Are firms with state ownership greener? An institutional complexity view
从制度复杂性视角，发现国有持股与绿色创新呈U型关系，区域创新准备度和行业竞争会强化这一关系，对理解国企在绿色创新中的角色有参考价值。
Abstract This study investigates the role of state ownership in green innovation from the institutional complexity viewpoint. We posit that state ownership can be characterised by two seemingly competing logics: institutional logic, which emphasises that firms with state ownership can acquire resources to promote innovation; and efficiency logic, which states that firms with state ownership have low resource utilisation effectiveness. On the basis of the integration of both views, we suggest a U‐shaped curvilinear relationship between state ownership and green innovation. Data from Chinese listed firms from 2003 to 2015 confirm our hypothesis. Moreover, we also find two macro‐level contingencies that moderate this relationship: regional innovation readiness and industrial competition. The U‐shaped relationship between state ownership and green innovation is more pronounced when regional innovation readiness and industrial competition are higher. This study advances previous research on environmental innovation by arguing that state ownership is characterised by institutional complexity rather than being a monolithic construct.