Abstract
The global consensus on green and city sustainable development is reshaping corporate innovation concepts, strategies, and practice. In the context of Chinese "carbon peak" and "carbon neutrality", encouraging corporate green innovation has become the focus of academic and government attention. As the core element to achieve the goal of city sustainability, corporate green transformation brings technological innovation and the business model change, which impact on firm pollutant discharge, consumer behavior and stakeholder value. These synergies effect provides a green, healthy, and sustainable living environment for city development. Based on the perspective of Stakeholder Influence Theory, this study explores the positive effects of Shareholder Influence on corporate green innovation by empirically testing 17,923 observations of 3205 A-share listed companies in China from 2011 to 2020. The results shows that the decision-making efficiency with Shareholder Power Influence and information advantage with Shareholder Network Influence both promote corporate green innovation. Among them, the power and network of the Top Management Team (TMT) play a moderating role. This study emphasizes the driven force of corporate governance in the context of city sustainable development and puts forward the economic agenda and requirements to achieve cities' low-carbon transformation.
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