Low-Carbon City Pilot Policy and Corporate Green Innovation: Evidence from Chinese Listed Firms
低炭素都市パイロット政策と企業のグリーンイノベーション：中国上場企業からの証拠 (AI 翻訳)
Yannan Geng, Dashan Liu, Chunhua Cai, Zixi Zhang, X Huang
🤖 gxceed AI 要約
日本語
本研究は、中国の低炭素都市パイロット政策が企業のグリーンイノベーションに与える影響を、2007年から2023年の中国A株上場企業のパネルデータを用いて検証した。差の差分析の結果、政策は実質的・戦略的両方のグリーンイノベーションを促進し、長期機関投資家が効果を強化する一方、短期機関投資家は弱めることを発見した。政策効果は経営陣の環境・低炭素問題への注目度を高めることで生じる。
English
Using a staggered difference-in-differences model on Chinese listed firms from 2007-2023, this study finds that China's Low-Carbon City Pilot policy significantly promotes both substantive and strategic green innovation. The positive effect is strengthened by long-term institutional investors but weakened by short-term ones, operating through increased managerial attention to environmental issues.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
中国の環境政策の効果を実証した本論文は、日本のグリーン成長戦略や自治体の低炭素施策の設計にも示唆を与える。特に、機関投資家の時間的志向が政策効果を左右する点は、ESG投資の普及における重要な考慮事項である。
In the global GX context
This paper provides robust empirical evidence on how city-level climate policies drive corporate green innovation, offering insights for global policymakers designing similar programs. The role of investor time horizon highlights the need to align capital market incentives with environmental policy goals.
👥 読者別の含意
🔬研究者:This study advances the literature by demonstrating the moderating role of institutional investors' time orientation on the policy-innovation link, contributing to institutional logic and attention-based views.
🏢実務担当者:Corporate sustainability teams can leverage findings that long-term oriented investors amplify the benefits of low-carbon policies, informing investor relations and innovation strategy.
🏛政策担当者:Policymakers should consider the composition of institutional investors when designing green innovation incentives, as short-termism may dampen policy effectiveness.
📄 Abstract（原文）
Environmental policies play an important role in promoting corporate green innovation, yet existing studies often treat such policies as a single exogenous shock and pay limited attention to the institutional context in which firms respond. Using the Low-Carbon City Pilot (LCCP) policy in China as a quasi-natural experiment, this study examines how environmental policies influence corporate green innovation. Based on panel data of Chinese A-share listed firms from 2007 to 2023, a staggered difference-in-differences model is employed to identify the policy effect. The results show that the LCCP policy significantly promotes corporate green innovation and stimulates both substantive and strategic green innovation. From the perspective of institutional logics, capital market time orientation plays an important moderating role: long-term institutional investors strengthen the positive policy effect, while short-term institutional investors weaken it. Mechanism tests further show that the policy promotes green innovation mainly by increasing managerial attention to environmental and low-carbon issues, while its effect on temporal attention allocation is not significant. These findings highlight the importance of institutional contexts and managerial attention in shaping firms’ strategic responses to environmental policies and provide new empirical evidence on how environmental governance policies influence corporate green innovation.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.3390/su18115464first seen 2026-06-04 04:57:30
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