Journal
INTERNATIONAL JOURNAL OF ENVIRONMENTAL RESEARCH AND PUBLIC HEALTH
Volume 18, Issue 18, Pages -Publisher
MDPI
DOI: 10.3390/ijerph18189503
Keywords
environmental regulation; green innovation; economic policy uncertainty; moderating effect
Funding
- 2019 Fundamental Research Funds for the Central Universities [2019WP06]
- 2018 The National Social Science Fund of China [18FGL019]
- 2018 Ministry of Education Humanities and Social Sciences Research Planning Fund [18YJA790070]
- Jiangsu Social Science Excellence Grant Project [Su Ban Fa [2018] 43]
- 2020 The National Innovation and Entrepreneurship Training Program for College Students [202010290066Z]
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This paper explores the impact of heterogeneous environmental regulations on firms' green innovation with economic policy uncertainty as a moderating variable. The findings suggest a U-shaped relationship between market-based environmental regulations and innovation output, while voluntary environmental regulations have a significant positive impact on innovation. Economic policy uncertainty plays a negative moderating role in the relationship between voluntary-based environmental regulations and innovation output.
As the continuous changes in environmental regulations have a non-negligible impact on the innovation activities of micro subjects, and economic policy uncertainty has become one of the important influencing factors to be considered in the development of enterprises. Therefore, based on the panel data of Chinese high-tech enterprises from 2012-2017, this paper explores the impact of heterogeneous environmental regulations on firms' green innovation from the perspective of economic policy uncertainty as a moderating variable. The empirical results show that, first, market-incentivized environmental regulation instruments have an inverted U-shaped relationship with innovation output, while voluntary environmental regulation produces a significant positive impact. Second, the U-shaped relationship between market-based environmental regulation and innovation output becomes more pronounced when economic policy uncertainty is high. However, it plays a negative moderating role in regulating the relationship between voluntary-based environmental regulation and innovation output. This paper not only illustrates the process of technological innovation by revealing the intrinsic mechanism of environmental regulation on firm innovation, but also provides insights for government in environmental governance from the perspective of economic policy uncertainty as well.
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