Government subsidy and corporate green innovation - Does board governance play a role?

This study attempts to uncover the curvilinear relationship between government subsidies and corporate green innovation in China's new energy vehicle (NEV) industry, and investigate the moderating effect of board governance within this relationship. Using a strong balanced panel data from all N...

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Bibliographic Details
Published in:Energy policy Vol. 161; p. 112720
Main Authors: Xia, Li, Gao, Shuo, Wei, Jiuchang, Ding, Qiying
Format: Journal Article
Language:English
Published: Kidlington Elsevier Ltd 01.02.2022
Elsevier Science Ltd
Subjects:
Academic achievement
Age diversity
Board diversity
Boards of directors
China
China's NEV industry
Corporate governance
Educational attainment
educational status
Empowerment
energy
Energy policy
Equality
females
Gender diversity
Gender relations
Governance
Government
Government subsidies
Government subsidy
Green innovation
industry
Innovations
Investments
Multiculturalism & pluralism
Panel data
Policy making
Subsidies
sustainable technology
Women
China
Government subsidy
China's NEV industry
Gender diversity
Age diversity
Board diversity
Green innovation
ISSN:0301-4215, 1873-6777
Online Access:Get full text
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Summary:This study attempts to uncover the curvilinear relationship between government subsidies and corporate green innovation in China's new energy vehicle (NEV) industry, and investigate the moderating effect of board governance within this relationship. Using a strong balanced panel data from all NEV firms that have acquired government subsidy (GS) from 2013 to 2018, this study found government subsidy exhibit a U-shaped relationship to corporate green innovation (CGI). It also reveals that some facets of board governance (BG) significantly enhanced this U-shaped relationship, including board gender diversity, board age diversity, CEO duality and board educational level. Our study specifically suggests that policymakers should incorporate such diversity indicators as the proportion of female directors into investment evaluation standards (e.g. corporate governance, environmental, social and governance, and sustainable investment), in order to promote environmental benefits and societal equality and enhance women's empowerment. •A U-shaped relationship exists between government subsidies and corporate green innovation in China's NEV firms.•Investors should take board diversity (gender and age) into consideration.•Well-educated and independent directors help enhance the curvilinear relationship.
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ISSN:0301-4215
1873-6777
DOI:10.1016/j.enpol.2021.112720