Impact of extreme high temperatures on pollution emissions of enterprise: Evidence from China.

Frequently occurring extreme weather events can pose a challenge to people and production systems. Coping with extreme high temperatures requires promoting the synergy between pollution reduction and carbon reduction. Accordingly, this study examines the causal relationship between extreme high temperatures and corporate pollution emissions by using the panel data of a Chinese sample from 2000 to 2014. This study uses fixed-effects models for the analysis. Baseline results show that a unit increase in the standardized temperature will result in a 4.6% reduction in corporate pollutant emissions. The heterogeneous analysis shows that extreme high temperatures will have an obvious effect on enterprises with low financing constraints and high policy and public constraints as well as on enterprises in cities with a high level of economic development, in innovative cities, and in the eastern region. We also explore the mechanism through which extreme high temperatures reduce pollutant emissions from the two dimensions of external environmental pressure and internal environmental governance. Extreme high temperatures will prompt enterprises to improve their energy efficiency, engage in innovative production processes, adopt source-and-end governance measures, and curb their pollutant emissions while strengthening government environmental supervision. This study provides new ideas for enterprise pollution reduction and serves as an inspiration to the government in formulating environmental policies.

How does digitalization affect the green transformation of enterprises registered in China's resource-based cities? Further analysis on the mechanism and heterogeneity.

Digitalization, as a crucial engine for promoting sustainable development, has created new prospects for enterprise green transformation. Utilizing panel data from enterprises registered in China's resource-based cities from 2010 to 2021, this study innovatively examines the role of digitalization in promoting green transformation across two key performance dimensions. The findings indicate that enterprise digitalization significantly enhances the green innovation performance, while its impact on environmental performance, although positive, is not statistically significant. Overall, enterprise digitalization greatly facilitates green transformation. Moreover, mechanism analysis reveals that enterprise digitalization promotes green transformation through the alleviation of financial mismatch and the increase of external market attention. In addition, heterogeneity analysis shows that the effectiveness of enterprise digitalization in promoting green transformation is significantly different in different opportunist risk scenarios, proving more effective in areas with low-marketization, high-competition industries, and high environmental regulation intensity. In terms of the policy level, the National Big Data Comprehensive Pilot Zone (NBDCPZ) and the Carbon Emission Trading Policy (CETP) played a positive stimulating role in the process of enterprise digitalization affecting green transformation. This paper broadens the scope of research on green transformation, offers new development philosophy for enterprises in resource-based cities, and provides new directions for the synergistic development of digitalization and greenization.

"Two Mountains concept" leading the green transformation of China's economic society.

The rapid urbanization are serious threats to global sustainable development, making the green transformation of socio-economy and industry a must for global efforts. The theory of ecological and economic harmonization in ecological economics has gained attention. However the Two Mountains concept, i.e., "Lucid waters and lush mountains are invaluable assets", has been mostly neglected as a practical demonstration of the theory. In this study an equal weights method is used to construct an index system for testing the effectiveness of the ongoing practices and demonstrations of the Two Mountains concept, and whether it can achieve the expected green transformation objectives. A total of 421 pilot cases and 208 surrounding non-pilot cases in China from 2010 to 2020 are selected for analysis. The results indicate that: (1) From 2010 to 2020, overall 98.33% of pilots show positive improvement in comprehensive effectiveness; (2) Strong evidence indicate that the positive externality of the demonstrations extends to their surrounding region, mainly manifested in the impact of industrial structure change, inspiring collaboration between cities; (3) Such ambitious green transformation has a significant impact on landscape characteristics, which emphasizes the role of landscape management and monitoring. Therefore, this study proposes an industrial integration framework to enhance the transformation of ecosystem service values, to facilitate transition to a green economy in various regions globally. It provides significant managerial insights and practical expertise. The demonstration of China's Two Mountains concept can offer reliable empirical cases to enrich the theory of ecological economics and global sustainable development.

Heavy industrial aggregation area's green transformation optimisation pathways exploration with synergistic reduction pursue of CO2 and gaseous pollutants.

