Would Customers Pay to Go Green: The Impact of Green Innovation on Corporate Value in Chinese Context

Would Customers Pay to Go Green: The Impact of Green Innovation on Corporate Value in Chinese Context | 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 Article Would Customers Pay to Go Green: The Impact of Green Innovation on Corporate Value in Chinese Context Weijia Hu, Zimeng Li, Yu-En Lin This is a preprint; it has not been peer reviewed by a journal. https://doi.org/ 10.21203/rs.3.rs-7308220/v1 This work is licensed under a CC BY 4.0 License Status: Under Review Version 1 posted 12 You are reading this latest preprint version Abstract Understanding how firms translate environmental innovation into financial value through customer engagement is a critical global sustainability challenge. In response, this paper investigates the impact of green innovation on green income (revenue from eco-products or low-carbon business activities) in China’s corporate landscape. Focusing on the customer value creation mechanism, we employ rigorous identification strategies to analyze a sample of Shanghai and Shenzhen A-share listed companies from 2010 to 2020. Our findings reveal that green innovation significantly enhances green income, confirming customers financially reward sustainability initiatives. We further find that marketing capabilities amplify this effect, while firm-level heterogeneity tests show stronger impacts when firms’ agency costs are low, boards have environmental background, and products are differentiated; and provincial heterogeneity reveals the effect more pronounced in regions with advanced factor markets, market intermediary maturity, and legal system development. This study contributes to stakeholder theory by demonstrating customers’ role as active value co-creators and provides a granular, multi-tier analysis that advances both green innovation literature and sustainable value creation frameworks. JEL Classification: L1 M31 N3 O32 Q01 Business and commerce/Business and management Social science/Business and management Earth and environmental sciences/Environmental sciences Earth and environmental sciences/Environmental social sciences value creation green innovation corporate value marketing capability Figures Figure 1 Figure 2 Introduction Traditional views of green innovation focus on three key aspects: addressing environmental externalities, complying with regulations, and promoting social change (Rennings, 2000; Rezende et al., 2019). However, existing research rarely examines how green innovation affects corporate value, especially from the customer’s perspective. In this paper, corporate value refers to the value generated from customers, specifically the green income generated from eco-products or low-carbon business activities. While green income serves as our empirical dependent variable, we theorize its role in translating green innovation into broader corporate value creation. Thus, this study addresses this gap and significantly advances theoretical understanding. Globally, governments and institutions are prioritizing green innovation to meet climate goals. Initiatives such as the Paris Agreement and the EU Green Deal encourage companies to adopt sustainable practices. These policies aim to reconcile economic growth with environmental protection, enabling firms to develop sustainable products. Concurrently, rising global consumer demand for eco-friendly vehicles has compelled automakers to innovate. Ford accelerated production of fuel-efficient cars by retooling factories and launching programs like ECOnetic in Europe. This shift reduced emissions and attracted environmentally conscious consumers. Similarly, Toyota expanded its hybrid lineup, capitalizing on stricter emission regulations and shifting consumer preferences. Consequently, Ford’s U.S. hybrid sales grew by 4.2% in 2024. 1 Such cases show how aligning innovation with global trends can boost competitiveness. We argue that customer demand for green products is a key driver of corporate value. As depicted in Fig. 1 , firms integrate resources from stakeholders (e.g., investors, suppliers) with customer feedback to tailor green innovations to market needs. This alignment enhances competitiveness; for instance, customers frequently pay premium prices for eco-friendly products (Henriques and Sadorsky, 1996 ), directly boosting sales and profit margins (Kumar, 2018 ). [insert Fig. 1 about here] Corporate value depends on optimizing the distribution of value across stakeholders. Figure 2 illustrates two paths: the upper path prioritizes shareholder value (A1) but risks diminishing customer value, creating stakeholder conflict (Queen, 2015 ; Flammer and Bansal, 2017). Conversely, the lower path simultaneously increases value for shareholders and stakeholders (A1 + B1), thereby expanding the firm’s total value pie and aligning with shared value creation (Porter and Kramer, 2011). While past research frames customers as passive recipients of value (Bocken et al., 2014 ), we emphasize their active role in value co-creation. Specifically, customer purchases of green products generate revenue (green income) that incrementally benefit both shareholders (A) and stakeholders (B) (Haksever et al., 2004 ). [insert Fig. 2 about here] While green innovation is widely studied (e.g., Wedari et al., 2022 ), critical gaps persist. First, prior work overlooks how green innovation enhances firm value via customer-driven mechanisms, particularly the role of green income (i.e., revenue from green or low-carbon business activities). Second, through stakeholders like investors are well-researched, customers – key revenue contributors – are often framed as passive recipients (Bocken et al., 2014 ) rather than active co-creators. Third, conflicting priorities between shareholders and stakeholders create ambiguity in optimizing value distribution. Thus, we ask: How does green innovation enhance corporate value by increasing green income, and what contextual factors strengthen this relationship? We integrate New Stakeholder Theory (NST) and Agency Theory to explain this linkage. NST posits that firms optimize value creation by aligning innovation with stakeholder needs. In this vein, we believe that customers are pivotal: their purchasing decisions generate green income, signaling demand and guiding resource allocation toward high-impact green innovations. Conversely, Agency Theory warns that managerial focus on short-term shareholder gains risks underinvesting in sustainability (Markman et al., 2004 ). For instance, cutting green R&D to boost immediate profits may reduce green income, eroding customer trust and long-term shareholder returns. Synthesized, these two theories reveal how customer-aligned green innovation converts environmental efforts into incremental financial value. Our analysis reveals four key insights. First, green innovation enhances corporate value primarily through green income. Second, marketing capabilities amplify this effect by strengthening resource-customer feedback integration. Third, results withstand robustness checks (e.g., reverse causality, sample selection bias), confirming that green innovation drives value through customer-linked green income. Fourth, the relationship is stronger in firms with environmentally experienced leadership, differentiated products, and lower agency costs. Additionally, contextual factors matter: the effects are more pronounced in regions with supportive institutions (e.g., robust intellectual property protections). This study differentiates itself by measuring corporate value via green income – a metric capturing customers’ active co-creation role. Whereas prior work focuses on operational metrics (e.g., emissions), we reveal how customer purchases forge a direct financial bridge between green innovation and corporate value. This repositions customers from passive observers (Bocken et al., 2014 ) to active validators who economically reward sustainability. Literature Review and Hypotheses Development 2.1 Green Innovation and Corporate Value Prior research predominantly measures corporate value using Tobin’s Q or sales growth (Ruf et al., 2001 ; Harjoto & Laksmana, 2018). This study diverges by adopting a value-creation lens, operationalizing corporate value through green income, which is defined as the proportion of revenue derived from low-carbon or eco-friendly products. This approach addresses a critical gap: while existing work links corporate value to governance (e.g., board structure; Coles et al., 2008 ) or CSR (e.g., CSR-driven sales growth; Lins et al., 2017 ), it overlooks customers as active contributors to value creation through green purchasing behavior (Vomberg et al., 2015 ). Green innovation enhances environmental performance through two primary pathways: (1) integrating sustainability into product design (e.g., recyclability; Marchi, 2012 ), and (2) optimizing processes for energy efficiency (Shu et al., 2016 ). It also strengthens market competitiveness by aligning with eco-conscious demand (Hart, 1995 ). Despite these established benefits, three research limitations persist. First, prior studies neglect how green innovation translates to corporate value via customer-linked green income. Second, theoretical conflicts remain unresolved – particularly between shareholder-centric frameworks (e.g., Agency Theory) and stakeholder-inclusive paradigms (e.g., New Stakeholder Theory, NST). Third, the role of marketing capability in converting green innovation into value is underdeveloped. 