Supply chain spillover effects of corporate voluntary green behavior: A quasi-natural experiment from China

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance Pub Date : 2025-07-23 DOI:10.1016/j.iref.2025.104455

Yuan Qian

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Abstract

Our study explores the supply chain spillover effects of corporate voluntary green behavior. Specifically, based on China's Green Manufacturing Program, we investigate whether a firm obtaining the Green Manufacturing Certification (GMC) endorsed by the government increases green innovation among upstream and downstream firms in the supply chain. We find that after obtaining the GMC, a firm's downstream clients experience a significant increase in green innovation. We perform a series of robustness tests and the results remain consistent. Heterogeneity analyses show that the positive impact of obtaining the GMC on client green innovation is more pronounced for firms in non-polluting industries, firms located in regions with less stringent environmental regulations, and clients with higher market competition. We also find that obtaining GMC has a significant positive impact on the green innovation of upstream suppliers. Our results indicate that government-endorsed green certification can effectively identify corporate voluntary green behavior and generate spillover effects among upstream and downstream firms.

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企业自愿绿色行为的供应链溢出效应：来自中国的准自然实验

本文探讨了企业自愿绿色行为的供应链溢出效应。具体而言，基于中国的绿色制造计划，我们考察了获得政府认可的绿色制造认证（GMC）的企业是否会促进供应链上下游企业的绿色创新。我们发现，获得GMC后，企业下游客户的绿色创新显著增加。我们进行了一系列稳健性测试，结果保持一致。异质性分析表明，对于无污染行业的企业、环境监管不严格地区的企业和市场竞争程度较高的企业，获得GMC对客户绿色创新的积极影响更为显著。我们还发现，获得GMC对上游供应商的绿色创新有显著的正向影响。研究结果表明，政府认可的绿色认证能够有效识别企业自愿性绿色行为，并在上下游企业之间产生溢出效应。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Review of Economics & Finance Multiple-

CiteScore

7.30

自引率

2.20%

发文量

253

期刊介绍： The International Review of Economics & Finance (IREF) is a scholarly journal devoted to the publication of high quality theoretical and empirical articles in all areas of international economics, macroeconomics and financial economics. Contributions that facilitate the communications between the real and the financial sectors of the economy are of particular interest.