An Exploration of the Impact of Environmental Regulation on the Development of Green Technological Innovation: Based on the Moderating Effects of Green Finance and Executives' Green Perception

An Exploration of the Impact of Environmental Regulation on the Development of Green Technological Innovation: Based on the Moderating Effects of Green Finance and Executives' Green Perception | Research Square window.SnipcartSettings = { analytics: { enabled: false } }; (function() { var accessVector = localStorage.getItem('access_vector') || ''; window.dataLayer = window.dataLayer || []; if (accessVector) { window.dataLayer.push({ user: { profile: { profileInfo: { snid: accessVector } } } }); } })(); (function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start':new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src='https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f);})(window,document,'script','dataLayer','GTM-K279D39R'); Browse Preprints In Review Journals COVID-19 Preprints AJE Video Bytes Research Tools Research Promotion AJE Professional Editing AJE Rubriq About Preprint Platform In Review Editorial Policies Our Team Advisory Board Help Center Sign In Submit a Preprint Cite Share Download PDF Research Article An Exploration of the Impact of Environmental Regulation on the Development of Green Technological Innovation: Based on the Moderating Effects of Green Finance and Executives' Green Perception Lujia Ma, Shuaihe Zhuo This is a preprint; it has not been peer reviewed by a journal. https://doi.org/ 10.21203/rs.3.rs-7116810/v1 This work is licensed under a CC BY 4.0 License Status: Posted Version 1 posted You are reading this latest preprint version Abstract Amid escalating global climate and environmental challenges, the imperative of sustainable development has spurred academic interest in the nexus between environmental regulation and green technology innovation (GTI). This study meticulously examines how environmental regulation influences GTI, considering the moderating roles of green finance and executives' green perception (EGP). Using advanced econometric techniques, including the double fixed-effects model, we find that environmental regulation has a significant positive impact on GTI. Green finance serves as a catalyst, reducing GTI R&D risks and costs, while EGP aligns firms' strategies with sustainable innovation. We highlight the need for tailored policy approaches due to varying regulatory impacts across sectors, regions, and business life cycles. Key transmission mechanisms, such as alleviating financial constraints and enhancing corporate ESG performance, indirectly support GTI. These findings inform policy recommendations to optimize environmental regulation, bolster green finance, and enhance EGP, fostering sustainable development and economic green transition. Environmental regulation Green technological innovation Green finance Executive green perception Sustainable development Full Text Additional Declarations No competing interests reported. Cite Share Download PDF Status: Posted Version 1 posted You are reading this latest preprint version Research Square lets you share your work early, gain feedback from the community, and start making changes to your manuscript prior to peer review in a journal. As a division of Research Square Company, we’re committed to making research communication faster, fairer, and more useful. We do this by developing innovative software and high quality services for the global research community. Our growing team is made up of researchers and industry professionals working together to solve the most critical problems facing scientific publishing. Also discoverable on Platform About Our Team In Review Editorial Policies Advisory Board Help Center Resources Author Services Accessibility API Access RSS feed Manage Cookie Preferences © Research Square 2026 | ISSN 2693-5015 (online) Privacy Policy Terms of Service Do Not Sell My Personal Information {"props":{"pageProps":{"initialData":{"identity":"rs-7116810","acceptedTermsAndConditions":true,"allowDirectSubmit":true,"archivedVersions":[],"articleType":"Research Article","associatedPublications":[],"authors":[{"id":491453481,"identity":"ca82ac92-8bb7-4a70-b3a6-92527f98e2f9","order_by":0,"name":"Lujia Ma","email":"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAZAAAAAyAQMAAABI0h/eAAAABlBMVEX///8AAABVwtN+AAAACXBIWXMAAA7EAAAOxAGVKw4bAAABNUlEQVRIiWNgGAWjYBACefaGhAMJBhJ2/OzNB4B8ZmTJBKxaDHsOPHzwocIiWbLnWALDAZAWNrCEAU4tDDcSHxvOOFPBuOGGjwFxWhgbktOkedskmCVn8Hz+/LHNWs5cvoF1M8+fPwz87DkGTDcqMLSwMxwDa+Hjl+7dJnGwLd3Yso2B7TZvmwGDZM8bA+acM5i2NPZAbZlzdhvDwbbDiRuOgbQ0GDAY3MgxYM5tw3TZYf5vIC1Av+Q8/gDUUg/WwvPHgMEel5ZjDMlA74O1MAAddjjBAKyFDWiLBHYthj0MicBAlgAFspnEmXPphhuOJbbdnNtmzCNx5lnBYSx+kZd/AIrKOlBUPv5QUWYtb3D48LEbb/7IyfG3J298nIMZYtgDHkTygIgDRGkYBaNgFIyCUYAOANo0dC+rwRIVAAAAAElFTkSuQmCC","orcid":"","institution":"Macau University of Science and Technology","correspondingAuthor":true,"prefix":"","firstName":"Lujia","middleName":"","lastName":"Ma","suffix":""},{"id":491453482,"identity":"aef8be19-fbda-4ca3-b531-86e1fe1e1079","order_by":1,"name":"Shuaihe Zhuo","email":"","orcid":"","institution":"Macau University of Science and Technology","correspondingAuthor":false,"prefix":"","firstName":"Shuaihe","middleName":"","lastName":"Zhuo","suffix":""}],"badges":[],"createdAt":"2025-07-14 04:23:08","currentVersionCode":1,"declarations":"","doi":"10.21203/rs.3.rs-7116810/v1","doiUrl":"https://doi.org/10.21203/rs.3.rs-7116810/v1","draftVersion":[],"editorialEvents":[],"editorialNote":"","failedWorkflow":false,"files":[{"id":93565941,"identity":"0d117b71-c33e-44a2-9a95-9b4e91938ae0","added_by":"auto","created_at":"2025-10-15 08:25:12","extension":"pdf","order_by":1,"title":"","display":"","copyAsset":false,"role":"manuscript-pdf","size":578426,"visible":true,"origin":"","legend":"","description":"","filename":"Manuscript.pdf","url":"https://assets-eu.researchsquare.com/files/rs-7116810/v1_covered_eb5d2d97-6454-4b3c-bf9e-ec601f741a57.pdf"}],"financialInterests":"No competing interests reported.","formattedTitle":"An Exploration of the Impact of Environmental Regulation on the Development of Green Technological Innovation: Based on the Moderating Effects of Green Finance and Executives' Green Perception","fulltext":[],"fulltextSource":"","fullText":"","funders":[],"hasAdminPriorityOnWorkflow":false,"hasManuscriptDocX":false,"hasOptedInToPreprint":true,"hasPassedJournalQc":"","hasAnyPriority":false,"hideJournal":true,"highlight":"","institution":"","isAcceptedByJournal":false,"isAuthorSuppliedPdf":true,"isDeskRejected":"","isHiddenFromSearch":false,"isInQc":false,"isInWorkflow":false,"isPdf":true,"isPdfUpToDate":true,"isWithdrawnOrRetracted":false,"journal":{"display":true,"email":"[email protected]","identity":"researchsquare","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":true,"externalIdentity":"","sideBox":"","snPcode":"","submissionUrl":"/submission","title":"Research Square","twitterHandle":"researchsquare","acdcEnabled":true,"dfaEnabled":false,"editorialSystem":"","reportingPortfolio":"","inReviewEnabled":false,"inReviewRevisionsEnabled":true},"keywords":"Environmental regulation, Green technological innovation, Green finance, Executive green perception, Sustainable development","lastPublishedDoi":"10.21203/rs.3.rs-7116810/v1","lastPublishedDoiUrl":"https://doi.org/10.21203/rs.3.rs-7116810/v1","license":{"name":"CC BY 4.0","url":"https://creativecommons.org/licenses/by/4.0/"},"manuscriptAbstract":"\u003cp\u003eAmid escalating global climate and environmental challenges, the imperative of sustainable development has spurred academic interest in the nexus between environmental regulation and green technology innovation (GTI). 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