2.2 The Theoretical Analysis and Hypotheses Development 2.2.1 New Stakeholder Theory (NST) and Value Creation NST posits that firms maximize value when stakeholders co-create outcomes (Tantalo and Priem, 2014 ; Klein et al., 2019 ). Customers are pivotal: their demand for green products generates revenue, encouraging companies to focus resources on eco-innovation (McGahan, 2021 ) and make products that fit market needs (Flammer, 2015). Greener corporate behaviour improves value creation by enhancing reputation, providing a cleaner working environment, and increasing customer satisfaction (Klassen and McLaughlin, 1996 ; Hart, 1995 ). In the current context, where customers tend to prefer eco-friendly products, companies that align their product designs and packaging with environmental principles can produce green products that satisfy customer needs. So, when companies recognize the potential market for green products, they are more motivated to address challenges and allocate significant resources to costly and uncertain innovation activities. This then starts a cycle: Green innovation leads to customer purchases (green income), which increases company value, benefits stakeholders, and creates shared value (as shown in Fig. 2 ). Thus, we propose that: H1a Green innovation increases corporate value by boosting green income. 2.2.2 Agency Theory and Value Erosion Agency theory highlights conflicts from misaligned incentives (Jensen, 2001 ). Managers may deprioritize green innovation due to high costs and uncertain returns (Markman et al., 2004 ), favor short-term profits over sustainability (Bushee, 1998 ), or disregard customer preferences, thereby reducing green income potential (Haksever et al., 2004 ). Further, green innovation consumes substantial capital and diverts resources away from production investments, potentially reducing a firm’s short-term production performance (Hu et al., 2022 ). Moreover, increased investment in green technologies can lead to higher production costs, elevated product prices, reduced customer demand, and ultimately lower profitability. When these adverse effects dominate, a decline in corporate value can be observed (Flammer and Bansal, 2017). Potential agency problems may also emerge between shareholders and customers. Managers are primarily tasked with maximizing shareholder value. However, excessive focus on shareholder value, especially at the expense of other stakeholders, can lead to conflicts of interest that undermine the firm’s overall value (Queen, 2015 ; Flammer and Bansal, 2017). When customer value remains constant, increasing the proportion allocated to shareholders inherently diminishes the value for other stakeholders, creating imbalances. Imbalanced value distribution between shareholders and customers further exacerbates conflicts (Queen, 2015 ). Failing to consider stakeholder interests can prevent firms from achieving value maximization (Jensen, 2001 ). Consequently: H1b Green innovation decreases corporate value by reducing green income. 2.2.3 Marketing Capability as Moderator Resource-Based View (RBV) & Dynamic Capabilities Perspective Previous research suggests that marketing capability is a comprehensive process through which firms leverage market knowledge to enhance interactions between suppliers and customers and foster relationships with all stakeholders (Nath et al., 2010 ; Yu et al., 2014 ). Mu and Zhang ( 2021 ) define marketing capability as a firm's ability to effectively transform consumer feedback into actionable outputs, enabling companies to identify customer needs better and understand the factors influencing customer decision-making (Dutta et al., 1999 ). According to RBV, scarce, inimitable, and valuable resources form the foundation for building robust marketing capabilities that generate competitive advantages (Nath et al., 2010 ). RBV applied to marketing emphasizes the importance of developing market-based relationships and intellectual assets to meet customer needs and enhance brand equity (Srivastava et al., 2001 ). Dynamic Capability Theory, on the other hand, posits that firms must continually develop and adapt their resources and capabilities in response to market changes. Companies that swiftly respond to environmental shifts are more likely to perform better (Jarvenpaa and Leidner, 1998 ). A critical aspect of marketing capability is allocating resources to serve customers more effectively. Firms with strong marketing capabilities leverage both internal and external resources to introduce new products that meet market demands, build a positive brand image, and understand customer preferences. This capability ensures the consistent delivery of customer value, fostering loyalty and satisfaction (Gu et al., 2018). Enhanced customer loyalty leads to accelerated purchases of firm products, preventing competitors from capturing customer resources. Moreover, firms with advanced marketing capabilities can efficiently gauge customer reactions to products and quickly address their concerns, thereby reducing time costs and improving customer acquisition and retention rates (Mu and Zhang, 2021 ; Angulo-Ruiz et al., 2014 ). Marketing capability enables firms to transform customer insights into innovation (Nath et al., 2010 ), build eco-brand loyalty (Chen, 2010 ), and accelerate the adoption of green practices (Hirunyawipada & Xiong, 2018 ). Strong marketing amplifies the value of green innovation by bridging customer needs and firm offerings (Yu et al., 2017 ). We therefore propose: H2a Marketing capability strengthens the positive relationship between green innovation and corporate value. Agency Conflicts Perspective Marketing capabilities reflect a firm’s ability to allocate resources effectively. However, according to Agency Theory, resource allocation decisions made by managers may not always be efficient due to agency friction. Managers, acting in their self-interest, may prioritize short-term gains or personal incentives, resulting in suboptimal resource allocation and increased cost uncertainty for the firm (Chen et al., 2012 ). Furthermore, agency issues are not confined to the relationship between managers and shareholders. A notable agency problem also exists between shareholders and customers. As discussed earlier, conflicts often arise between maximizing shareholder value and the interests of other stakeholders. Customer value is a critical driver of corporate value, and when the focus on shareholder value maximization overshadows customers’ needs, it can lead to adverse outcomes. While the primary responsibility of management is to maximize shareholder value, an overemphasis on this goal, especially at the expense of other stakeholders, can harm the firm’s overall interests. Pursuing shareholder value in a way that disregards the negative impacts on customers and other groups undermines the firm’s ability to achieve value maximization (Jensen, 2001 ). Thus, marketing investments may backfire in the presence of agency problems. Resource constraints can lead to inefficient spending (Carayannopoulos, 2009 ), managerial self-interest may distort priorities (Chen et al., 2012 ), and customer dissatisfaction can result in reputational harm (Mu & Zhang, 2021 ). When such issues dominate, marketing capability weakens the value impact of green innovation. Hence: H2b Marketing capability weakens the relationship between green innovation and corporate value. Research Design 4.1 Data and Sample This paper uses data from companies listed on the Shanghai and Shenzhen stock exchanges in China from 2010 to 2020 as the research sample to explore the relationship between green innovation and corporate value. The data on corporate value (green income) is extracted from WIND database. We manually retrieved data on patent applications, patent grants, and IPC classification codes for listed companies from the search portal of the China National Intellectual Property Administration (CNIPA). We then matched the patent types obtained from CNIPA against the green patent IPC classification codes in the World Intellectual Property Organization's (WIPO) 2010 “International Patent Classification Green Inventory” to derive the annual count of green patents obtained by each firm. The rest of the data are from the China Stock Market Accounting Research Database (CSMAR). We exclude companies labeled as ST, SST, or ST*, as well as companies in the financial or insurance industries. We winsorize all continuous variables to within 1% of the upper and lower bounds. The above selection criteria leave us with 13,356 firm-year observations. 4.2 Variable Definitions 4.2.1 Corporate value (GRev) Similar to Huang et al. (2024), who identify six main categories of green business activities, including green revenues, as outlined in the 2019 Green Industry Guiding Catalogue , we conduct a more comprehensive analysis of green performance using a new database. First, we identify the green and low-carbon keywords based on the government official document, “ Opinions on Fully Implementing the New Development Concept and Achieving Carbon Peak and Carbon Neutrality .” Second, we categorize green and low-carbon business activities based on keywords and classify the revenues generated from these activities as green or low-carbon revenues. Third, we divide those revenues by total revenue and use the ratio as the green revenue implication of corporate value. 