The Influencing Of Interaction Between Corporate Environmental Responsibility And Technological Base On Firm Value

Since the 18 th National Congress of the Communist Party of China,the Central Committee of the Communist Party of China grasps the general trend of global development and proposes the concept of innovative,coordinated,green,open and shared development to lead China to solve the problems during the development,cultivate the advantages of the development and achieve the high-quality development.Innovative development and green development complement each other and interact with each other during the reform of the economic development.As the micro and main entities in the market economy,firms play an important role in the high-quality development and they have to insist on both the innovative and green development.To fulfill the real increase of firm value,the technological base of firms provides a base for the undertake of corporate environmental responsibility,while corporate environmental responsibility guides the accumulation of technological base.Therefore,how to improve firm value through corporate environmental responsibility and technological base becomes a focus in both academia and practice.Under this background,this research aims to explore the influencing mechanism of the interaction between corporate environmental responsibility and technological base on firm value.On the basis of knowledge-based view,this research analyzes the influencing mechanism of the interaction between corporate environmental responsibility and technological base on firm value from the perspective of technology.Specifically,this research aims to figure out the influence of the interaction between corporate environmental responsibility and technological base on firm value,the mediation effects of technological recombination reuse and technological recombination creation in the relationship,the moderating roles of technological diversity,technological maturity and technology management and the time effect of the influence of the interaction between corporate environmental responsibility and technological base on firm value.By using the data of firms listed on Shanghai and Shenzhen Stock Exchanges in China and adopting the regression analysis,this research finds out: the interaction between corporate environmental responsibility and technological base has a positive effect on firm value;both technological recombination reuse and technological recombination creation mediate the relationship between n the interaction of corporate environmental responsibility and technological base and firm value;technological diversity has a negative moderating effect on the relationship between the interaction of corporate environmental responsibility and technological base and technological recombination reuse;technological maturity has a positive moderating effect on the relationship between the interaction of corporate environmental responsibility and technological base and technological recombination reuse;technological diversity has a positive moderating effect on the relationship between the interaction of corporate environmental responsibility and technological base and technological recombination creation;technological maturity has a negative moderating effect on the relationship between the interaction of corporate environmental responsibility and technological base and technological recombination creation;both technological diversity and technological maturity have a positive effect on the relationship between technological recombination reuse and firm value;both technological diversity and technological maturity have a positive effect on the relationship between technological recombination creation and firm value;technology management weakens the negative moderating effects of technological diversity and technological maturity;and technology management strengthens the positive moderating effects of technological diversity and technological maturity.By constructing the system dynamic models of the interaction between corporate environmental responsibility and technological base influencing firm value and simulating the models,this research finds out: under the influence of the interaction between corporate environmental responsibility and technological base,the developing mode of firm value performs as the approximate exponential mode with time;the higher the interaction between corporate environmental responsibility and technological base is,the more exponential growth the development of firm value looks like;and after the interaction between corporate environmental responsibility and technological base achieves a certain threshold,the development of firm value performs as an exponential growth.By selecting Zijin Mining Group as the subject of case study,this research conducts case study to test the findings and proposes the managerial implications of enhancing the interaction between corporate environmental responsibility and technological base,focusing on technological recombination,paying attention to the development the characteristics of technological base and constructing technology management capability based on the findings.Overall,this research reveals the direct impact of the interaction between corporate environmental responsibility and technological base on firm value,the influencing paths of the interaction between corporate environmental responsibility and technological base on firm value,the boundary conditions of the impact of the interaction between corporate environmental responsibility and technological base on firm value and the time effects of the impact of the interaction between corporate environmental responsibility and technological base on firm value and thus broadens the application of knowledge-based view in the area of corporate environmental responsibility,deepens the understanding of the effects of corporate environmental responsibility and technological base and provides new lights into the research on corporate environmental responsibility and technological base,which could also guide firms to undertake corporate environmental responsibility,cultivate technological base and improve firm value under the background of high-quality development.