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The Power of Policy: Market-oriented Environmental Regulation and Green Transformation of Firms

Published online by Cambridge University Press:  27 August 2025

Xuejiao Ma ,
Xiaojun Ma ,
Yanzhi Zhao  and
Wen Qin Open the ORCID record for Wen Qin [Opens in a new window]
Xuejiao Ma
Affiliation:
Dalian University of Technology, China
Xiaojun Ma
Affiliation:
Dongbei University of Finance and Economics, China
Yanzhi Zhao
Affiliation:
Dongbei University of Finance and Economics, China Shenyang University, China
Wen Qin*
Affiliation:
Dongbei University of Finance and Economics, China
*
Corresponding author: Wen Qin (qinwen412@163.com)
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Abstract

With the goal of achieving carbon neutrality, the green transformation of manufacturing firms has become a major trend, and exploring its influencing factors is of great practical significance. This study examines whether the carbon emissions trading policy can promote firms’ green transformation by analyzing its characteristics through both institutional pressures and incentives. Using a fixed-effects panel data model and data from Chinese A-share listed manufacturing firms during 2010 and 2020, the basic empirical results confirm their positive relationship. We further examine the moderating roles of both external institutional environments and internal resources. The results suggest that, as external moderators, regions with high public environmental attention and government subsidies can amplify the positive impact. Internally, for firms with executives who have environmental experience, the carbon emissions trading policy has a greater impact on their green transformation, while higher resource slack plays the opposite role. Additional analyses suggest that, in the short term, this policy may hinder the green transformation of firms in adjacent regions and potentially lead to economic losses for the pilot firms.

摘要

摘要

在碳中和目标背景下, 制造型企业的绿色转型已成为重要趋势, 探究其影响因素具有重要的现实意义。本文从制度压力与制度激励的双重视角出发, 分析碳排放权交易政策能否推动企业绿色转型。基于2010年至2020年中国A股上市制造业企业的面板数据, 本文采用固定效应模型进行实证研究, 发现碳排放权交易政策能够有效推动企业绿色转型。同时, 外部制度环境与内部资源在政策效应中均发挥了调节作用。外部层面, 公众环境关注度高的地区及获政府补贴多的企业受政策正向影响更强; 内部层面, 高管环境经验增强政策效果, 而资源冗余则产生相反作用。进一步分析表明, 短期内该政策可能抑制相邻地区企业绿色转型, 并导致试点企业的经济效益受损。

Keywords

carbon emissions trading policygreen transformationinstitutional environmentinstitutional theorymanufacturing firms碳排放权交易政策绿色转型制度环境制度理论制造企业

Information

Type
Article
Information
Management and Organization Review , Volume 21 , Issue 5 , October 2025 , pp. 943 - 973
Copyright
© The Author(s), 2025. Published by Cambridge University Press on behalf of International Association for Chinese Management Research.

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