| Nowadays,environmental pollution in China is becoming more and more serious.Corporate behavior is one of the important sources of environmental pollution.And the eco-innovation of enterprises is the key to solve the contradiction between economic development and environmental protection.However,the research on whether enterprise eco-innovation can bring economic performance and firm value improvement to enterprises has not been concluded.In this paper,we collect panel data of Chinese listed manufacturing enterprises and institute index of the provinces from 2010 to 2015.We build the theoretical model to find how eco-product innovation and process innovation affect firm value under the influence of institution.Our research indicates that,the innovation of enterprise eco-products and process innovation have a negative impact on its firm value in the current Chinese context.Because based on the resource-based view,enterprise's investment on eco-innovation is highly risky and uncertain.It will also reduce its investment in the core competitive advantage.Moreover,while the investors in China are usually short-sighted,the short-term returns of corporates' investment on eco-innovations are usually low.So the investors are indifferent to “green” companies in China.Therefore,investors will reduce the investment in companies with eco-innovation,and eco-innovation will damage the market value of companies.Furthermore,taking further consideration of the institutional environment,this paper finds that under the influence of the institutional environment,the enterprise's ecological innovation investment can obtain better returns.So that the enterprise can obtain the environmental protection responsibility and at the same time improve its firm value.Among them,environmental regulation has a positive moderation effect on the relationship between firm value and process eco-innovation.Public environmental awareness has a positive moderation effect on the relationship between firm value and production eco-innovation.The pressure of environmental protection organizations has a positive moderation effect on the relationship between firm value and process eco-innovation.In theory,this article enriches the ecological innovation research.And based on the characteristics of eco-innovation and the former institution theory research,the institution environment of ecology innovation can be divided into formal institutional environment(environmental regulation intensity)and informal institutional environment(the public environmental awareness and the pressure of environmental agency).We bridge between the theory of eco-innovation and institutional theory.In practice,this article provides the decision-making basis and suggestions for government environmental management decision. |
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