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Linking Environmental Regulation and Financial Performance: The Mediating Role of Green Dynamic Capability and Sustainable Innovation

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School of Business, Jiangnan University, Wuxi 214122, China
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School of Economics and Management, Harbin Engineering University, Harbin 150001, China
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School of Social and Behavioral Sciences, Nanjing University, Nanjing 210023, China
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Author to whom correspondence should be addressed.
Sustainability 2020, 12(3), 1007; https://doi.org/10.3390/su12031007
Received: 16 December 2019 / Revised: 6 January 2020 / Accepted: 21 January 2020 / Published: 31 January 2020
This study develops a multiple mediating model for exploring the link between environmental regulation and financial performance through green dynamic capability, sustainability exploration/exploitation innovation, based on the data from 355 Chinese manufacturing firms. Empirical results support a mediating role of green dynamic capability and sustainability exploration/exploitation in the link between environmental regulation and financial performance, respectively. What’s more, our findings indicate that environmental regulation can help improve financial performance via two multiple mediating paths, i.e., green dynamic capability and sustainability exploration innovation, as well as green dynamic capability and sustainability exploitation innovation. These key findings will help to understand how important green dynamic capability and sustainable innovation is when Chinese manufacturing firms establish a business-politics tie. View Full-Text
Keywords: environmental regulation; green dynamic capability; sustainability exploration innovation; sustainability exploitation innovation; financial performance environmental regulation; green dynamic capability; sustainability exploration innovation; sustainability exploitation innovation; financial performance
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Xing, X.; Liu, T.; Shen, L.; Wang, J. Linking Environmental Regulation and Financial Performance: The Mediating Role of Green Dynamic Capability and Sustainable Innovation. Sustainability 2020, 12, 1007.

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