A profound green transformation of China's heavy industrial aggregation regions is required to conquer severe air pollution, and fulfill carbon peak pledge. Here, to clarify the coordinated mechanism and an optimal roadmap for the reduction of CO2 and gaseous pollutants, we integrated input-output modelling, system dynamics, and multi-objective programming to construct a CO2 and gaseous pollutants synergistic reduction model initially; investigated incentive approaches from 2020 to 2035; Hebei, with the largest steel production in China, was adopted as a demonstrative region. Results revealed that intensive dual control of efficiency and structure in energy and industry can accelerate achieving carbon peak in 2029. In optimal case, CO2 emission intensity can reach a 75.2% reduction compared to 2020, and gaseous pollutants continue decline simultaneously (SO2 and NOx can drop by 63% and 48%); and the synergistic reduction level is expected to improve. Thus, vigorously develop decoupling between economy-air pollution-carbon reduction in Hebei. As opposed to efficiency improvement, structural adjustments were demonstrated to be more effective than short-term efficiency improvements. In addition, the estimated development potential of traditional heavy industries such as steel and petrochemicals is limited, whereas the equipment manufacturing industry, closely linked to traditional industries, is expected to continue its development. Furthermore, although in the electrification process, coal consumption is still needed because of its indispensable role in the production process of heavy industries. The results can facilitate policy-making for heavy industrial aggregation areas' green transformation in shaping policies and actions with clear objectives, effective measures, and sound coordination.

Does vertical supervision promote regional green transformation? Evidence from Central Environmental Protection Inspection.

Vertical supervision is an important institutional arrangement designed to overcome the challenges of environmental governance and promotion of green development in the region. Based on the panel data of 278 cities in China from 2010 to 2018, we use Central Environmental Protection Inspection (CEPI) as an exogenous policy and the multi-period Difference-in-Differences method to test the role of vertical supervision in promoting regional green transformation. Our findings indicate that CEPI, a typical vertical supervision policy, effectively promotes green transformation regionally by reducing local pollution emissions and improving total factor productivity. The analysis of mechanism shows that local governments mainly promote regional green transformation by increasing the investment in pollutant governance, research and development in green technologies, and updating fixed assets. Our study provides a valuable reference for the implementation of vertical supervision policies and effective governance of local governments by the central government.

How does green credit affect industrial green transformation? Mechanism discussion and empirical test.

Sustainable development has become a strategic consensus in response to the global environmental problems. Green credit is a major policy innovation that promotes the transformation of economic development mode and industrial green transformation (IGT). Using provincial panel data from 2005 to 2020, we investigate the effect of green credit on IGT using a systematic GMM model, a dynamic threshold model, as well as the possible nonlinear relationship. Benchmark regression results show that green credit can encourage industrial green transformation. In addition, there is a single green credit threshold with a value of 0.2612. The trend is "negative to positive". According to the moderating effect results, environmental regulation moderates in a negative manner. As environmental regulations become more stringent, the contribution of green credit to IGT will diminish. The intermediary mechanism test demonstrates that green technology innovation and marketization level play a partial intermediary role. Heterogeneity testing confirms that the function of green credit in promoting industrial green transformation is more significant in regions with a higher level of green finance development and a lower degree of government intervention. Therefore, the government should encourage financial institutions to provide green credit products and services to meet the financing needs of different green projects, thereby facilitating the industrial green transformation.

Extreme high temperatures and corporate low-carbon actions.

Greenhouse gas emissions are considered the culprit of extreme high temperatures, and low-carbon transformation has become a global consensus. The low-carbon action by enterprises is an inevitable choice if they are to adapt to economic and social needs. Green innovation is an important measure for enterprises to respond to the challenges of low-carbon transformation. This study mainly discusses the causal relationship between extreme high temperatures and green innovation of enterprises. Using China's industrial enterprise database, we construct county-annual panel data from 2000 to 2013. Results show that extreme high temperatures improve the level of green innovation of enterprises. After a series of robustness tests, the results remain. Mechanism analysis shows that extreme high temperatures increase the environmental concerns of the government, the public, and society, thus strengthening government regulation, public participation, and social supervision as well as encouraging enterprises to carry out green innovation. Our heterogeneous analysis shows that in the eastern region with a high level of legal system and economic development, it is easier to promote green innovation for enterprises. In addition, large-scale enterprises are more willing to carry out green innovation after experiencing a heat wave.

Can ESG ratings promote green total factor productivity? Empirical evidence from Chinese listed companies.

