in luence o GCP on en e p ises’
GI is limi ed by CSR.
Fi s , he indings sugges ha GCP does p omo e i ms’ GI a he han g eenwashing.
The decisions ha companies make in GI and g eenwashing a e in luenced by ac o s in e nal
and ex e nal o he company, and he decisions ha companies ul ima ely choose p oduce
long- e m bene i s o hem (He e al., 2022).
Second, ou indings also sugges ha he Po e hypo hesis is applicable in China. The
Po e hypo hesis sugges s ha when acing policy p essu e o en i onmen al egula ion,
en e p ises will choose o inc ease hei R&D in es men in pollu ion con ol echnology and
ene gy-sa ing echnology (Po e & Van de Linde, 1995). GCP could be pe cei ed as an en-
i onmen al egula o y policy ha equi es i ms o con ibu e o en i onmen al imp o emen
in o de o ob ain bank loans. En e p ises will s a egically p io i ize GI as a means o mi iga e
he po en ial ad e se e ec s o en i onmen al egula o y egula ions and p e en subs an ial
limi a ions on u u e inancing (Chen e al., 2022; Su e al., 2022; Zhang e al., 2022).
Thi d, among he ac o s ex e nal o he en e p ise, go e nmen subsidies a e a key ac o
in guiding companies o make he igh decisions. Companies a e o ced o adop g eenwash-
ing due o inancial p essu e as hey a e unable o ac i ely ca y ou GI ac i i ies h ough hei
own s eng hs as hei sho - e m unding sou ces a e mo e es ic ed due o GCP policies.
G een echnology inno a ion ela ed o en i onmen al p o ec ion has ex e nali ies and high
isks. The ini ial in es men in GI ac i i ies o highly pollu ing companies a exceeds he ben-
e i s hey ecei e. In e ms o ex e nali ies, GI by en e p ises will lead o an inc ease in o e all
social bene i s (Chenguang & Yong’an, 2014). The e o e, GI canno be accomplished en i ely
by ma ke o ces, especially a e he implemen a ion o GCP. The Chinese go e nmen has
u he comp essed he unding sou ces o highly pollu ing indus ies, which inhibi s hei
en husiasm o ca y ou GI ac i i ies. The e ec i e alignmen be ween GCP and inno a ion
subsidy policy can e ec i ely add ess he challenges aced by i ms. The inno a ion subsidy
policy, being a signi ican measu e implemen ed by he Chinese go e nmen , plays a c ucial
ole in p omo ing and incen i izing company inno a ion (Guan e al., 2019).
Ul ima ely, ou indings demons a ed a signi ican co ela ion be ween he in luence o
GCP on co po a e GI and CSR. Consis en wi h he indings o Hao and He (2022). CSR plays
a e y impo an ole in p omo ing subs an ial inno a ion in en e p ises and inhibi ing hem
om adop ing g eenwashing o ob ain unding. CSR, in conjunc ion wi h GCP, may signi i-
can ly enhance GI inside i ms.
Jou nal o Business Economics and Managemen , 2024, 25(3), 531–552 549
7. Conclusions and policy implica ions
We aimed o assess he in luence o GCP on he i m’s GI. In summa y, we es ed he impac
o ex e nal policies on i ms’ inno a i e beha io and iden i ied he mode a ing ole o i ms’
CSR on policy e ec s. The GI beha io o en e p ises is closely ela ed o ex e nal sys ems and
in e nal ac o s, and o p omo e he GI o en e p ises equi es join e o s om bo h in e nal
and ex e nal aspec s o en e p ises. The limi a ion o his s udy is ha ou indings apply only
o de eloping coun ies, and he g adual s eng hening o GCP e ec s o e ime ha we ind is
closely ela ed o he cha ac e is ics o de eloping coun ies. De eloping coun ies a e gene ally
weake in e ms o echnology, inance, and ha dwa e, and he ealiza ion o ans o ma ion,
upg ading, and GI will ake a long ime o de elop and accumula e. In de eloping coun ies,
go e nmen inno a ion subsidies a e an impo an mechanism o GCP o p omo e GI in en-
e p ises. GI is an impo an way o p omo e sus ainable de elopmen in de eloping coun ies.
