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A literature review of corporate green innovation behavior from the perspective of peer effect and prospect: An integrated theoretical framework

  • School of Management, University of Science and Technology of China, Hefei 230026, China

Cite this:
https://doi.org/10.52396/JUST-2021-0048
  • Received Date: 08 February 2021
  • Rev Recd Date: 08 March 2021
  • Publish Date: 31 March 2021
    Abstract

  • Abstract

    How to promote the change of the development mode through corporate green innovations, to realize the balance between economic and social development and environmental quality is an urgent and important research topic.In this sense, the empirical test of the corporate green innovation behaviors is not only among the key interests of academics, but also has strong policy implications. Different from the previous research on it, this paper attempts to start from the new research perspective of peer effects, uses the research history of corporate green innovation behaviors as an entry point, systematically sorts out and analyzes the influencing factors, the mechanism and peer evolution that affect the corporate green innovation behavior.On the basis of this, an integrated theoretical framework is established, and some certain reference for the development of relevant research on corporate green innovation behaviors has been provided.This paper aims to broaden the research perspective of corporate green innovation behaviors, enrich and improve corporate green innovation theories and methods. The research results will help reveal the “black box” of green innovation activities, and provide government guidance for the diffusion of green innovations.

    Abstract

    How to promote the change of the development mode through corporate green innovations, to realize the balance between economic and social development and environmental quality is an urgent and important research topic.In this sense, the empirical test of the corporate green innovation behaviors is not only among the key interests of academics, but also has strong policy implications. Different from the previous research on it, this paper attempts to start from the new research perspective of peer effects, uses the research history of corporate green innovation behaviors as an entry point, systematically sorts out and analyzes the influencing factors, the mechanism and peer evolution that affect the corporate green innovation behavior.On the basis of this, an integrated theoretical framework is established, and some certain reference for the development of relevant research on corporate green innovation behaviors has been provided.This paper aims to broaden the research perspective of corporate green innovation behaviors, enrich and improve corporate green innovation theories and methods. The research results will help reveal the “black box” of green innovation activities, and provide government guidance for the diffusion of green innovations.
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    • References(86)
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    [1]
    Ren S, Li X, Yuan B, et al. The effects of three types of environmental regulation on eco-efficiency: A cross-region analysis in China. Journal of Cleaner Production, 2018, 173(2): 245-255.
    [2]
    Berrone P, Fosfuri A, Gelabert L, et al. Necessity as the mother of ‘green’ inventions: Institutional pressures and environmental innovations. Strategic Management Journal, 2013, 34(8): 891-909.
    [3]
    Xu J, Guan J, Yan L. Institutional pressures, top managers’ environmental awareness and environmental innovation practices: An institutional theory and upper echelons theory perspective. Management Review, 2017, 29(9): 72-83. (in Chinese)
    [4]
    Zhang G, Zhang X J. Review and prospect of green innovation research in foreign countries. Foreign Economic and Management, 2011, 33(8): 25-32. (in Chinese)
    [5]
    Li X. Review and prospect of green innovation related research. Research and Development Management, 2015, 27 (2): 1-11. (in Chinese)
    [6]
    Karakaya E, Hidalgo A, Nuur C. Diffusion of eco-innovations: A review. Renewable and Sustainable Energy Reviews, 2014, 33(2): 392-399.
    [7]
    Cheng C C J, Yang C L, Sheu C. The link between eco-innovation and business performance: a Taiwanese industry context. Journal of Cleaner Production, 2014, 64: 81-90.
    [8]
    Triguero A, Moreno-Mondéjar L, Davia M A. Drivers of different types of eco-innovation in European SMEs. Ecological Economics, 2013, 92(92): 25-33.