Against the backdrop of frequent extreme climates and international consensus on green and low-carbon development, Environmental, Social, and Governance (ESG) has progressively drawn increasing attention. Integrating the perspectives of stakeholder theory and signaling theory, this study employed the Malmquist-Luenberger productivity index, fixed-effects regression model, mediating effect model, propensity matching score difference-in-differences model, and a two-stage least squares method. Using the research sample of Chinese A-share listed companies between 2011 and 2021, the mechanisms linking ESG ratings and each component (the individual scores of E, S, and G) with the green innovation and green total factor productivity (GTFP) of enterprises were investigated. This study conducted heterogeneity analysis integrating regional, industry, and enterprise dimensions, fully considered the potential endogeneity issues, and conducted multiple robustness tests by exploring alternative approaches, replacing the measures of indicators, and reducing the research sample. The results demonstrated that higher ESG ratings significantly improved the green innovation and GTFP of enterprises. This improvement was achieved through the stakeholders and signaling mechanisms, and was more prominent in economically underdeveloped regions, patent-intensive industries, and industries with lower environmental risk. In addition, the impact varied among enterprises with different property rights. The findings elucidate the pathways through which soft regulation influences micro-level corporate decision-making, making significant contributions to the literature. Furthermore, this study provides a theoretical foundation and policy reference for constructing a positive feedback loop mechanism for ESG ratings and promoting the green transformation and upgrading of enterprises.

Can enterprise green transformation inhibit accrual earnings management? Evidence from China.

This study theoretically and empirically analyzes the impact and mechanism of corporate green transformation on accrual earnings management using a sample of China's A-share listed companies from 2015 to 2021. The results indicate that the green transformation of enterprises helps restrain accrual-based earnings management, especially accrual-based earnings management, which increases profits, and that the inhibition effect of enterprise green transformation on earnings management is more significant in high-tech and growth-stage enterprises. The mechanism test shows that corporate green transformation can inhibit accrual-based earnings management by increasing analyst follow-up and easing financing constraints. Using China's environmental tax law, promulgated in 2018, as an exogenous shock to construct the PSM-DID, the conclusion still holds after alleviating endogeneity. Further research has found that green transformations can also help inhibit real earnings management. This study provides new empirical evidence for a comprehensive understanding and evaluation of the governance role of corporate green transformation and provides a reference value for further comprehensively promoting the green transformation of Chinese enterprises and improving the quality of accounting information.

Has environmental protection tax reform promoted green transformation of enterprises? Evidence from China.

Facing the increasingly stringent constraints of resources and the environment, the green transformation of enterprises is imperative. This study selects A-share listed companies in Shanghai and Shenzhen from 2014 to 2021 as samples, using the difference-in-differences method to examine the impact of the environmental protection tax reform (EPTR) on the green transformation of enterprises. The results indicate that the EPTR can promote the green transformation of enterprises, achieving this through three channels: raising the cost of pollution, strengthening the rigidity of law enforcement, and breaking the collusion between the government and enterprises. Notably, this promotional effect is more significant in non-state-owned enterprises, companies in the eastern and western regions, firms with low financing constraints, and those with high media attention. Further analysis shows that the EPTR has a positive impact on the green total factor productivity (GTFP) of enterprises, which implies that enterprises are not only proactively pushing for a green transformation at the strategic level but also taking practical actions. This study responds to the problem of the greening of tax system to promote the green development of enterprises from two aspects of enterprise strategic implementation and productivity and explores the impact mechanism from the perspective of institutional logic. It enriches the research on the effectiveness of the EPTR at the micro-level and broadens the research perspective on the impact mechanisms of environmental regulation. The findings of this study provide references for further optimising relevant policies and regulations and also offer insights for other countries and regions seeking sustainable development.

Can digital finance development drive green transformation in manufacturing? Evidence from China.

Digital finance is a product of emerging technology-enabled innovation in financial services and has a critical impact on the green transformation of the manufacturing industry. We propose a new efficiency measurement model based on the slacks-based measure (SBM) to measure the efficiency of green transformation on regional manufacturing. Chinese interprovincial data from 2010 to 2019 were obtained for the study. In addition, we estimated the effect of digital finance on green transformation of manufacturing using a benchmark panel model. Finally, considering the regional heterogeneity and spatial effects of green transformation efficiency in the manufacturing industry, we constructed a spatial Durbin model based on an economic-geographic nested spatial weight matrix to analyze the spatial influence of digital finance on green transformation in the manufacturing industry. The results show that the green transformation of the manufacturing industry has significant positive spatial spillover effects owing to the existence of competition, demonstration, and economic correlation effects among regions.