4.2.2 Green innovation (Green) Following prior literature (Ghoul et al., 2017 ; Quan et al., 2021 ), we measure green innovation using the natural logarithm of one plus the number of the sum of green invention patents and green utility model patents independently obtained within the focal year. 2 To ensure the robustness of our conclusions, we re-estimate our main models using Green1 as an alternative proxy for Green and present the results in Tables S1-S4 in the Supplementary Information. 4.2.3 Marketing Capability (MC) Management research has consistently emphasized the importance of functional capabilities in explaining interfirm differences in profitability (Dutta et al., 1999 ). Building on prior studies (Dutta et al., 1999 ; Hu et al., 2023), we estimate marketing capability ( MC ) using the stochastic frontier estimation (SFE) methodology. This approach conceptualizes marketing capability as a firm's efficiency in utilizing limited resources (inputs) to generate desired outputs. Specifically, we use sales, general, and administrative expenses, as well as receivables, as proxies for inputs, while sales revenue serves as the output variable. The SFE models are presented as follows: where i = 1, ..., N represents the company, t = 1, ..., T i denotes the period, Y refers to the output variable (sales revenue), and X is a vector of input variables (sales, general and administrative expenses, and receivables). The inefficiency term µ i,t > 0 indicates the degree to which a firm is unable to convert inputs into outputs optimally. The model assesses a firm's effectiveness in utilizing marketing resources to optimize sales revenue (Dutta et al., 1999 ; Xiong & Bharadwaj, 2013 ). A primary objective of marketing activities is to enhance the perception of product value among current and prospective customers, thereby increasing operating income through pricing differentials. We normalize the efficiency scores on a scale from 0 to 1000, representing the spectrum of marketing capability ( MC ) from low to high. 4.2.4 Control Variables Referring to previous relevant studies (Bloom and Van Reenen, 2002 ; Lins et al., 2017 ; Wei, 2021 ), we control the following firm-level characteristics: (1) firm Age ( Age ): the natural logarithm of the number of years from the firm’s listing year to the statistical year; (2) state ownership ( SOE ): the indicator which equals one if a firm is state-owned; and zero otherwise; (3) firm size ( Size) : the natural logarithm of the total assets of the firm; (4) equity concentration ( Share ): the shareholding proportion of the top ten shareholders; (5) R&D expenditure ( R&D ): the ratio of R&D expenditure to total sales; (6) profitability ( ROA ): the ratio of net profit to total assets; (7) financial leverage ( Lev ): the ratio of total liabilities to total assets; (8) firm growth ( Growth ): average growth rate of sales in three years (Wei, 2021 ); (9) analyst following ( Ana ): the natural logarithm of the number of analysts (teams) who have analyzed a firm in the calendar year plus one. Table 1 presents the detailed descriptions of all variables. Table 1 Variable Description Variable name Variable symbol Variable definition Green income ratio GRev The ratio of green or low-carbon business revenue to total income Green innovation Green The number of green invention patents independently obtained in the focal year Marketing capability MC Using stochastic frontier analysis to calculate, the reverse term of the inefficient ability of firms to obtain output by using input. Firm size Size The natural logarithm of total assets Financial leverage Lev Total liabilities divided by total assets R&D investment R&D R&D expenditures scaled by total sales Firm growth Growth Average sales growth rate of sales in three years Profitability ROA The ratio of net profit to total assets Firm age Age The natural logarithm of the number of years from the firm’s listing year to the statistical year State ownership SOE Indicator which equals one if a firm is state-owned; and zero otherwise. Equity concentration Share The shareholding proportion of the top ten shareholders Analyst following Ana The natural logarithm of the number of analysts (teams) who have conducted analysis on a firm in the calendar year plus one [Insert Table 1 about here] 4.3 Empirical Models To test the impact of green innovation on corporate value (H1), this paper constructs the following model: $$\:{GRev}_{i,t}=\:{\beta\:}_{0}+{\beta\:}_{1}\times\:{Green}_{i,t-1}+{\sum\:}_{k}{{\beta\:}_{k}Controls}_{i,t}^{k}+{{\mu\:}}_{t}+{\delta\:}_{i}+{\epsilon\:}_{i,t}$$ 1 where GRev represents the ratio of corporate green revenue to total revenue of firm i in year t ; Green represents corporate green innovation, and we’ll use Green1 and Green2 , which refer to the number of green patents independently obtained and the number of green patents jointly obtained by firm i in year t-1 , respectively. Controls refer to the controlled variables described earlier; µ is the year-fixed effect; δ is the industry-fixed effect; γ is the city-fixed effect; and ε is the error term. To test the moderating effect (H2), we construct the following model: $$\:{GRev}_{i,t}=\:{\gamma\:}_{0}+{\gamma\:}_{1}\times\:{Green}_{i,t-1}+{\gamma\:}_{2}\times\:{Green}_{i,t-1}\times\:{MC}_{i,t-1}+{\gamma\:}_{3}\times\:{MC}_{i,t-1}+\:\:{\sum\:}_{k}{{\gamma\:}_{k}Controls}_{i,t}^{k}+{{\mu\:}}_{t}+{\delta\:}_{i}+{\vartheta\:}_{i,t}$$ 2 where MC represents the marketing capability of firm i in year t-1 , which is the moderating variable; γ 2 is of our focus in this model; and other variables are as above. Empirical Results 5.1 Descriptive Statistics Table 2 presents the descriptive statistics for the main variables. The explained variable, green income ratio (GRev), has a mean value of 0.054, a standard deviation of 0.179, a minimum value of 0, and a maximum value of 0.987, reflecting a large variation in the level of green activities among companies. The explanatory variable 'green patent' (Green1/Green2) has a mean value of 0.781/0.208, a minimum value of 0, and a maximum value of 4.111/3.526, indicating that the degree of green innovation varies among companies. Though there are some differences in the numerical values between Green1 and Green2 , the distributions are relatively similar, indicating that the two proxies can effectively measure the level of green innovation. Table 2 Descriptive Statistics Mean Std. Min. 25th Median 75th Max. GRev 0.054 0.179 0.000 0.000 0.000 0.000 0.987 Green 0.781 0.994 0.000 0.000 0.000 1.386 4.111 MC 41.512 0.521 39.717 41.213 41.562 41.870 42.734 Size 22.498 1.272 19.847 21.622 22.292 23.225 27.072 Lev 0.073 0.092 0.000 0.001 0.035 0.116 0.531 R&D 0.023 0.024 0.000 0.004 0.017 0.033 0.154 Growth 0.204 1.569 -8.941 0.030 0.149 0.314 17.990 ROA 0.069 0.058 -0.304 0.037 0.060 0.097 0.285 Age 2.673 0.314 1.946 2.398 2.708 2.944 3.367 SOE 0.537 0.499 0.000 0.000 1.000 1.000 1.000 Share 0.380 0.155 0.064 0.257 0.363 0.497 0.794 Ana 1.680 1.131 0.000 0.693 1.792 2.639 3.871 [Insert Table 2 about here] Moreover, the average value of marketing capability ( MC ) is 41.512, with a standard deviation of 0.521. The maximum value and the minimum value are 42.734 and 39.717, respectively, indicating that most sample firms attach more importance to marketing ability. From the perspective of innovation investment ( R&D ), the average value is 0.023, the standard deviation is 0.024, the maximum value is 0.154, and the minimum value is 0, indicating that innovation investment is generally low. 5.2 Correlation Analysis Table 3 presents the correlation matrix of the main variables. There is a significant positive correlation between green innovation and corporate value at the 1% level, which supports our hypothesis at the preliminary stage. It indicates that as the corporate green innovation level improves, the proportion of green income will increase. For the control variables, the results presented in this paper are consistent with the correlations reported in previous literature. The correlation coefficients between the other variables are less than 0.5, suggesting that this study will not be affected by multicollinearity in subsequent empirical models. Table 3 Correlation Matrix Grev Green MC Size Lev R&D Growth ROA Age SOE Share Ana GRev 1.000 0.266 *** 0.007 0.094 *** 0.119 *** 0.047 *** -0.009 -0.038 *** -0.020 ** -0.032 *** 0.001 0.068 *** Green 0.247 *** 1.000 -0.303 *** 0.383 *** 0.164 *** 0.112 *** -0.028 *** -0.050 *** 0.068 *** 0.098 *** 0.060 *** 0.170 *** MC 0.029 *** -0.358 *** 1.000 -0.859 *** -0.343 *** 0.348 *** 0.100 *** -0.104 *** -0.237 *** -0.297 *** -0.244 *** -0.371 *** Size 0.074 *** 0.454 *** -0.874 *** 1.000 0.481 *** -0.222 *** -0.113 *** -0.018 ** 0.267 *** 0.255 *** 0.227 *** 0.385 *** Lev 0.139 *** 0.124 *** -0.269 *** 0.415 *** 1.000 -0.228 *** -0.051 *** -0.204 *** 0.139 *** 0.185 *** 0.019 ** 0.049 *** R&D 0.004 0.091 *** 0.326 *** -0.201 *** -0.211 *** 1.000 0.055 *** 0.117 *** -0.196 *** -0.233 *** -0.047 *** 0.110 *** Growth 0.017 ** -0.009 0.049 *** -0.069 *** -0.028 *** 0.002 1.000 0.147 *** -0.042 *** -0.055 *** -0.041 *** 0.084 *** ROA -0.034 *** -0.059 *** -0.120 *** 0.004 -0.178 *** 0.048 *** 0.081 *** 1.000 -0.123 *** -0.171 *** 0.127 *** 0.480 *** Age -0.010 0.056 *** -0.193 *** 0.213 *** 0.109 *** -0.189 *** 0.009 -0.096 *** 1.000 0.371 *** -0.181 *** -0.163 *** SOE -0.009 0.099 *** -0.305 *** 0.278 *** 0.173 *** -0.211 *** -0.007 -0.150 *** 0.365 *** 1.000 0.066 *** -0.086 *** Share 0.026 *** 0.079 *** -0.282 *** 0.261 *** 0.041 *** -0.036 *** -0.001 0.127 *** -0.181 *** 0.058 *** 1.000 0.165 *** Ana 0.063 *** 0.191 *** -0.373 *** 0.380 *** 0.033 *** 0.106 *** 0.018 ** 0.461 *** -0.165 *** -0.085 *** 0.167 *** 1.000 *** , ** and * indicate