演讲主题: Turning Shame into Courage: Does Environmental Administrative Penalty Promote Green Innovation?
主 讲 人: 肖 亮，厦门大学会计学博士
主 持 人: 郭 炜，会计系主任、教授
活动时间: 2023年9月23日（周六） 15:30-17:00
肖亮，厦门大学会计学博士，研究兴趣主要为制度(正式与非正式)环境与公司会计审计行为、供应链信息披露、公司战略联盟等。目前已在Journal of Business Ethics（FT50, 2篇）、管理科学学报等SSCI、CSSCI收录期刊上发表论文7篇(含接收待刊)，并担任Journal of Business Ethics、Applied Economics、Emerging Markets Finance and Trade和Finance Research Letters等期刊匿名审稿人。
Using a sample of Chinese listed firms from the period of 2007-2017, we examine the impact of environmental administrative penalty (EAP) on firms' green innovation, and further explore the moderating roles of both regional economic conditions and external corporate governance. Drawing on the signaling theory of reputation and the legitimacy theory, our findings reveal that environmental administrative penalty promotes firms' green innovation, suggesting that green innovation is a direct method for firms violating environmental regulations to repair their reputation and maintain their legitimacy. In addition,the regional economic growth target attenuates the positive effect of EAP on green innovation, and the association between EAP and green innovation is more pronounced for firms with higher institutional shareholdings. Furthermore, the above results are robust to various alternative measures and our findings are also valid after accounting for endogeneity. Mechanism tests show that green innovation weakens the adverse effects of EAP, including the decline in corporate value and the increase in debt costs, indicating that green innovation effectively responds environmental administrative penalties. Overall, our findings enrich the understanding of firms' active responses to environmental penalties, and provide insights into firms' motives for engaging in green innovation activities.