Understanding Health-Related Motivations for Urban Food Self-Production in the Light of Semantic Fields Analysis.

One of the contemporary challenges facing urban areas is the necessity to identify novel approaches to resident involvement in solution creation, with a particular focus on ensuring the best possible nutrition. By investigating the process of co-participation of city dwellers in a unique education project, this paper aims to gain a deeper understanding of the health-related motivations that underpin the decision of early adopters of the implemented technological innovations to join the social experiment. The qualitative study employed purposive sampling and in-depth interviews conducted in two waves, the first between October and November 2022 and the second between September 2023 and January 2024. The study comprised 42 participants drawn from two communities of residents in Lódz and Warsaw, Poland. Transcriptions of the interviews were carried out using semantic field analysis, employing a quantitative approach that counts the frequency of keyword occurrences. Three categories of semantic fields were identified: associations, oppositions, and actions toward the subject, including positive, neutral, and negative temperatures. The findings demonstrate that the health concerns of residents are a pivotal factor in their decision to participate in urban food self-production initiatives, given their limited access to nutritious and healthy vegetables. This is related to several factors, including restrictions related to urbanization and the displacement of local suppliers, lifestyle, and the fast pace of urban life. The dissemination of innovative solutions for growing food in urban environments could, therefore, facilitate awareness-raising and motivation to alter the dietary habits of inhabitants.

Effect of digital inclusive finance on environmental efficiency of Chinese industry.

China's industrial economic model of high emissions and low efficiency has caused a series of environmental problems. Improving energy efficiency is an inevitable choice to solve the dual dilemma of pollution and energy shortage and to achieve carbon peak and neutrality. It is difficult to achieve green development solely through traditional governance; therefore, digital inclusive finance (DIF) is considered a new measure to help the green transformation of China's industry. Based on the assessment of industrial environmental efficiency (IEE) of 30 provinces from 2011 to 2021 by combining the super-efficiency EBM model and the group frontier technology considering provincial heterogeneity, the paper investigates the impact of DIF on the environmental efficiency of Chinese industry and its internal mechanism. The results show that DIF has a driving effect on industrial green transformation, especially the deep development of DIF, which can play a positive role in environmental efficiency for a long time and can give full play to the targeting feature of big data, focusing on regions with serious pollution, financing difficulties, high natural resource, and poor financial endowment. DIF can reduce enterprise financing costs and drive industrial innovation; however, the path of promoting industrial green transformation through regional servitization needs to be improved. In addition, under appropriate regulatory constraints, DIF has a more positive driving effect on the environmental efficiency of the Chinese industry. This article is useful to address the issue of industrial green transformation by interdisciplinary research.

Does green finance restrain corporate financialization?

Green financial policy is one of the important policy tools for China to implement the national carbon peak goal and carbon neutral vision through financial means. This policy has an important impact on the business strategy of corporates. Based on the data of listed corporates from 2013 to 2020, this study examines the impact mechanism of China's green financial reform and innovation pilot zones (GFRIPZ) on corporate financialization (CF) using the difference-in-difference method. The results show the following: (1) The implementation of GFRIPZ significantly restrains the CF. (2) GFRIPZ reversed the short-sighted behavior of firms and guided them to accelerate the green transformation and upgrading for long-term development. Firms' environmental capital expenditure and research and development expenditure increased significantly. (3) The restraining effect of GFRIPZ on CF is stronger in state-owned firms, firms with low-degree managerial myopia, and high-polluting firms. The research clearly identifies the causal relationship and mechanism between GFRIPZ and CF and reveals the formation mechanism and solution path of CF from the green finance perspective. In addition, this study has implications for guiding the green transformation of entity firms and stopping firms from deviating from their intended purpose.

How Does Agricultural Mechanization Service Affect Agricultural Green Transformation in China?

