中文摘要
本研究表明,在严苛的环境监管压力下,竞争会推动企业创新。利用美国各县的"未达标"(nonattainment)状态作为监管外生变化的来源,我们发现,竞争会刺激绿色创新,因为企业会对更严格的政策作出回应。当企业身处污染密集型行业、面临较高的搬迁成本且拥有较强的创新历史时,其在清洁技术方面进行创新的动机尤为强烈。监管驱动的绿色创新使企业能够实现产品差异化,提升其环境、社会与治理(ESG)声誉,并吸引更多企业客户,从而带来更高的销售增长、更大的市场份额和盈利能力的改善,尽管估值未必更高。在竞争性环境中,更严格的监管不仅能遏制污染,还能成为可持续长期创新的催化剂。这些发现强调了环境监管在促进可持续实践和运营效益方面的关键作用,凸显了精心设计的政策对于推动长期经济与环境进步的重要性。本文由Bo Becker(金融)录用。补充材料:在线附录与数据文件可通过 https://doi.org/10.1287/mnsc.2023.00600 获取。
Abstract
This study shows that competition drives corporate innovation under intense environmental regulatory pressure. Using the nonattainment status of U.S. counties as an exogenous variation in regulation, we find that competition spurs green innovation as firms respond to stricter policies. Firms are particularly motivated to innovate in clean technology when operating in pollution-intensive industries, facing high relocation costs, and possessing a strong history of innovation. Regulation-driven green innovation allows firms to differentiate their products, enhance their environmental, social, and governance (ESG) reputation, and attract more corporate customers, leading to higher sales growth, increased market share, and improved profitability, although not necessarily higher valuation. Stricter regulations in competitive environments not only curb pollution but also serve as a catalyst for sustainable long-term innovation. These findings emphasize the vital role of environmental regulations in promoting sustainable practices and operational benefits, underscoring the importance of well-designed policies to drive long-term economic and environmental progress. This paper was accepted by Bo Becker, finance. Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2023.00600 .