Dual‐threshold effect of resources and governance on the role of regulations in green innovation: Novel insights from a four‐regime panel approach
研究发现，只有当财务资源和治理关注环境问题同时达到临界值时，环境规制对绿色创新的负面影响才会转为正面，且仅不到10%的样本进入该区间，财务资源是外围条件而治理关注是核心。
Abstract Diverging from existing literature that predominantly examines the individual impacts of environmental regulations, financial resources, and governance focus on green innovation, our study introduces an innovative theoretical framework based on institutional theory, resource‐based view, and attention‐based view to elucidate the collective interplay of these factors in “going green.” Employing a state‐of‐the‐art threshold regression with two threshold variables, our empirical results highlight that only when critical values for both financial resources and governance focus on environmental concerns are simultaneously achieved, does the negative influence of environmental regulations on green innovation transform into a positive effect. Furthermore, less than 10% of observations enter the corresponding threshold interval, with financial resources acting as a peripheral condition in contrast to the central role of governance focus. These findings have significant practical implications for the implementation of environmental regulations and green financial policies, particularly in China and similar emerging economies, where governmental intervention remains pivotal in environmental stewardship.