Agricultural mechanization service (AMS) is a critical path to achieving agricultural green transformation with smallholders as the mainstay of agricultural production. Based on the panel data of 30 Chinese provinces from 2011 to 2020, this paper measures the AGTFP using the Super-SBM model and examines the effects of different AMS supply agents on AGTFP and spatial spillover effects through the spatial Durbin model. The main conclusions are as follows: First, China's AGTFP showed a stable growth trend, with the mean value increasing from 0.1990 in 2011 to 0.5590 in 2020. Second, the specialization (SPO) and large-scale (LSO) of AMS supply organizations have significantly positive effect on the AGTFP of the local province. However, SPO has a significantly positive effect on the AGTFP of the neighboring provinces, while LSO has the opposite effect. Third, the specialization of AMS supply individuals (SPI) has significantly negative effect on the AGTFP of the local province. In contrast, the large-scale AMS supply individuals (LSI) has the opposite effect. Furthermore, the spatial spillover effects of both are insignificant. Fourth, the spatial spillover effect of AGTFP shows asymmetry among different regions and indicates that AMS resources flow from non-main grain production and economically developed regions to main grain production and less developed regions. These findings provide helpful policy references for constructing and improving the agricultural mechanization service system and realizing the agricultural green transformation in economies as the mainstay of agricultural production.

Green finance: how can it help Chinese power enterprises transition towards carbon neutrality.

China's power sector must cut its carbon emissions by 90% by 2060 to become carbon neutral. Green finance, as a crucial link in sustainable development, is garnering attention for its role as a mechanism for the green transformation of power enterprises. The process of green transformation development is highly challenging and requires a lot of financial support. This paper discusses the design of schemes for fiscal and financial support mechanisms for the green transformation of power enterprises, financing mechanisms to strengthen green finance, and financial support mechanisms to promote carbon trading. The utilization of green finance by power enterprises is assessed after defining the impact routes of green finance on clean energy power firms and highly polluting power firms. Using the SBM-GML model with variable returns to scale, the dynamic change of the use efficiency of green finance in power enterprises is calculated. At the same time, the enterprises are classified by power generation methods, and the changes in the power generation structure of power enterprises are analyzed. Compared with 2014, the total power generation in 2021 increased by 59.14%, wind power generation increased by 170.78%, and photovoltaic power generation increased by 974.31%. Hydropower, by contrast, grew by 94.14% and thermal power by only 45.09%. The results show that the evolution of total factor productivity and green total factor productivity of the 24 listed electric power enterprises is "M" shaped, that the main cause of the fluctuation is the serious phenomenon of "Triple Abandonments" of wind, light, and water in China's power industry, and that the main means to improve total factor productivity and green total factor productivity of the power industry is to improve green power production technology. Classified by power generation mode, it is found that hybrid power generation enterprises have the highest average efficiency value, followed by wind power generation. China's power enterprises are still dominated by thermal power generation; before the "Double Carbon" target, green power generation enterprises have not significantly improved the efficiency of green finance. The series of green finance mechanisms of action described in this study have a beneficial impact on the green transition of energy, according to a predictive analysis that combines existing policy objectives and practical mechanisms. Even without green financial support, the composition of China's major clean energy sources will account for 86.85% of total electricity generation by 2060, while with green financial support, coal generation will fall to 0% around 2056, with hydroelectric, wind, and photovoltaic generation accounting for 11.81%, 50.00%, and 38.19% of electricity sources, respectively, and green finance will drive important technological changes, and the "Triple Abandonments" phenomenon will be fundamentally corrected. Finally, countermeasures and suggestions for the healthy development of green finance in power enterprises are proposed based on the findings of the study.

Impacts of Digital Information Management Systems on Green Transformation of Manufacturing Enterprises.

Under the background of increasingly prominent environmental problems, the establishment and application of digital information management systems established by the digital economy have brought new opportunities and challenges to the green transformation of manufacturing enterprises. Considering the micro level of Chinese manufacturing enterprises, does the adoption of information management systems really promote the improvement of the green transformation level of manufacturing enterprises? This paper takes the adoption of digital information management systems by China's enterprises as a "quasi natural" experiment and uses the Difference-in-Difference and Propensity Score Matching model (PSM-DID) to explore its impact on the green transformation of manufacturing enterprises and its mechanism. The study found that the adoption of digital information management systems by enterprises significantly improved the green transformation level of manufacturing enterprises, especially the symbolic green transformation level, and had no significant positive effect on the substantive green transformation level. The mechanism analysis shows that manufacturing enterprises can achieve green transformation by adopting information management systems to improve the digital level, strengthen green innovation ability, and increase the redundant resources of enterprises. The heterogeneity analysis based on the internal governance and external environment of enterprises shows that the adoption of digital information management systems by manufacturing enterprises has significantly improved the green transformation level of non-state-owned enterprises, enterprises with high corporate governance, non-heavily polluting enterprises, and enterprises in the eastern region. The research conclusion enriches the research related to digitalization and green transformation of enterprises and has important inspiration for Chinese manufacturing enterprises to use digitalization capabilities to seek green sustainable development under the wave of digital economy development.

