Manipulators or Innovators? Corporate Misconduct and Green Innovation
研究发现企业不当行为导致绿色专利数量减少14.7%、引用量下降20.4%，主要通过滋生不诚信文化、释放负面信号和减少人力资本来抑制绿色创新，对关注企业社会责任和长期战略的学者有参考价值。
ABSTRACT An ongoing debate in the literature is whether rule‐breaking actors are more innovative than others. This study examines how corporate misconduct influences green innovation. We find that firms involved in misconduct experience a 14.7% reduction in green patent quantity and a 20.4% decrease in citations, demonstrating a detrimental effect on green innovation. This adverse impact is more pronounced within firms characterized by lower transparency, higher default risk, independent central research institutes, stronger top management team power, and weaker local intellectual property protection. Our findings remain robust and consistent when implementing change analysis and instrumental variable approach. Further analysis indicates that corporate misconduct primarily inhibits green innovation by fostering a culture of dishonesty, releasing signals, and reducing human capital. Our findings contribute to the literature gap by establishing a direct link between corporate misconduct and green innovation, offering new insights into how dishonesty undermines long‐term strategic capabilities in emerging markets.