that the coefficient is significant at the 1%, 5% and 10% levels, respectively. [Insert Table 3 about here] 5.3 Green Innovation and Corporate Value Table 4 presents the baseline results for Model (1). Specifically, Column (1) presents the results without the core explanatory variable, and it shows that corporate green income ( GRev ) is significantly related with the control variables. We test the main hypothesis in Column (2). The coefficient of Green is significantly positive at the 1% level, supporting our hypothesis H1a that green innovation has a positive impact on green revenue implications for corporate value. Table 4 Green Innovation, Marketing Capability and Corporate Value GRev (1) (2) (3) (4) Intercept 0.426 *** 0.732 *** -4.013 *** -3.582 *** (9.21) (15.86) (-11.04) (-9.86) Green 0.046 *** 0.046 *** -0.874 *** (19.73) (20.01) (-7.22) Green×MC 0.022 *** (7.55) MC 0.095 *** 0.082 *** (13.06) (11.29) Size -0.003 -0.020 *** 0.014 *** 0.019 *** (-1.63) (-10.87) (4.45) (6.21) Lev 0.106 *** 0.142 *** 0.093 *** 0.078 *** (4.11) (5.60) (3.74) (3.16) R&D 0.073 -0.147 * -0.420 *** -0.449 *** (0.92) (-1.86) (-4.95) (-5.21) Growth 0.002 * 0.001 0.002 0.002 (1.89) (1.28) (1.36) (1.52) ROA -0.192 *** -0.146 *** -0.063 ** -0.066 ** (-6.92) (-5.41) (-2.37) (-2.49) Age -0.006 < 0.001 0.001 -0.006 (-0.92) (-0.02) (0.10) (-1.00) SOE -0.015 *** -0.017 *** -0.011 *** -0.008 ** (-4.45) (-4.99) (-3.19) (-2.55) Share 0.004 0.013 0.027 *** 0.026 ** (0.37) (1.27) (2.60) (2.54) Ana 0.016 *** 0.015 *** 0.015 *** 0.014 *** (9.40) (8.59) (8.78) (8.12) Year YES YES YES YES Ind YES YES YES YES R 2 11.30% 15.79% 17.00% 17.48% Adj R 2 11.13% 15.61% 16.82% 17.29% N 13356 13356 13356 13356 F-value 35.541 *** 41.093 *** 41.889 *** 40.843 *** Note: The t-statistics in parentheses are calculated using robust standard errors clustered at firm-level. *** , ** and * indicate that the coefficient is significant at the 1%, 5% and 10% levels, respectively. [Insert Table 4 about here] 5.4 The Moderate Effect of Marketing Capability Further, the coefficient of the interaction term of marketing capability ( MC ) and green innovation ( Green ) in Column (4) of Table 4 is significantly positive at 1% level, with a t-statistic of 7.55. This suggests that firms’ marketing capability positively promotes the impact of green innovation on corporate green income, supporting our hypothesis H2a. 5.5 Endogeneity Tests 5.5.1 Measurement Error Problem To address the potential measurement error, we use the dummy variable for green innovation ( Green_dum ) as the independent variable in the regression. Specifically, the dummy variable is defined as follows: if a firm has any green patents, the variable equals one; otherwise, it equals zero. Table 5 presents the results, which show that both Green_dum is significantly positively associated with the green income ( GRev ) at the 1% significance level. This aligns with prior research, further supporting the robustness of the relationship between green innovation and green income. Table 5 Measurement error test results GRev (1) (2) Intercept 0.426 *** 0.535 *** (9.21) (11.42) Green_dum 0.049 *** (15.11) Size -0.003 -0.009 *** (-1.63) (-5.03) Lev 0.106 *** 0.114 *** (4.11) (4.43) R&D 0.073 -0.042 (0.92) (-0.53) Growth 0.002 * 0.002 (1.89) (1.64) ROA -0.192 *** -0.183 *** (-6.92) (-6.69) Age -0.006 -0.006 (-0.92) (-0.91) SOE -0.015 *** -0.016 *** (-4.45) (-4.80) Share 0.004 0.009 (0.37) (0.87) Ana 0.016 *** 0.016 *** (9.40) (9.00) Year YES YES Ind YES YES R 2 11.31% 12.84% Adj R 2 11.13% 12.65% N 13356 13356 F-value 35.541 *** 37.724 *** Note: The t-statistics in parentheses are calculated using robust standard errors clustered at firm-level. *** , ** and * indicate that the coefficient is significant at the 1%, 5% and 10% levels, respectively. [Insert Table 5 about here] 5.5.2 Selection Bias Problem To address the potential endogeneity issue of selection bias in our previous findings, we conduct a Heckman two-stage model. Since there are firms in our sample that have a zero value of green income, whether a firm engages in green activities may be determined by its characteristics rather than being randomly selected. To mitigate this concern, we first regress whether a firm has green income on firm-level control variables. We calculate the Inverse Mills Ratio ( lambda ) from the first stage and then add it in the second stage. Table 6 shows the results. Column (2) shows that after controlling for endogeneity, the coefficient of Green1 on GRev remains significantly positive. This suggests that previous findings are robust and not affected by the selection bias problem. Table 6 Sample Selection Bias - Heckman two-stage model results (1) (2) GRev_dum GRev Intercept -4.042 *** 2.318 *** (-6.38) (3.29) Green 0.069 *** (9.72) lambda -0.870 (-1.43) Size 0.069 ** -0.065 *** (2.40) (-5.27) Lev 1.009 *** 0.092 (3.28) (0.33) R&D 1.204 -0.552 (1.03) (-1.17) Growth -0.020 0.022 *** (-1.54) (5.18) ROA -2.921 *** -0.057 (-5.10) (-0.21) Age -0.093 0.025 (-0.93) (0.85) SOE -0.495 *** 0.065 ** (-8.11) (2.14) Share -0.598 *** 0.288 *** (-3.22) (4.83) Ana 0.256 *** 0.008 (8.00) (0.49) Year YES YES Ind YES YES Pseudo R2 8.90% R2 16.46% Adj R2 15.37% N 13356 2178 F-value 21.115 *** Note: The t-statistics in parentheses are calculated using robust standard errors clustered at firm-level. *** , ** and * indicate that the coefficient is significant at the 1%, 5% and 10% levels, respectively. [Insert Table 6 about here] 5.5.3 Reversal Causality Test Although previous sections present a robust relationship between green innovation and corporate value via green income, the conclusion may suffer from the endogeneity problem caused by reverse causality. That is, it may be possible that firms generating more green revenue from customers are also very active in green innovation activities. To mitigate this concern, we verify the causal impact of green innovation on green income by adopting the instrumental variable approach and two-stage least squares (2SLS) regression models. We use firm-level climate risk as the instrumental variable of corporate green innovation and rerun the main model using two-stage least squares (2SLS). Following Lin and Wu ( 2023 ) and Li et al. ( 2024 ), we construct two measures for firm-level climate risk. Specifically, Lin and Wu ( 2023 ) develop their climate risk dictionaries based on government official reports, while Li et al. (2020) develop theirs using data from the China Meteorological Data Service Center . We train our data on their dictionaries using the KeyedVectors model in Python’s gensim library to obtain the expanded vocabularies, and finally have ClimateRisk1 and ClimateRisk2 as alternatives, based on the work of Lin and Wu ( 2023 ) and Li et al. (2020), respectively. Columns (1)–(2) and Columns (3)–(4) of Table 7 present the 2SLS regression results using ClimateRisk1 and ClimateRisk2 as the instrumental variables, respectively. Columns (1) and (3) of Table 7 report the regression results of the first stage when the dependent variable is Green . In either case, the coefficient of ClimateRisk is significantly positive ( t-statistic = 22.21; 19.34), consistent with the prediction that firms are more active in green innovation when they face higher climate risk. The F-value for both first-stage results is larger than 200, indicating the instrumental variables are not weak. Table 7 Reverse Causality Tests (IV = ClimateRisk ) (1) (2) (3) (4) Green GRev Green GRev Intercept -7.153 *** 2.508 *** -6.905 *** 2.701 *** (-33.01) (23.86) (-31.31) (23.55) Green # 0.311 *** 0.340 *** (21.35) (20.97) ClimateRisk1 1.355 *** (22.21) ClimateRisk2 0.345 *** (19.34) Size 0.371 *** -0.121 *** 0.372 *** -0.132 *** (42.50) (-20.69) (42.35) (-20.74) Lev -1.110 *** 0.362 *** -0.973 *** 0.385 *** (-11.81) (12.99) (-10.27) (13.52) R&D 5.189 *** -1.423 *** 5.017 *** -1.560 *** (13.05) (-13.79) (12.56) (-14.54) Growth 0.020 *** -0.004 *** 0.020 *** -0.004 *** (4.53) (-3.17) (4.65) (-3.66) ROA -0.839 *** 0.113 *** -0.900 *** 0.142 *** (-5.94) (4.12) (-6.36) (5.00) Age -0.125 *** 0.031 *** -0.145 *** 0.035 *** (-4.26) (4.63) (-4.87) (5.09) SOE 0.061 *** -0.024 *** 0.044 ** -0.025 *** (3.54) (-7.06) (2.53) (-7.18) Share -0.248 *** 0.063 *** -0.230 *** 0.068 *** (-4.64) (5.74) (-4.27) (6.21) Ana 0.032 *** 0.005 *** 0.037 *** 0.004 ** (3.78) (2.71) (4.39) (1.98) Year YES YES YES YES Ind YES YES YES YES R2 33.01% 21.61% 32.08% 20.30% N 13098 13098 13098 13098 F-value 209.748 *** 45.358 *** 200.204 *** 43.466 *** Note: The t-statistics in parentheses are calculated using robust standard errors clustered at firm-level. *** , ** and * indicate that the coefficient is significant at the 1%, 5% and 10% levels, respectively. Columns (2) and (4) of Table 7 report the regression results of the second stage when the dependent variable is GRev . The instrumented Green ( Green # ) is positively related to green income ( GRev ) at the significance level of 1%, suggesting the 2SLS regression results support our main conclusion. [Insert Table 7 about here] 5.6 Heterogeneity Analysis 5.6.1 Environmental Background of the Board of Directors Firms with more directors who have an environmental background will have stronger motivation to carry out green innovation. Ramus and Steger ( 2000 ) note that green innovation requires a greater commitment and attention from management than ordinary innovation. According to the impression effect of moral cognition, He et al. ( 2021 ) show that senior managers with academic experience will pay more attention to the coordinated development of economy, society