TMT Heterogeneity,Institutional Pressures And Corporate Green Innovation Strategy

As a way for enterprises to cope with environmental problems,the corporate green innovation strategy refers to the goal of sustainable development of enterprises,designing and developing more environment-friendly processes and products to reduce the negative impact on the environment by considering environmental issues at the strategic level of the enterprise,and maintain the continued operation of the enterprise.The attention-based view believes that corporate behavior depends on where managers place their limited attention,and the upper echelons theory believes that the characteristics of managers will influence the formulation of strategic behavior.In addition,corporate green innovation strategy has higher risk,more financial commitment and longer payback period,which is not the best strategic choice for enterprises.Therefore,green innovation strategy of enterprises will be affected by certain situational factors.Using the 246 listed company in 2010-2016,based on the attention-based view,the upper echelons theory and the institutional theory,we use text analysis to obtain the attention date and use zero-inflated negative binomial regression to test hypotheses.The empirical results show that,firstly,TMT environmental attention is negatively correlated with the corporate green innovation strategy,TMT innovation attention is positively correlated with the corporate green innovation strategy,and the interaction between TMT environmental attention and TMT innovation attention is positively correlated with the corporate green innovation strategy.Normative pressure will strengthen the relationship between TMT environment attention and the corporate green innovation strategy,cognitive pressure will weaken the relationship between TMT innovation attention and the corporate green innovation strategy,at the same time,normative pressure will weaken the relationship between the interaction of TMT environment attention and TMT innovation attention and the corporate green innovation strategy.In addition,TMT heterogeneity will strengthen the relationship between the TMT innovation attention and the corporate green innovation strategy,and weaken the relationship between the interaction of TMT environment attention and TMT innovation attention and the corporate green innovation strategy.Secondly,when TMT educational level heterogeneity and TMT functional background are higher,the enterprises are more likely to develop green innovation strategy;and when the enterprises in a more rigorous regulation pressure,the relationships between TMT educational level heterogeneity,TMT functional background heterogeneity and corporate green innovation strategy are more stronger.Contributions are as follows: First,from the attention-based view and the upper echelons theory,we analyze the relationship between TMT green innovation attention,TMT heterogeneity and corporate green innovation strategy,it provides a new view and evidence for understanding corporate green innovation strategy drivers.Second,by introducing institutional pressures and TMT heterogeneity,we study interaction between the corporate green innovation strategy drivers at the institutional level and TMT level,making research more contextualized.Third,we use CATA to measure TMT green innovation attention,which provides a new option for the measurement of TMT cognition by using second-hand data.This research plays a positive role in promoting corporate to adopt green innovation strategy.