| Technological innovation is the core driving force for the long-term growth of the national economy and the competitive advantage of enterprises.Controlling the global innovation highland has become the focus and direction of efforts of all major countries.Enterprises are important innovation subjects in society and practitioners of economic development.How to improve the level of enterprise innovation output has become the focus of policy makers and academic community.An enterprise is not a separate organization in society,and its survival and development are affected by various stakeholders.According to the organizational boundaries of an enterprise,stakeholders can be divided into external stakeholders and internal stakeholders.Compared with the limited ways in which internal stakeholders can influence enterprise innovation,external stakeholders with larger differences in interest appeals for enterprises have diverse ways to influence corporate innovation.This paper studies the impact of the behavior of two important stakeholders,the government and residents,on corporate innovation from the perspective of external stakeholders.This is because,in transition economies,control and influence over economic activities undoubtedly makes the government the most important external stakeholder for businesses.In addition,although residents are important external stakeholders of enterprises,there is a lack of research on the impact of residents on corporate innovation in the existing literature.Specifically,from the perspective of external stakeholders,this paper will study the impact of government and residents’ following behaviors on corporate innovation activities.First,does the government’s efforts to enhance labor protection stimulate enterprises to innovate? In the Chapter 3,this paper empirically tests the impact of the implementation of the Social Insurance Law of labor protection regulation on corporate innovation.Considering that the degree of enforcement of the law is more critical than the promulgation of the law.In this paper,the implementation of social insurance in each region after the promulgation of the Social Insurance Law is used to classify the enterprises that are greatly affected by this labor regulation.At the same time,considering that listed companies are subject to strict supervision and review by the securities department,they have a good level of social insurance payment.This paper uses the enterprises above designated size in the Chinese Industrial Enterprise database as the research object,and uses the the difference-in-difference model with two-way fixed effects to test the impact of the implementation of the Social Insurance Law on enterprise innovation.Second,Will the government’s environmental regulation behavior crowd out non green innovation of enterprises? The government’s environmental protection policy may cause the redistribution of innovation resources,which has received less attention from the academic community.In the Chapter 4,this paper empirically examines the impact of the implementation of the Green Credit Guidelines,a financial environmental regulation,on corporate non-green innovation.For the classification of the heavy polluting enterprises,the former China Banking Regulatory Commission issued the Key Evaluation Indicators for Green Credit Implementation,requiring banks and financial institutions to conduct green credit regulations on A and B enterprises,are used to ensure the heavy polluting enterprises.Non-green innovation is quantified by subtracting the green innovation output from the total corporate innovation output.Based on the data of China’s A-share listed companies from 2008 to 2015,the relationship between the Green Credit Guidelines and the non-green innovation of enterprises was studied using the difference-in-difference model with two-way fixed effects.Finally,will the improvement of residents’ environmental protection concerns encourage enterprises to produce more green innovation? In the Chapter 5,this paper empirically investigates the effect of residents’ environmental protection concerns on corporate green innovation.Drawing on previous research,this paper uses the index provided by Baidu Index to measure residents’ environmental concerns by the searching indicator for the keyword “environmental protection” on PCs and mobiles.Based on the data of Chinese A-share listed companies from2011 to 2020,the least squares method was used to study the relationship between residents’ environmental protection concerns and corporate green innovation.This paper draws the following three research conclusions.First.The implementation of the Social Insurance Law,which regulates labor protection,reduces corporate innovation outputs.The mechanism tests show that the increase in the operating costs of enterprises brought about by the implementation of the Social Insurance Law reduces the input of enterprises’ innovation resources,thus resulting in a "crowding-out effect" of labor protection.Further researches find that the negative impact of the implementation of the Social Insurance Law on corporate innovation is weaker for high-tech industries,and for state-owned enterprises;stronger regional consumer demand and intellectual property protection and higher bank competition can reduce the impact of Social Insurance Law on corporate innovation.Meanwhile,the implementation of the Social Insurance Law has a significant negative impact on both utility model innovations and design innovation,but the impact on the invention innovation is not significant.Second.The implementation of the Green Credit Guidelines for financial environmental regulation stimulates corporate non-green innovation outputs.In the mechanism tests,this paper finds that the implementation of the Green Credit Guidelines promotes non-green innovation of enterprises by improving the innovation efficiency of enterprises.Further researches find that the impact of the implementation of the Green Credit Guidelines on corporate non-green innovation is stronger for state-owned enterprises,and for non-high-tech enterprises;the level of regional bank competition did not affect the relationship between the Green Credit Guidelines and non-green innovation of enterprises,but the local government’s environmental support can enhance the impact of the implementation of Green Credit Guidelines on corporate non-green innovation outputs.Finally,the implementation of Green Credit Guidelines significantly increases corporate non-green utility model innovation outputs but has no significant impact on non-green invention innovation outputs.Finally.Residents’ concern for environmental protection promotes corporate green innovation.Mechanism tests show that the residents’ environmental protection concern promotes corporate green innovation through the mechanisms of organizational legitimacy,corporate reputation,and collective action threat.Further analysis finds that the relationship between residents’ environmental protection concerns and corporate green innovation is weaker in small and medium-sized enterprises and stronger in enterprises with higher environmental ethics.The residents’ environmental protection concern has a significant effect on both invention green innovation and utility model green innovation,suggesting that the rising concern of residents’ environmental protection not only improves the quantity of corporate green innovation,but also improves the quality of corporate green innovation.Compared with the existing literature,the research contribution of this paper is mainly reflected in the following three aspects.First.Through the research on the relationship between the Social Insurance Law of labor protection regulation and corporate innovation,Chapter 3 of this paper provides new evidence the impact of labor protection on corporate innovation.The existing literature has not reached a consistent conclusion on the relationship between labor protection and corporate innovation(Bena et al.,2021;Francis et al.,2018;Ni and Zhu,2016;Zhao and He,2021).This paper’s findings that the implementation of the Social Insurance Law reduces corporate innovation supports the view that enhanced labor protection has a negative effect on corporate innovation.At the same time,the research in this chapter also enriches the research on the impact of social insurance contributions by enterprises on the production and operation of enterprises(Feng nd Zhang,2012;Han et al.,2014).Finally,the research in this chapter also expands the existing research on the negative impact of the implementation of Social Insurance Law on business operations(Liu et al.,2021;Liu et al.,2021;Yan and An,2021),indicating that the recent social security fee reduction measures implemented by the central and local governments are reasonable.The second aspect.The forth chapter of the this paper makes up for the lack of the impact of the existing Green Credit Guidelines on corporate non-green innovation by studying the relationship between the implementation of the Green Credit Guidelines and the non-green innovation of enterprises.At the same time,the discovery that the implementation of the Green Credit Guidelines affects corporate non-green innovation by affecting innovation efficiency expands the research on the impact of government behaviors on corporate innovation efficiency(Hong et al.,2016;Zhao et al.,2021).In addition,this chapter further enriches the research on the impact of environmental regulation on the innovation structure of enterprises(Gerlagh,2008;Liu and Xiao,2022).The third aspect.Chapter 5 of this paper makes up for the lack of previous literature on the role of residents,an important external stakeholder of enterprises,in enterprise green innovation by studying the relationship between residents’ environmental concerns and enterprise green innovation At the same time,the research in this chapter also deepens our understanding of the impact of residents’ environmental protection concerns on economic and social life(Liu et al.,2009;Wu et al.,2022).Finally,the research in this chapter also provides a micro-mechanism explanation for the existing residents’ environmental awareness affecting the efficiency of green development in areas(Zhang,2017). |
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