and nature; they also pay more attention to environmental protection in ideological understanding, thus leading to the creation of green value, and actively promote the green innovation of firms. Based on the priors, we believe that the environmental background of managers can help firms enhance their green innovation activities, thereby improving corporate value. We use the proportion of environmental background board members to conduct sub-sample analysis, and the results are shown in Columns (1) and (2) of Table 8 . Specifically, the coefficient of the interaction term Green×MC is significantly positive in high group. Consistent with hypothesis H2a, indicating that when there are more board members with an environmental protection background, the moderating effect of marketing ability is stronger, positively moderating the positive relationship between green innovation and corporate value. Table 8 Heterogeneity Tests: firm characteristics Proportion of Board Members with Environmental Protection Background Product Similarity Agency Cost High Low High Low High Low (1) (2) (3) (4) (5) (6) Intercept -4.328 *** -1.805 *** -3.295 *** -2.536 *** -5.610 *** -2.135 *** (-4.91) (-2.95) (-5.01) (-2.62) (-4.06) (-3.05) Green -1.302 *** -0.339 -0.321 -1.572 *** 0.075 -1.308 *** (-3.85) (-1.55) (-1.28) (-4.29) (0.14) (-5.18) Green×MC 0.033 *** 0.009 0.009 0.039 *** < 0.001 0.033 *** (4.01) (1.64) (1.40) (4.42) (-0.03) (5.28) MC 0.101 *** 0.042 *** 0.075 *** 0.063 *** 0.126 *** 0.049 *** (5.58) (3.58) (5.61) (3.33) (4.47) (3.55) Size 0.017 ** 0.015 *** 0.020 *** 0.010 0.029 *** 0.012 * (2.36) (2.73) (3.81) (1.21) (3.01) (1.94) Lev 0.201 *** -0.047 0.062 0.086 0.164 *** -0.021 (3.01) (-1.26) (1.11) (1.52) (2.62) (-0.52) R&D -0.768 *** 0.060 -0.177 -0.707 *** -0.303 * -0.274 (-3.40) (0.48) (-1.09) (-3.06) (-1.66) (-1.41) Growth 0.003 0.001 -0.001 0.003 0.002 0.001 (1.14) (0.52) (-0.22) (1.30) (0.84) (0.63) ROA -0.087 -0.042 0.008 -0.198 *** -0.116 -0.016 (-1.38) (-0.92) (0.16) (-2.77) (-1.62) (-0.34) Age -0.018 0.023 ** 0.007 -0.013 -0.004 -0.006 (-1.19) (2.07) (0.58) (-0.84) (-0.23) (-0.58) SOE -0.001 -0.009 * -0.001 -0.013 -0.025 *** 0.006 (-0.07) (-1.86) (-0.19) (-1.50) (-2.98) (1.04) Share 0.042 * 0.026 * -0.004 0.056 ** 0.018 0.028 (1.67) (1.72) (-0.19) (2.20) (0.66) (1.58) Ana 0.014 *** 0.009 *** 0.014 *** 0.015 *** 0.014 *** 0.011 *** (3.37) (3.43) (4.31) (3.59) (3.26) (3.79) Year F.E. YES YES YES YES YES YES Ind. F.E. YES YES YES YES YES YES R2 20.00% 14.34% 22.71% 13.85% 24.09% 10.60% Adj R2 19.11% 13.33% 21.86% 12.71% 23.07% 9.73% N 2721 2564 2753 2294 2272 3013 F-value 11.077 *** 4.678 *** 9.296 *** 6.030 *** 11.278 *** 5.184 *** Note: The t-statistics in parentheses are calculated using robust standard errors clustered at firm-level. *** , ** and * indicate that the coefficient is significant at the 1%, 5% and 10% levels, respectively. [Insert Table 8 about here] 5.6.2 Product Similarity In a competitive market, manufacturers with similar products can leverage synergies to enhance and develop new products, thus leveraging mergers to improve their differentiation relative to competitors (Hoberg and Phillips, 2010 ). Companies offering distinct products may leverage green innovation to attract new customer segments or create premium offerings. Thus, we believe that the marketing capability of companies with lower product similarity is more likely to enhance their innovation, thereby increasing their differentiation from competitors and leading to increased corporate profits. We divide our sample based on the level of product similarity and conduct sub-sample analysis. In light of Hoberg and Philips (2016), we construct product similarity based on firm pairwise similarity scores by analyzing the textual content of product descriptions in the annual reports of sample firms. Specifically, we form word vectors for each firm to compute continuous measures of product similarity for each pair of firms in our sample annually, based on the BERT model. We directly embed the expression vector into the words generated for the text. Based on the sentence vector, we calculate product similarity using the cosine similarity method. As shown in Columns (3) and (4) of Table 8 , the coefficient of the interaction term Green×MC in Column (4) is significantly positive ( t-statistic = 4.42), consistent with our previous prediction and supports the hypothesis H2a. That is, the marketing ability has a more pronounced effect in positively moderating the positive impact of green innovation on corporate value. 5.6.3 Agency Cost In firms with high agency costs, managers are more likely to prioritize short-term financial benefits or personal interests over long-term investments, such as green innovation activities. Zhang et al. ( 2023 ) find that green investment promotes the development of green innovation by reducing agency costs. Firms with high agency costs have larger communication gaps between stakeholders, making it harder to demonstrate the impact of green innovation on the green value of firms, thereby reducing the incentive to invest in such projects. With low agency costs, companies are more likely to adopt green innovations proactively, leveraging them as a competitive advantage to attract environmentally conscious consumers. At the same time, stakeholders can gain a comprehensive understanding of the risks and benefits of corporate green innovation, thereby reducing the negative impact of potential innovation failures and curbing short-term opportunistic behavior by management, ultimately improving corporate governance (Huang et al., 2019 ). Therefore, we believe that companies with low agency problems are more likely to utilize marketing capabilities to mitigate agency friction and are more likely to make green investments to facilitate green innovation development, ultimately generating green income. As shown in Columns (5) and (6) of Table 8 , the coefficient of the interaction term Green×MC in low group is significantly positive ( t-statistic = 5.28), indicating that when the agency cost is lower, the moderating effect of marketing ability is stronger, which enhances the positive impact of green innovation on corporate value. 5.6.4 Regional Marketization From a macro-level perspective, the level of regional marketization can significantly influence the relationship between green innovation and green revenue, as marketization shapes the institutional and economic environment in which firms operate. Firms located in high-level marketized regions are more likely to benefit from more competitive markets where green innovation can attract more customers. In contrast, it’s relatively harder for their counterparts in low-level marketized regions to find profitable markets for green products. Prior literature has found that marketization can enhance the impact of industrial synergy on green innovation; thus, a more effective market system can foster a favorable environment for production and business, reduce market transaction costs, and promote green innovation (Zeng et al., 2021 ). As product and factor markets improve and the legal system becomes more effective, these factors collectively help make resource allocation more efficient and enhance technology. The development of market organizations and the legal system also has an essential role in this process. According to Fan et al. ( 2011 ), China’s market reforms involve economic, social, and legal changes. The 30 + years of reform provide valuable conditions for analyzing the impacts of innovation. Therefore, building on this and their Marketization Index , we incorporate two key indicators: (1) the development of factor markets; (2) the development of market intermediaries and the legal system environment. We do sub-sample analyses that match the specific features of China’s marketization process, and Table 9 presents the results. Table 9 Heterogeneity Tests: external economic environment Development of Factor Market Development of Market Intermediaries and the Legal System Environment High Low High Low (1) (2) (3) (4) Intercept -6.379 *** -1.874 ** -5.340 *** -2.417 *** (-6.60) (-2.54) (-5.53) (-3.29) Green -2.384 *** -0.329 -2.435 *** -0.268 (-4.46) (-0.28) (-4.27) (-0.24) Green×MC 0.059 *** 0.009 0.060 *** 0.008 (4.49) (0.33) (4.30) (0.29) MC 0.135 *** 0.044 *** 0.114 *** 0.055 *** (6.98) (3.03) (5.93) (3.79) Size 0.051 *** 0.011 * 0.043 *** 0.016 ** (6.24) (1.71) (5.27) (2.48) Lev 0.069 0.068 0.010 0.109 * (1.27) (1.20) (0.22) (1.80) R&D -0.376 * 0.011 -0.408 * 0.098 (-1.89) (0.06) (-1.95) (0.54) Growth 0.004 < 0.001 0.004 -0.001 (1.55) (0.04) (1.60) (-0.25) ROA -0.100 0.010 -0.149 ** 0.019 (-1.46) (0.17) (-2.20) (0.33) Age -0.026 * 0.031 ** -0.016 0.017 (-1.73) (2.32) (-1.00) (1.42) SOE -0.020 ** < 0.001 -0.012 -0.008 (-2.26) (-0.07) (-1.34) (-1.15) Share 0.032 0.013 -0.009 0.048 ** (1.20) (0.62) (-0.37) (2.02) Ana 0.007 * 0.012 *** 0.012 *** 0.010 *** (1.83) (3.39) (2.76) (2.69) Year F.E. YES YES YES YES Ind. F.E. YES YES YES YES R2 17.21% 16.37% 16.73% 15.76% Adj R2 16.02% 15.38% 15.55% 14.75% N 2122 2577 2146 2553 F-value 6.155 *** 6.957 *** 6.506 *** 7.028 *** Note: The t-statistics in parentheses are calculated using robust standard errors clustered at firm-level. *** , ** and * indicate that the coefficient is significant at the 1%, 5% and 10% levels, respectively. [Insert Table 9 about here] Furthermore, marketing capability demonstrates a firm’s ability to utilize its resources effectively. Thus, we believe that when the product market and factor market are more developed, and market organizations and the legal system are more effective, firms are more likely to enhance their marketing capabilities to increase innovation efficiency and output. As shown in Table 9 , Columns (1) and (2) show the sub-sample analysis result based on the level of development of factor markets, and Columns (3) and (4) show the results based on the level of development of market intermediaries and legal environment. The coefficients of Green×MC in Columns (1) and (3) are all significantly positive ( t-statistic = 4.49; 4.30), consistent with hypothesis H2a and indicate that when the development of factor market is higher, or when the development of market intermediaries organizations and the legal system environment is higher, the moderating effect of marketing capability is more pronounced on the positive impact of green innovation on corporate green income. 