组织资本、利益相关者压力与企业绿色创新

Organizational capital,stakeholder pressure and green innovation of enterprises

随着社会公众的环保意识日益增强,特别是不同利益相关者对企业环境战略和绿色发展提出了不同要求,企业能否利用自身优势实现绿色转型是一个重要研究课题。据此,文章以2011—2019年中国A股上市公司为研究对象,讨论了组织资本对企业绿色创新的影响。研究发现:组织资本有助于提升企业绿色创新能力。考虑利益相关者压力的检验发现,投资者关注压力增强了组织资本对企业绿色创新的促进作用,环境规制压力削弱了组织资本对企业绿色创新的促进作用。进一步分析还发现,组织资本能够通过促进企业绿色创新来提升企业可持续发展绩效。本研究丰富了企业绿色创新影响因素及组织资本经济后果的相关文献,对于如何引导企业提升可持续性竞争力,实现“双碳”战略背景下的上市公司高质量发展具有重要的启示意义。

Corporate green innovation means the innovative behavior of production processes,new products and management models,with the aim of reducing environmental pollution and improving energy efficiency,and subsequently reducing the environmental risks of enterprises.The green technology innovation of Chinese enterprises is firstly influenced by environmental regulation.In the process of promoting the high-quality development of regional economy,local governments will promote the green transformation of local enterprises by means of environmental regulations,industrial guidance and green credit guidance.In addition,different stakeholders such as consumers,suppliers,employees and investors will also have an impact on the company′s environmental policies.The level of corporate governance and the characteristics of senior executives are also important factors affecting the green innovation decisions of enterprises.However,the above studies have not explored the role of the unique and irreplaceable organizational capital owned by enterprises.Organizational capital is not only embodied in important executives and employees and their social networks,but also rooted in organizational systems and production processes.Existing literature generally believes that organizational capital has a positive impact on firm value and firm behavior,but there are few studies examining the impact of organizational capital on firm sustainability.Therefore,this paper linked the organizational capital of Chinese listed companies with the green innovation behavior of enterprises,analyzed the motivation and economic consequences of the green innovation behavior of enterprises under the Chinese context,and then actively explored the formation of organizational capital conducive to enterprises,so as to provide new ideas for improving the sustainable development ability of Chinese listed companies.This paper examined the effect of testing the organizational capital of Chinese listed companies on corporate green innovation by measuring corporate green innovation behavior from two perspectives:substantive green innovation and strategic green innovation,and measured the corporate organizational capital in terms of the growth rates of selling expenses and administrative expenses from 2011-2019.The results of the benchmark regression found that higher levels of firm organizational capital significantly enhanced their green innovation capabilities.Based on organizational legitimacy theory,we also examined the heterogeneous effects of organizational capital on corporate green innovation under stakeholder pressure.We found that investor concern pressure enhances the positive influence of organizational capital on corporate green innovation,while environmental regulation pressure weakens the positive influence of organizational capital on corporate green innovation.Further tests of economic consequences also found that organizational capital enhances the financial and environmental social performance of firms by promoting their green innovation capabilities.Compared with the existing literature,the marginal contributions of this paper are:(1)it enriched the literature on the economic consequences of organizational capital by examining its impact on firm green innovation strategies.While a larger literature has examined the impact of organizational capital on firms′investment and financing policies,few studies have focused on how organizational capital drives firms′green transformation.(2)It enriched the literature related to the factors influencing corporate green innovation and sustainability strategies,focusing on the impact of organizational capital on green innovation and provides a different research perspective for green innovation research.(3)It examined the moderating effects of external investor concern pressure and environmental regulation pressure on organizational capital influencing corporate green innovation,and revealed whether corporate organizational capital enhances its sustainable development performance through green innovation,and the boundary conditions and economic consequences of organizational capital acting on green innovation.It provided a theoretical basis for Chinese enterprises to make and implement green investment decisions.This paper will provide some practical insights for tapping the organizational capital capabilities of enterprises to achieve high-quality development of Chinese listed companies.At present,China is in the critical period of implementing innovation-driven development strategy,the role of enterprises′own resource endowments in influencing managers′business decisions and resource allocation efficiency should be highly valued,and listed companies should be continuously stimulated to actively engage in green upgrading to achieve high-quality development.Firstly,corporate organizational capital provides a resource base for corporate development,and this resource base is critical for companies to gain sustainable competitive advantage.This requires listed companies to actively build organizational capital capabilities,which in turn can better serve corporate green innovation.Secondly,Chinese listed companies should actively respond to the concerns of corporate investors and stakeholders about corporate business decisions and development directions,transform the pressure of external investors′concerns into incentive effects for corporate managers,raise managers′awareness of green innovation,and maximize the role of organizational capital as a driver of green innovation.Finally,listed companies should grasp the market development opportunities and timely transform the enterprise green innovation patents into the environmental social performance and financial performance of the enterprise,and finally realize the sustainable development of the enterprise.