    [9]
    WANG J R, ZHANG Y. Environmental regulation, green technological innovative intention and green technological innovative behavior. Studies in Science of Science, 2018, 36(2): 352-360. (in Chinese)
    [10]
    Dixon-Fowler H R, Slater D J, Johnson J L, et al. Beyond “does it pay to be green?” A meta-analysis of moderators of the CEP-CFP relationship. Journal of Business Ethics, 2013, 112(2): 353-366.
    [11]
    Li J Y, Zhang G, Xie L N. Environmental knowledge learning, green innovation behavior and environmental performance. Science & Technology Progress and Policy, 2019, 36(15): 122-128. (in Chinese)
    [12]
    Wan L, Liang C, Jing R. Industry peer effect in M&A decisions of China’s listed companies. Nankai Business Review, 2016, 19(3): 40-50. (in Chinese)
    [13]
    Zhong T, Zhang T. “Peer effects” in capital structure decision of Chinese firms: Empirical investigation based on Chinese A-share listed firms. Nankai Business Review International, 2018, 20(2): 58-70. (in Chinese)
    [14]
    Zheng F T, Liang X J. The new progress of peer effects theory. Economic Perspectives, 2007(2): 69-73. (in Chinese)
    [15]
    Dessaint O, Foucault T, Frésard L, et al. Noisy stock prices and corporate investment. The Review of Financial Studies, 2019, 32(7): 2625-2672.
    [16]
    Leaey M T, Roberts M R. Do peer firms affect corporate financial policy? Journal of Finance, 2014, 69(1): 139-178.
    [17]
    Lu R, Wang C, Deng M M. “Peer effect” in capital structure of China’s listed firms. Economic Management, 2017, 39(1): 181-194. (in Chinese)
    [18]
    Husted B W, Jamali D, Saffar W. Near and dear? The role of location in CSR engagement. Strategic Management Journal, 2015, 37(10): 2050-2070.
    [19]
    Cao J, Liang H, Zhan X. Peer effects of corporate social responsibility. Social Science Electronic Publishing, 2016, 65(12): 5449-5956.
    [20]
    Parsons C A, Sulaeman J, Titman S. The geography of financial misconduct. Journal of Finance, 2018, 73(5): 2087-2137.
    [21]
    Li X. Analysis and outlook of the related researches on green innovation. R&D Management, 2015, 27(2): 1-11. (in Chinese)
    [22]
    Dubey R, Gunasekaranb A, Ali S S. Exploring the relationship between leadership, operational practices, institutional pressures and environmental performance: A framework for green supply chain. International Journal of Production Economics, 2015, 160: 120-132.
    [23]
    Peng X R, Wei J. Stakeholders’ environmental orientation and eco-innovation: The moderating role of top managers’ environmental awareness. Studies in Science of Science, 2015, 33(7): 1109-1120. (in Chinese)
    [24]
    Schaefer A. Contrasting institutional and performance accounts of environmental management systems: Three case studies in the UK Water & Sewerage Industry. Journal of Management Studies, 2010, 44(4): 506-535.
    [25]
    Fong C M. The impact of green learning orientation on proactive environmental innovation capability and firm performance. African Journal of Business Management, 2012, 6(3): 397-401.
    [26]
    Marchi V D. Environmental innovation and R&D cooperation: Empirical evidence from Spanish manufacturing firms. Research Policy, 2012, 41(3): 614-623.
    [27]
    Zhang B, Wang Z H, Lai K H. Mediating effect of managers’ environmental concern: Bridge between external pressures and firms’ practices of energy conservation in China. Journal of Environmental Psychology, 2015, 43(1): 203-215.
    [28]
    Li W H. Spatial-temporal evolution and factors of industrial green technological innovation output in China’s provinces: An empirical study of 30 provinces’ data. Journal of Industrial Engineering and Engineering Management, 2017, 31(2): 9-19. (in Chinese)
    [29]
    Costantini V, Mazzanti M. On the green and innovative side of trade competitiveness? The impact of environmental policies and innovation on EU exports. Research Policy, 2012, 41(1): 132-153.
    [30]
    Feng Z. Research on industrial enterprises’ green innovation efficiency in China: Based on provincial data by a DEA-SBM approach. Forum on Science and Technology in China, 2013(2): 82-88. (in Chinese)
    [31]
    Pujari D D. Mainstreaming green product innovation: Why and how companies integrate environmental sustainability. Journal of Business Ethics, 2010, 95(3): 471-486.
    [32]
    Oinas P, Malecki E J. The evolution of technologies in time and space: From national and regional to spatial innovation systems. International Regional Science Review, 2002, 25(1): 102-131.