5.6.5 Regional Innovation Capability Regions with high innovation capability tend to have better infrastructure, research institutions, skilled labour, and access to capital. These factors provide firms with the resources and expertise needed to develop and implement green innovations effectively. As a result, green innovations are more likely to succeed and generate higher green revenue. Referring to the China Regional Innovation Capability Report , we utilize regional innovation capability for sub-sample analysis. In regions with strong innovation capability, firms can more quickly adopt new green technologies and processes. These regions often have more robust networks for knowledge sharing and collaboration, enabling firms to innovate faster and more efficiently, which in turn leads to increased green revenue. Thus, we believe that firms with superior marketing capabilities can increase their revenue through innovation. Columns (1) and (2) of Table 10 show the results. Table 10 Heterogeneity Tests: external innovation environment Regional Innovation Capability Patent Infringement High Low High Low (1) (2) (3) (4) Intercept -6.471 *** -2.167 *** -4.877 *** -2.137 *** (-6.27) (-3.03) (-5.25) (-3.04) Green -2.318 *** -0.429 -0.434 -1.135 *** (-4.36) (-0.37) (-0.87) (-4.76) Green×MC 0.057 *** 0.012 0.012 0.028 *** (4.41) (0.42) (0.98) (4.86) MC 0.138 *** 0.049 *** 0.106 *** 0.051 *** (6.67) (3.48) (5.82) (3.54) Size 0.050 *** 0.014 ** 0.027 *** 0.015 *** (5.70) (2.30) (3.37) (2.70) Lev 0.064 0.063 0.040 0.113 ** (1.10) (1.19) (0.75) (1.99) R&D -0.273 -0.131 -0.444 ** -0.256 (-1.30) (-0.76) (-1.96) (-1.60) Growth 0.005 < 0.001 0.002 0.003 (1.59) (0.03) (0.62) (1.27) ROA -0.148 * 0.024 -0.140 ** 0.073 (-1.92) (0.44) (-2.29) (1.18) Age -0.028 * 0.033 ** 0.014 -0.007 (-1.84) (2.53) (0.97) (-0.58) SOE -0.023 ** 0.003 -0.009 -0.003 (-2.55) (0.46) (-1.22) (-0.45) Share 0.046 * 0.007 0.029 0.016 (1.65) (0.32) (1.20) (0.77) Ana 0.007 0.013 *** 0.010 *** 0.010 *** (1.58) (3.94) (2.60) (2.88) Year F.E. YES YES YES YES Ind. F.E. YES YES YES YES R2 17.55% 16.80% 18.33% 21.85% Adj R2 16.27% 15.87% 17.31% 20.84% N 1966 2733 2353 2346 F-value 5.877 *** 7.121 *** 7.747 *** 7.400 *** Note: The t-statistics in parentheses are calculated using robust standard errors clustered at firm-level. *** , ** and * indicate that the coefficient is significant at the 1%, 5% and 10% levels, respectively. The coefficient of the interaction term Green×MC in Column (1) is significantly positive, which is consistent with the hypothesis H2a and indicates that when the regional innovation capability is stronger, the moderating effect of marketing capability is stronger, which enhances the positive impact of green innovation on green income. [Insert Table 10 about here] 5.6.6 Regional Patent Infringement 3 From the macro-level of a firm’s operating environment, the level of regional patent infringement can influence the relationship between green innovation and green revenue by affecting how firms innovate, protect their intellectual property (IP), and commercialize their green technologies. This paper uses the number of patent infringement cases closed for the sub-sample analysis. Since it is often hard to guarantee patent exclusivity, this can lead to the risk of knowledge spillovers and patent infringements. These issues may negatively affect the research and development investment of firms. Thus, it is crucial to improve intellectual property protection and support the long-term growth of innovation activities. Protecting intellectual property will encourage firms to innovate (Fang et al., 2017 ). Based on Ang et al. ( 2014 ) and Fang et al. ( 2017 ), we believe that the higher the rate of patent protection, the better the intellectual property protection in a region. That is, if a region has many patent disputes, the number of patent disputes in that region will also be higher. However, if there are fewer patent disputes, it means the intellectual property protection is stronger. Firms in such regions may have more time and resources to focus on improving their marketing capabilities. Columns (3)–(4) present the sub-sample analysis results. As shown in Columns (3) and (4) of Table 10 , the coefficient of the interaction term Green×MC in low infringement group is significantly positive ( t-statistic = 4.86) while insignificant in high group, which is consistent with hypothesis H2a and indicates that when the number of patent infringement cases is fewer in the firm’s region, the positive moderating effect of marketing ability is more announced. Conclusion Within the context of contemporary global imperatives for green development, this study examines how corporate green innovation contributes to enhanced firm value, with a specific focus on the mechanism of customer value creation. Using data from Chinese A-share listed companies from 2010 to 2020, we develop a theoretical framework that integrates stakeholder theory and agency theory to investigate the relationship between green innovation and corporate value, and to analyze the underlying pathways. The study shows that green innovation positively influences corporate value, with marketing capability positively moderating this relationship and highlighting new stakeholder theory's role in driving value creation. Further, heterogeneity analyses reveal nuanced variations in the moderating effect of marketing capability. The effect is more pronounced at the firm level when firms have more board members with environmental backgrounds, lower product similarity, and reduced agency costs. At the regional level, stronger factor markets, robust market intermediary institutions, a developed legal system, higher regional innovation capacity, and fewer instances of patent infringement all contribute to the moderating effect of marketing capability, thereby enhancing the positive impact of green innovation on corporate value. This research offers several contributions to the existing literature. First, the study introduces a novel approach by analyzing corporate value creation through the lens of green income share. Second, integrating resource-based theory with stakeholder theory under the new stakeholder theory illuminates key pathways that connect green innovation to corporate value. Third, the study balances shareholder value maximization with broader stakeholder interests, offering insights into achieving shared value creation for firms. Overall, this study offers a comprehensive framework for understanding how green innovation influences corporate value, providing theoretical and practical insights. It contributes to the growing body of research on green innovation and value creation while offering strategic guidance for policymakers and managers in navigating the transition to sustainable business practices. Declarations INFORMED CONSENT: This article does not contain any studies with human participants performed by any of the authors. COMPETING INTERESTS: The authors declare they have no competing interests. FUNDING DECLARATION : Details of funding sources have been removed from this version of the manuscript to preserve anonymity during the peer-review process. This information will be added to the final manuscript upon acceptance. Author Contribution Y.L.: conceptualization and methodology, investigation. Z.L.: formal analysis, validation, and writing the first-round draft. W.H.: data collection and preparation, investigation, resources, review, and revising. Acknowledgement We gratefully acknowledge the constructive feedback from discussants and participants at two conferences: the 7th International Conference on Accounting and Finance in Emerging Markets (Nanjing University of Finance and Economics, October 16th, 2024), and the Self-reliance and Self-improvement of High-level Science and Technology and New Productivity Conference (South China University of Technology, May 18th, 2024). We are particularly honored that this paper received the Best Paper Award at the latter conference and thank the organizers for this recognition. This research was funded by the Jilin Provincial Social Science Fund (Grant No. 2025B46), and the Chunhui Project Foundation of the Ministry of Education of China (Grant No. HZKY20220373). Data Availability Data sharing is not applicable to this article as no new data was created or analyzed in this study. All data are sourced from publicly available materials cited within the text. References Ang, J. S., Y. Cheng, and C. Wu. 2014. “Does Enforcement of Intellectual Property Rights Matter in China? Evidence From Financing and Investment Choices in the High-Tech Industry.” Review of Economics and Statistics 96 (2): 332-348. Angulo-Ruiz, F., N. Donthu, D. Prior, and J. Rialp. 