The Impact of Red Culture on Corporate Green Innovation: The Moderating Role of the Degree of Marketization and the Level of Clean Politics
DOI:
https://doi.org/10.54097/f32raa20Keywords:
Red culture, Degree of marketization, Clean politics, Corporate green innovation, Informal institutions.Abstract
This study analyzed 29,630 A-share listed companies from China’s Shanghai and Shenzhen stock exchanges between 2010 and 2021, using data from 20 national 5A red scenic spots. The OLS regression revealed that a strong red cultural atmosphere and a culture-cognition orientation significantly foster corporate green innovation. However, in areas with a high degree of marketization, improvements in formal systems weaken the positive impact of the red culture. Conversely, in regions with high levels of clean politics, red culture functions as an implicit contract thus enhancing the effectiveness of formal systems in promoting corporate green innovation.
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