Research On Enterprise Willingness To Participate In Emission Trading Scheme Based On Firm Heterogeneity

The implementation of emission trading scheme(ETS)is a useful market-based instrument to solve the environmental problems.It is a major policy innovation to save energy and reduce emissions.For the Chinese enterprises which are in the transitional economy,the positive participation in ETS is also one of eco-innovation.As enterprises are the main players in ETS,research on their attitude towards ETS and responsive behaviors is the foundation to build and improve ETS.It is policy objectives of governmental implementation of ETS to enhance the willingness of enterprises to actively participate in carbon trading and to ensure that the carbon market price discovery function so as to stimulate enterprises to actively carry out environmental investment,to update and upgrade environmental technology as well as production process.This study takes the enterprise active participation in ETS as a way of eco-innovation and then integrates resource-based theory and managerial cognition theory to study the relationship between the enterprise heterogeneity—resource,ability as well as managerial interpretation and enterprise willingness to participate in ETS by using qualitative and quantitative analysis in order to investigate the prerequisites of eco-innovation in enterprises.The main conclusions of this study are summarized as follows:First,in the static situation,the internal resources(conventional resource redundancy and hidden environmental resources)is the key factors of managerial interpretation of ETS and their willingness to participate in it.Financial redundancy and environmental practice improves the willingness to participate in ETS totally through the managerial interpretation of ETS as an opportunity.The positive impact of talent redundancy and technology redundancy on enterprise willingness to participate in ETS is partly through the managerial interpretation while the other part directly influences the participating willingness.In addition,financial redundancy has a greater role in promoting managerial interpretation of ETS as an opportunity than the other two resource redundancy;the positive effect of environmental practices on managerial interpretation is not moderated by environmental performance.Second,under uncertain situations,dynamic capabilities increase willingness to participate voluntarily by promoting managerial interpretation of ETS as an opportunity.Uncertainties in the business environment influence enterprise participating willingness partly by influencing the managerial interpretation of ETS as an opportunity,and partly by moderating the the relationship between dynamic ability and managerial interpretation.Different types of uncertainty have different moderating effects.Third,both in static and uncertain situations,the managerial interpretation of ETS mediates the relationship between enterprises’ resources as well as dynamic capabilities and their willingness to participate in ETS.And this mediating effect has its boundary condition.It takes effect only for peripheral enterprises.It means that peripheral firms with higher tendency to interpret environmental innovation as an opportunity are more likely to adopt it voluntarily in the early stage of its diffusion than central firms.