As global clima e change and esou ce cons ain s in ensi y, GI has become a ocus o a en ion
o go e nmen s and businesses. By p omo ing GI, de eloping coun ies can educe en i on-
men al pollu ion and esou ce consump ion, imp o e economic e iciency and compe i i eness,
and also con ibu e o global en i onmen al p o ec ion. De eloping coun ies ha e a numbe
o p oblems and challenges in implemen ing GI and en i onmen al p o ec ion. This esea ch
o ou s p o ides new ideas o ac i a e he i ali y o GI in de eloping coun ies. To p omo e
sus ainable de elopmen in de eloping coun ies and con ibu e o global en i onmen al p o-
ec ion h ough he o mula ion o g een policies and he c ea ion o a co po a e CSR sys em.
Th ough he analysis and demons a ion o he co ela ion be ween GCP and co po-
a e GI, we may o mula e signi ican sugges ions. GCP implemen a ion di ec ly a ec s he
unding sou ces o companies, which can lead o hei inabili y o inno a e quickly enough
o adop g eenwashing in he sho e m. As a esul , he GCP will be much less e ec i e in
he ea ly yea s and no mee he go e nmen ’s expec a ions. Such policies a e expec ed o
p omo e GI by en e p ises, educe hei pollu ion, and hus p o ec he en i onmen . How-
e e , he policies hemsel es can a ec he unding sou ces o en e p ise inno a ion, so i
is ecommended ha en e p ises be gi en su icien ansi ion pe iods be o e implemen ing
such policies o allow hem enough ime o p epa e in ad ance so ha hey can success ully
comple e he s a egic shi when he policies a e implemen ed. When implemen ing GCP, he
go e nmen gi es companies a ansi ion pe iod o 3–5 yea s o a oid inancial di icul ies.
In o de o achie e he educ ion o en i onmen al pollu ion, we should s a om wi hin
he en e p ise, and we will ge be e esul s i we imp o e he CSR in China. China is s ill a
de eloping coun y. Thi y yea s ago, China began o e o m and open, ansi ioning om a
planned economy sys em o a ma ke economy sys em. Fo a long ime, China emphasized
apid economic de elopmen and neglec ed co po a e CSR. As China’s economic le el ises, i
has begun o imp o e co po a e CSR, which is conduci e o he g een ans o ma ion o he
economy and en i onmen al p o ec ion. China’s ma ke economy sys em is no ye ma u e,
and CSR canno be o med by en ep eneu s hemsel es. The go e nmen plays a leading
ole in he de elopmen o he ma ke economy, and he go e nmen should ac i ely guide
en e p ises o build good CSR. Th ough he imp o emen o he suppo ing sys em and CSR,
en e p ises can be p e en ed om adop ing g eenwashing as much as possible.
Wi h ega ds o limi a ions and u u e esea ch, i is impo an o no e ha ou s udy
p ima ily ocused on China as a case s udy. To ge a mo e comp ehensi e unde s anding
o he impac o GCP on co po a e GI, i would be bene icial o alida e ou indings ac oss
o he na ions.
550 Z. Zhang. G een c edi policy, co po a e social esponsibili y and g een inno a ion
Fo u u e esea ch, he scope o he s udy could be expanded o include se e al ca e-
go ies o coun ies, bo h de eloped and de eloping. The ela ionship be ween CSR and GI
can be u he e ined in e ms o he ins i u ional and cul u al con ex o he coun y o
con ibu e o he sus ainable de elopmen o mankind.
Funding
Funde : FJ2021B169, Fujian P o incial Fede a ion o Social Sciences, China. URL websi e:
h ps://www. jskl.o g.cn/. The unde s had no ole in s udy design, da a collec ion and anal-
ysis, decision o publish, o p epa a ion o he manusc ip .
Disclosu e s a emen
The au ho decla es ha he has no known compe ing inancial in e es s o pe sonal ela ion-
ships ha could ha e appea ed o in luence he wo k epo ed in his pape .
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