2014. “The Financial Contribution of Customer-Oriented Marketing Capability.” Journal of the Academy of Marketing Science 42 (4): 380-399. Bloom, N., and J. Van Reenen. 2002. “Patents, Real Options and Firm Performance.” The Economic Journal 112 (478): C97-C116. Bocken, N., S. Short, P. Rana, and S. 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Bharadwaj. 2013. “Asymmetric Roles of Advertising and Marketing Capability in Financial Returns to News: Turning Bad into Good and Good into Great.” Journal of Marketing Research 50: 706-724. Yu, W., R. Ramanathan, and P. Nath. 2014. “The Impacts of Marketing and Operations Capabilities on Financial Performance in the UK Retail Sector: A Resource-Based Perspective.” Industrial Marketing Management 43 (1): 25-31. Yu, W., R. Ramanathan, and P. Nath. 2017. “Environmental Pressures and Performance: an Analysis of the Roles of Environmental Innovation Strategy and Marketing Capability.” Technological Forecasting and Social Change 117: 160-169. Zeng, W., L. Li, and Y. Huang. 2021. “Industrial Collaborative Agglomeration, Marketization, and Green Innovation: Evidence from China’s Provincial Panel Data.” Journal of Cleaner Production 279: 123598. Zhang, X., Y. Song, and M. Zhang. 2023. “Exploring the Relationship of Green Investment and Green Innovation: Evidence from Chinese Corporate Performance.” Journal of Cleaner Production 412: 137444. Footnotes Reuters. (2025, January 3). Ford’s U.S. sales rise 4.2% in 2024. https://www.reuters.com/business/autos-transportation/fords-us-sales-rise-42-2024-2025-01-03/ As an alternative measure, Green1 incorporates jointly obtained green patents; results based on Green1 are reported in the Supplementary Information. The panel data of patent infringement cases in 31 provinces and municipalities directly under the Central Government come from China National Intellectual Property Administration. Additional Declarations No competing interests reported. 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1","display":"","copyAsset":false,"role":"figure","size":88781,"visible":true,"origin":"","legend":"\u003cp\u003eCorporate Information, Resource Integration, and Green Products\u003c/p\u003e","description":"","filename":"floatimage1.jpeg","url":"https://assets-eu.researchsquare.com/files/rs-7308220/v1/5b2958c7c8e501d773a20782.jpeg"},{"id":92939673,"identity":"bc914a34-3f3a-49c6-a8ff-8717e2a3a3e2","added_by":"auto","created_at":"2025-10-07 11:07:14","extension":"jpeg","order_by":2,"title":"Figure 2","display":"","copyAsset":false,"role":"figure","size":411052,"visible":true,"origin":"","legend":"\u003cp\u003eConflict of Interests, Customer value, and Shared Value Creation\u003c/p\u003e","description":"","filename":"floatimage2.jpeg","url":"https://assets-eu.researchsquare.com/files/rs-7308220/v1/fd9015acf3ae7ff55ffc8c6e.jpeg"},{"id":92940689,"identity":"180ab3c1-4317-4859-81b2-7a42a149c3f9","added_by":"auto","created_at":"2025-10-07 11:23:16","extension":"pdf","order_by":0,"title":"","display":"","copyAsset":false,"role":"manuscript-pdf","size":2691549,"visible":true,"origin":"","legend":"","description":"","filename":"manuscript.pdf","url":"https://assets-eu.researchsquare.com/files/rs-7308220/v1/782b214e-9322-4b7d-9bb5-be9a75587acc.pdf"},{"id":92939680,"identity":"7b732fa7-742a-4f1d-ad81-284f092179be","added_by":"auto","created_at":"2025-10-07 11:07:14","extension":"docx","order_by":0,"title":"","display":"","copyAsset":false,"role":"supplement","size":37052,"visible":true,"origin":"","legend":"","description":"","filename":"SupplementarydocumentHSSC.docx","url":"https://assets-eu.researchsquare.com/files/rs-7308220/v1/a69adee72616f3b33804a827.docx"}],"financialInterests":"No competing interests reported.","formattedTitle":"Would Customers Pay to Go Green: The Impact of Green Innovation on Corporate Value in Chinese Context","fulltext":[{"header":"Introduction","content":"\u003cp\u003eTraditional views of green innovation focus on three key aspects: addressing environmental externalities, complying with regulations, and promoting social change (Rennings, 2000; Rezende et al., 2019). However, existing research rarely examines how green innovation affects corporate value, especially from the customer\u0026rsquo;s perspective. In this paper, corporate value refers to the value generated from customers, specifically the green income generated from eco-products or low-carbon business activities. While green income serves as our empirical dependent variable, we theorize its role in translating green innovation into broader corporate value creation. Thus, this study addresses this gap and significantly advances theoretical understanding.\u003c/p\u003e\u003cp\u003eGlobally, governments and institutions are prioritizing green innovation to meet climate goals. Initiatives such as the Paris Agreement and the EU Green Deal encourage companies to adopt sustainable practices. These policies aim to reconcile economic growth with environmental protection, enabling firms to develop sustainable products. Concurrently, rising global consumer demand for eco-friendly vehicles has compelled automakers to innovate. Ford accelerated production of fuel-efficient cars by retooling factories and launching programs like ECOnetic in Europe. This shift reduced emissions and attracted environmentally conscious consumers. Similarly, Toyota expanded its hybrid lineup, capitalizing on stricter emission regulations and shifting consumer preferences. Consequently, Ford\u0026rsquo;s U.S. hybrid sales grew by 4.2% in 2024.\u003csup\u003e1\u003c/sup\u003e Such cases show how aligning innovation with global trends can boost competitiveness.\u003c/p\u003e\u003cp\u003eWe argue that customer demand for green products is a key driver of corporate value. As depicted in Fig.\u0026nbsp;\u003cspan refid=\"Fig1\" class=\"InternalRef\"\u003e1\u003c/span\u003e, firms integrate resources from stakeholders (e.g., investors, suppliers) with customer feedback to tailor green innovations to market needs. This alignment enhances competitiveness; for instance, customers frequently pay premium prices for eco-friendly products (Henriques and Sadorsky, \u003cspan citationid=\"CR19\" class=\"CitationRef\"\u003e1996\u003c/span\u003e), directly boosting sales and profit margins (Kumar, \u003cspan citationid=\"CR29\" class=\"CitationRef\"\u003e2018\u003c/span\u003e).\u003c/p\u003e\u003cp\u003e\u003c/p\u003e\u003cp\u003e[insert Fig.\u0026nbsp;\u003cspan refid=\"Fig1\" class=\"InternalRef\"\u003e1\u003c/span\u003e about here]\u003c/p\u003e\u003cp\u003eCorporate value depends on optimizing the distribution of value across stakeholders. Figure\u0026nbsp;\u003cspan refid=\"Fig2\" class=\"InternalRef\"\u003e2\u003c/span\u003e illustrates two paths: the upper path prioritizes shareholder value (A1) but risks diminishing customer value, creating stakeholder conflict (Queen, \u003cspan citationid=\"CR39\" class=\"CitationRef\"\u003e2015\u003c/span\u003e; Flammer and Bansal, 2017). Conversely, the lower path simultaneously increases value for shareholders and stakeholders (A1\u0026thinsp;+\u0026thinsp;B1), thereby expanding the firm\u0026rsquo;s total value pie and aligning with shared value creation (Porter and Kramer, 2011). While past research frames customers as passive recipients of value (Bocken et al., \u003cspan citationid=\"CR4\" class=\"CitationRef\"\u003e2014\u003c/span\u003e), we emphasize their active role in value co-creation. Specifically, customer purchases of green products generate revenue (green income) that incrementally benefit both shareholders (A) and stakeholders (B) (Haksever et al., \u003cspan citationid=\"CR15\" class=\"CitationRef\"\u003e2004\u003c/span\u003e).\u003c/p\u003e\u003cp\u003e\u003c/p\u003e\u003cp\u003e[insert Fig.\u0026nbsp;\u003cspan refid=\"Fig2\" class=\"InternalRef\"\u003e2\u003c/span\u003e about here]\u003c/p\u003e\u003cp\u003eWhile green innovation is widely studied (e.g., Wedari et al., \u003cspan citationid=\"CR46\" class=\"CitationRef\"\u003e2022\u003c/span\u003e), critical gaps persist. First, prior work overlooks how green innovation enhances firm value via customer-driven mechanisms, particularly the role of green income (i.e., revenue from green or low-carbon business activities). Second, through stakeholders like investors are well-researched, customers \u0026ndash; key revenue contributors \u0026ndash; are often framed as passive recipients (Bocken et al., \u003cspan citationid=\"CR4\" class=\"CitationRef\"\u003e2014\u003c/span\u003e) rather than active co-creators. Third, conflicting priorities between shareholders and stakeholders create ambiguity in optimizing value distribution. Thus, we ask: \u003cem\u003eHow does green innovation enhance corporate value by increasing green income, and what contextual factors strengthen this relationship?\u003c/em\u003e\u003c/p\u003e\u003cp\u003eWe integrate New Stakeholder Theory (NST) and Agency Theory to explain this linkage. NST posits that firms optimize value creation by aligning innovation with stakeholder needs. In this vein, we believe that customers are pivotal: their purchasing decisions generate green income, signaling demand and guiding resource allocation toward high-impact green innovations. Conversely, Agency Theory warns that managerial focus on short-term shareholder gains risks underinvesting in sustainability (Markman et al., \u003cspan citationid=\"CR34\" class=\"CitationRef\"\u003e2004\u003c/span\u003e). For instance, cutting green R\u0026amp;D to boost immediate profits may reduce green income, eroding customer trust and long-term shareholder returns. Synthesized, these two theories reveal how customer-aligned green innovation converts environmental efforts into incremental financial value.