In the context of deteriorating natural environment,how can companies better solve environmental problems and improve their competitiveness through entrepreneurial activities? Taking this issue into consideration,this paper examines the impact of environmental regulation on corporate environmental performance under the guidance of the attention-based view and resource-based view.From the perspective of cognition,this paper introduces sustainable entrepreneurial orientation as a mediating variable,which opens the "black box" of impacts environmental regulation has on environmental performance.Sustainable entrepreneurial orientation is the environmental protection tendency of strategy,reflecting the company’s willingness or intensity to engage in sustainable entrepreneurship activities.It focuses on the mindset and models of companies exploiting economic opportunities that are present in environmentally relevant market failures and persuiting development in a sustainable way.Besides,two factors are brought into consideration as moderating variables which are environmental dynamism and organizational slack.To test all those relationships refered above,this paper analyses the data of manufacturing enterprises listed on the Shanghai and Shenzhen Stock Exchanges from 2010-2016.The results support the "Porter Hypothesis",that is,environmental regulation can directly affect the corporate environmental performance.In addition to this,environmental regulation can have a significant positive impact on corporate environmental performance indirectly through sustainable entrepreneurial orientation.Further research shows that environmental dynamism strengthens the positive correlation between environmental regulation and sustainable entrepreneurial orientation,and organizational slack strengthens the positive correlation between sustainable entrepreneurial orientation and corporate environmental performance.The main innovations of this study are as follows: Firstly,the impact of environmental regulation on sustainable entrepreneurial orientation and corporate environmental performance is empirically tested,and the "Porter hypothesis" is verified,which provides new ideas and evidence for understanding environmental regulation from a cognitive perspective.Secondly,by introducing sustainable entrepreneurial orientation,this paper helps people understand the internal mechanism that environmental regulation affect corporate environmental performance from a cognitive perspective.Thirdly,computer-assisted text analysis is used to measure sustainable entrepreneurial orientation,which provides a new choice for the use of second-hand data to study sustainable entrepreneurial orientation.This study provides an empirical evidence for the promotion of environmental regulation on corporate environmental performance and enriches the research on the drivers and consequences of sustainable entrepreneurial orientation.At the same time,it provides guidance for enterprises to cope with the pressure of environmental regulation,enhance the sustainable entrepreneurial orientation,and take immediate actions to protect the environment,so as to establish their competitive advantages and facilitate their sustainable development. |