| New ventures are considered to be an important basis for stimulating the vitality of the market economy and realizing the sustainable development.Green innovation activities of new ventures take into account the economic and social benefits,and help to stimulate the competitive atmosphere of green technologies in the market and promote the low-carbon and green transformation of the economy and society.Existing studies focus on the innovation of large and mature enterprises,and pay insufficient attention to the innovation decision-making of new ventures,especially the green innovation behavior.For new ventures,their own resources,access to the technology and market information is relatively limited,research and development infrastructure configuration and innovation risk bearing capacity is also obviously insufficient,so related enterprises need to actively through social contact to obtain all kinds of rare resources and external environment information,and also need to strengthen cooperation with enterprise upstream and downstream members to promote knowledge sharing,technology spillover and innovation risk taking,thus guarantee enterprise green research and development activities.Chief Executive Officer(CEO),as a strategic leader,is the decision maker and the final executor of the enterprise.And as the "bridge" between enterprises and external organizations and individuals,CEO’s social network plays an important in obtain new and valuable strategic information and resources.Besides,it is also an important basis for its personal authority shaping and resource allocation ability improvement.To sum up,social capital embedded in CEO’s social network profoundly influences the CEO’s willingness to green innovation and resource resources,and then imposing an important impact on the green innovation of enterprises.Therefore,based on the specific background of Chinese relationship culture and transformation economy,combined with the social capital theory and legitimacy theory,the influence mechanism and potential constraints of CEO social capital on the green innovation of new enterprises are carefully analyzed,and the relevant theoretical framework is constructed.On this basis,we collected the data of companies listed on Small and Medium enterprise Board(SME)and Growth Enterprise Board(GEM)from 2011 to 2021,analyzed the effect of CEO social capital on the green innovation output of the external environmental factors(the governance pressure of local government)and internal governance factors(the directors authority).(1)The research results show that there is a significant positive correlation between CEO social capital and green innovation of new enterprises,that is,the improvement of CEO social capital can increase the output level of green innovation of new enterprises.(2)The results of moderating effect have find that the directors authority(POWER)strengthens the positive influence of CEO social capital on the green innovation of new enterprises,that is,with the improvement of the power of the board,the CEO social capital has the better incentive effect on green innovation output;and on the contrary,the environmental governance pressure of local governments(EGP)alleviates the positive influence of CEO social capital on enterprise green innovation,which restricts the green innovation incentive effect of CEO social capital.(3)Besides,the heterogeneity analysis found that,In the secondary index of CEO social capital,the horizontal relationship and social reputation have a stronger incentive effect on green innovation than the vertical relationship.Moreover,the relationship between POWER and the EGP of local governments has no significant impact on the vertical relationship and the green innovation of new enterprises;Compared with traditional industries,the CEO social capital has played a stronger role in promoting the green innovation output of enterprises in the high-tech industry sample,and the positive moderating effect of POWER is only verified in the high-tech industry sample;Regional heterogeneity analysis found that,except for the west region sample,the green innovation effect of CEO social capital in the other five regions was all significant.This paper from the perspective of the CEO of social capital,the CEO of social capital analyzes the influence of enterprise green innovation and utility boundary conditions,is the social capital theory in the field of enterprise economic effect,at the same time focus on new enterprise green innovation activities,enrich the content of new enterprise sustainable development research.This study helps enterprises to better improve the cultivation of social capital,fully mobilize internal and external resources,information and timely adjust enterprise environmental strategy,and then provide valuable reference for enterprises to rationally allocate resources to achieve stable development. |
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