Abstract
This study explores the specific effects between green leading institutions (GLIs) and green innovation (GI) by Chinese listed firms from the perspective of legitimacy and efficiency. The results show that GLIs can significantly improve GI, and the establishment of GLIs is more in line with the efficiency hypothesis than the legitimacy hypothesis; the positive effect of GLIs on GI is more obvious at firms with low market competition and in areas with strong regional environmental regulations; and GLIs improve GI by increasing firms’ green investment, building a green culture, and creating an excellent R&D team. This study not only expands the research on GI from the perspective of establishing GLIs but provides empirical evidence on how to promote the green transformation of enterprises and achieve sustainable economic development.
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