The road to green innovation in agriculture: the impact of green agriculture demonstration zone on corporate green innovation.

Agricultural green transformation is crucial for addressing environmental issues like pollution and soil degradation. However, limited attention has been given to its determinants in the existing literature. This study extends the "Porter hypothesis" in agricultural economics and discusses the institutional factors influencing green transformation in Chinese agricultural enterprises from the perspective of environmental regulations. Using data from 2007 to 2020, we examine the impact of the green agriculture demonstration zone (GADZ) policy on green innovation in Chinese A-share listed agribusinesses. The results show that the policy significantly improves green innovation, leading to a 9.9% increase in patent applications. We also find that the GADZ promotes green innovation in agricultural businesses through two economic mechanisms, reducing financial risks and enhancing media attention. In addition, the policy's effect is influenced by property rights, information disclosure quality, and financial resources. Our findings offer valuable insights for promoting green innovation and high-quality agricultural development in emerging economies.

The dynamic coupling and spatio-temporal differentiation of green finance and industrial green transformation: Evidence from China regions.

Promoting the development of green finance and industrial green transformation is of great significance for achieving high-quality economic development in China's regions. A deep exploration of the dynamic coupling relationships and interaction mechanisms between green finance development and industrial green transformation has important theoretical value and practical implications. Based on relevant data from 2014 to 2019 for 30 provincial regions in China, this paper selects the Eastern, Central, Western, and Northeastern regions as the subjects of study. It constructs a comprehensive evaluation index system for the levels of green finance development and industrial green transformation. Since sorting out the interactive coupling theoretical mechanisms between the two, the paper employs a coupling coordination model to explore the coupling and coordinating relationships between green finance and industrial green transformation. Furthermore, using the Theil index, Moran's index, and Markov chain algorithms, the paper conducts a comparative analysis of the spatiotemporal differences and patterns in coupling coordination degrees between green finance and industrial green transformation in the four major regions, and identifies their causes. The results show that: overall, there is regional heterogeneity between green finance and industrial green transformation, and the mean coupling coordination degree is east, west, central and northeast in order from high to low. From the perspective of dynamic distribution, the coupling coordination of the four regions is moving to a high level, and it is difficult to achieve leapfrog development. As far as the sources of differences are concerned, intra-regional differences are the main cause of the differences in the coupling and coordinated development of the four regions, but the contribution rate shows a downward trend, and the gap between the four regions is gradually narrowing. To further reduce the coupling and coordination differences between green finance and industrial green transformation and development in the four regions, the region should strengthen mutual penetration and mutual radiation, increase the innovation of green financial products, improve the efficiency of green finance allocation, and provide an important reference for the realization of high-quality development of China's industrial green transformation.

Exploring the impact mechanism of executives' environmental attention on corporate green transformation: evidence from the textual analysis of Chinese companies' management discussion and analysis.

The allocation of executives' environmental attention (EEA) is of great significance in promoting the green upgrading of industrial structures and achieving corporate green transformation. Based on upper echelon theory and the attention-based view, we use panel data of Chinese manufacturing companies from 2015 to 2020 to construct a two-way fixed effects model to explore the impact mechanism of EEA on corporate green transformation performance (CGTP). Baseline regression shows that EEA significantly improves CGTP. The reliability of findings is verified by reducing time windows, replacing the independent variable, expanding the data source, and adding missing variables. In the heterogeneity analysis, the positive effect of EEA on CGTP is significant for eastern companies and does not differ in the property rights grouping. After propensity score matching, environmental attribute grouping shows that the positive effect of EEA on CGTP is more significant for non-heavy polluters. Extended research shows that government subsidies have a positive moderating effect, while female executives play only a symbolic role. Moreover, green innovation activities have positive partial mediating effects. Green innovation is the best way to address environmental pollution and achieve corporate green transformation. Our research provides implications for decision-makers to allocate their attention, and thereby achieve green development appropriately.