    [33]
    Sun Z, Bian M, Chen W. Study on spillover effect of regional green innovation ability in China. Ecological Economy, 2019, 35(5):71-76, 93. (in Chinese)
    [34]
    Peng W B, Wen Z Z, Kuang C E, et al. The spatial pattern and influencing factors of green innovation. Journal of Guangdong University of Finance & Economics, 2019, 34(1): 25-37. (in Chinese)
    [35]
    Cao X, Zhang L P. Evolutionary game analysis of the diffusion of green technological innovation of enterprises. China Population, Resources and Environment, 2015, 25(7): 68-76. (in Chinese)
    [36]
    Jiao C, Wu H, Huang Y, et al. Application of network autocorrelation models in psychological studies: Taking the impact of peer effect, learning motivation on adolescents’ academic performance as examples. Acta Psychologica Sinica, 2014, 46(12): 1933-1945.
    [37]
    Kaustia M, Knüpfer S. Peer performance and stock market entry. Social Science Electronic Publishing, 2012, 104(2): 321-338.
    [38]
    Bursztyn L, Ederer F, Ferman B, et al. Understanding mechanisms underlying peer effects: Evidence from a field experiment on financial decisions. Econometrica, 2014, 82(4): 1273-1301.
    [39]
    Bailey M, Cao R, Kuchler T, et al. The economic effects of social networks: Evidence from the housing market. Social Science Electronic Publishing, 2018, 126(6): 2224-2276.
    [40]
    Hoberg G, Phillips G, Prabhala N. Product market threats, payouts, and financial flexibility. Journal of Finance, 2014, 69(1): 293-324.
    [41]
    Grennan J. Dividend payments as a response to peer influence. Journal of Financial Economics, 2019, 131(3): 549-570.
    [42]
    Servaes H, Tamayo A. How do industry peers respond to control threats? Social Science Electronic Publishing, 2014, 60(2): 380-399.
    [43]
    Su M, Lou J, Zhang M, et al. The same group effect of leveraged decision-making in Chinese financial institutions: Facts, mechanism, and characteristics. Financial Economics Research, 2019, 34(4): 110-122. (in Chinese)
    [44]
    Yan Y Y, Deng J Y, Wen D Y. Peer effects on entrepreneurial activity: Model and empirical study. Chinese Journal of Management Science, 2018, 26(5): 147-156. (in Chinese)
    [45]
    Ellison G, Fudenberg D. Word-of-mouth communication and social learning. Quarterly Journal of Economics, 1995, 110(1): 93-125.
    [46]
    Cohen L, Frazzini A, Malloy C. The small world of investing: Board connections and mutual fund returns. Social Science Electronic Publishing, 2008, 116(5): 951-979.
    [47]
    Lieberman M B, Asaba S. Why do firms imitate each other? Academy of Management Review, 2006, 31(2): 366-385.
    [48]
    Gimeno J, Hoskisson R E, Beal B D. Explaining the clustering of international expansion moves. Academy of Management Journal, 2005, 48(2): 297-319.
    [49]
    Chen L T, Zhu Y L, Guo L. Understanding the response of enterprises to multi-institutional pressures during green innovation process. Chinese Journal of Management, 2018, 15(5): 710-717. (in Chinese)
    [50]
    Guo J. The effects of environmental regulation on green technology innovation: Evidence of the porter effect in China. Finance & Trade Economics, 2019, 40(3): 147-160. (in Chinese)
    [51]
    Zhao Y M, Zhu F M, He L L. Definition, classification and evolution of environmental regulations. China Population Resources and Environment, 2009, 19(6): 85-90. (in Chinese)
    [52]
    Testa F, Iraldo F, Frey M. The effect of environmental regulation on firms’ competitive performance: The case of the building & construction sector in some EU regions. Journal of Environmental Management, 2011, 92(9): 2136-2144.
    [53]
    Böcher M. A theoretical framework for explaining the choice of instruments in environmental policy. Forest Policy and Economics, 2012, 16: 14-22.
    [54]
    Yuan Y, Liu L. Environmental regulation and economic growth: A research based on different kinds of economic regulation. Economic Review, 2013(1): 27-33. (in Chinese)
    [55]
    Feng P, Bao X, Lin W. Analysis on environmental regulation strategy of local government based on evolutionary game theory. Systems Engineering: Theory & Practice, 2015, 35(6): 1393-1404. (in Chinese)
    [56]
    Yu S J, Li X S, Peng Z Y. Environmental regulation model and green innovation efficiency in the Yangtze River Economic Belt: An empirical analysis of 38 cities. Jianghai Academic Journal, 2017(3): 209-214. (in Chinese)
    [57]
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