\u003c/p\u003e\u003cp\u003eOur analysis reveals four key insights. First, green innovation enhances corporate value primarily through green income. Second, marketing capabilities amplify this effect by strengthening resource-customer feedback integration. Third, results withstand robustness checks (e.g., reverse causality, sample selection bias), confirming that green innovation drives value through customer-linked green income. Fourth, the relationship is stronger in firms with environmentally experienced leadership, differentiated products, and lower agency costs. Additionally, contextual factors matter: the effects are more pronounced in regions with supportive institutions (e.g., robust intellectual property protections).\u003c/p\u003e\u003cp\u003eThis study differentiates itself by measuring corporate value via green income \u0026ndash; a metric capturing customers\u0026rsquo; active co-creation role. Whereas prior work focuses on operational metrics (e.g., emissions), we reveal how customer purchases forge a direct financial bridge between green innovation and corporate value. This repositions customers from passive observers (Bocken et al., \u003cspan citationid=\"CR4\" class=\"CitationRef\"\u003e2014\u003c/span\u003e) to active validators who economically reward sustainability.\u003c/p\u003e"},{"header":"Literature Review and Hypotheses Development","content":"\u003cdiv id=\"Sec3\" class=\"Section2\"\u003e\u003ch2\u003e2.1 Green Innovation and Corporate Value\u003c/h2\u003e\u003cp\u003ePrior research predominantly measures corporate value using Tobin\u0026rsquo;s Q or sales growth (Ruf et al., \u003cspan citationid=\"CR41\" class=\"CitationRef\"\u003e2001\u003c/span\u003e; Harjoto \u0026amp; Laksmana, 2018). This study diverges by adopting a value-creation lens, operationalizing corporate value through green income, which is defined as the proportion of revenue derived from low-carbon or eco-friendly products. This approach addresses a critical gap: while existing work links corporate value to governance (e.g., board structure; Coles et al., \u003cspan citationid=\"CR9\" class=\"CitationRef\"\u003e2008\u003c/span\u003e) or CSR (e.g., CSR-driven sales growth; Lins et al., \u003cspan citationid=\"CR32\" class=\"CitationRef\"\u003e2017\u003c/span\u003e), it overlooks customers as active contributors to value creation through green purchasing behavior (Vomberg et al., \u003cspan citationid=\"CR45\" class=\"CitationRef\"\u003e2015\u003c/span\u003e).\u003c/p\u003e\u003cp\u003eGreen innovation enhances environmental performance through two primary pathways: (1) integrating sustainability into product design (e.g., recyclability; Marchi, \u003cspan citationid=\"CR33\" class=\"CitationRef\"\u003e2012\u003c/span\u003e), and (2) optimizing processes for energy efficiency (Shu et al., \u003cspan citationid=\"CR42\" class=\"CitationRef\"\u003e2016\u003c/span\u003e). It also strengthens market competitiveness by aligning with eco-conscious demand (Hart, \u003cspan citationid=\"CR17\" class=\"CitationRef\"\u003e1995\u003c/span\u003e). Despite these established benefits, three research limitations persist. First, prior studies neglect how green innovation translates to corporate value via customer-linked green income. Second, theoretical conflicts remain unresolved \u0026ndash; particularly between shareholder-centric frameworks (e.g., Agency Theory) and stakeholder-inclusive paradigms (e.g., New Stakeholder Theory, NST). Third, the role of marketing capability in converting green innovation into value is underdeveloped.\u003c/p\u003e\u003c/div\u003e\u003cdiv id=\"Sec4\" class=\"Section2\"\u003e\u003ch2\u003e2.2 The Theoretical Analysis and Hypotheses Development\u003c/h2\u003e\u003cdiv id=\"Sec5\" class=\"Section3\"\u003e\u003ch2\u003e2.2.1 New Stakeholder Theory (NST) and Value Creation\u003c/h2\u003e\u003cp\u003eNST posits that firms maximize value when stakeholders co-create outcomes (Tantalo and Priem, \u003cspan citationid=\"CR44\" class=\"CitationRef\"\u003e2014\u003c/span\u003e; Klein et al., \u003cspan citationid=\"CR27\" class=\"CitationRef\"\u003e2019\u003c/span\u003e). Customers are pivotal: their demand for green products generates revenue, encouraging companies to focus resources on eco-innovation (McGahan, \u003cspan citationid=\"CR35\" class=\"CitationRef\"\u003e2021\u003c/span\u003e) and make products that fit market needs (Flammer, 2015). Greener corporate behaviour improves value creation by enhancing reputation, providing a cleaner working environment, and increasing customer satisfaction (Klassen and McLaughlin, \u003cspan citationid=\"CR28\" class=\"CitationRef\"\u003e1996\u003c/span\u003e; Hart, \u003cspan citationid=\"CR17\" class=\"CitationRef\"\u003e1995\u003c/span\u003e). In the current context, where customers tend to prefer eco-friendly products, companies that align their product designs and packaging with environmental principles can produce green products that satisfy customer needs. So, when companies recognize the potential market for green products, they are more motivated to address challenges and allocate significant resources to costly and uncertain innovation activities. This then starts a cycle: Green innovation leads to customer purchases (green income), which increases company value, benefits stakeholders, and creates shared value (as shown in Fig.\u0026nbsp;\u003cspan refid=\"Fig2\" class=\"InternalRef\"\u003e2\u003c/span\u003e). Thus, we propose that:\u003c/p\u003e\u003cp\u003e\u003cstrong\u003eH1a\u003c/strong\u003e\u003cp\u003eGreen innovation increases corporate value by boosting green income.\u003c/p\u003e\u003c/p\u003e\u003c/div\u003e\u003cdiv id=\"Sec6\" class=\"Section3\"\u003e\u003ch2\u003e2.2.2 Agency Theory and Value Erosion\u003c/h2\u003e\u003cp\u003eAgency theory highlights conflicts from misaligned incentives (Jensen, \u003cspan citationid=\"CR26\" class=\"CitationRef\"\u003e2001\u003c/span\u003e). Managers may deprioritize green innovation due to high costs and uncertain returns (Markman et al., \u003cspan citationid=\"CR34\" class=\"CitationRef\"\u003e2004\u003c/span\u003e), favor short-term profits over sustainability (Bushee, \u003cspan citationid=\"CR5\" class=\"CitationRef\"\u003e1998\u003c/span\u003e), or disregard customer preferences, thereby reducing green income potential (Haksever et al., \u003cspan citationid=\"CR15\" class=\"CitationRef\"\u003e2004\u003c/span\u003e). Further, green innovation consumes substantial capital and diverts resources away from production investments, potentially reducing a firm\u0026rsquo;s short-term production performance (Hu et al., \u003cspan citationid=\"CR23\" class=\"CitationRef\"\u003e2022\u003c/span\u003e). Moreover, increased investment in green technologies can lead to higher production costs, elevated product prices, reduced customer demand, and ultimately lower profitability. When these adverse effects dominate, a decline in corporate value can be observed (Flammer and Bansal, 2017).\u003c/p\u003e\u003cp\u003ePotential agency problems may also emerge between shareholders and customers. Managers are primarily tasked with maximizing shareholder value. However, excessive focus on shareholder value, especially at the expense of other stakeholders, can lead to conflicts of interest that undermine the firm\u0026rsquo;s overall value (Queen, \u003cspan citationid=\"CR39\" class=\"CitationRef\"\u003e2015\u003c/span\u003e; Flammer and Bansal, 2017). When customer value remains constant, increasing the proportion allocated to shareholders inherently diminishes the value for other stakeholders, creating imbalances. Imbalanced value distribution between shareholders and customers further exacerbates conflicts (Queen, \u003cspan citationid=\"CR39\" class=\"CitationRef\"\u003e2015\u003c/span\u003e). Failing to consider stakeholder interests can prevent firms from achieving value maximization (Jensen, \u003cspan citationid=\"CR26\" class=\"CitationRef\"\u003e2001\u003c/span\u003e). Consequently:\u003c/p\u003e\u003cp\u003e\u003cstrong\u003eH1b\u003c/strong\u003e\u003cp\u003eGreen innovation decreases corporate value by reducing green income.\u003c/p\u003e\u003c/p\u003e\u003c/div\u003e\u003cdiv id=\"Sec7\" class=\"Section3\"\u003e\u003ch2\u003e2.2.3 Marketing Capability as Moderator\u003c/h2\u003e\u003cp\u003e\u003cem\u003eResource-Based View (RBV) \u0026amp; Dynamic Capabilities Perspective\u003c/em\u003e\u003c/p\u003e\u003cp\u003ePrevious research suggests that marketing capability is a comprehensive process through which firms leverage market knowledge to enhance interactions between suppliers and customers and foster relationships with all stakeholders (Nath et al., \u003cspan citationid=\"CR37\" class=\"CitationRef\"\u003e2010\u003c/span\u003e; Yu et al., \u003cspan citationid=\"CR49\" class=\"CitationRef\"\u003e2014\u003c/span\u003e). Mu and Zhang (\u003cspan citationid=\"CR36\" class=\"CitationRef\"\u003e2021\u003c/span\u003e) define marketing capability as a firm's ability to effectively transform consumer feedback into actionable outputs, enabling companies to identify customer needs better and understand the factors influencing customer decision-making (Dutta et al., \u003cspan citationid=\"CR10\" class=\"CitationRef\"\u003e1999\u003c/span\u003e).\u003c/p\u003e\u003cp\u003eAccording to RBV, scarce, inimitable, and valuable resources form the foundation for building robust marketing capabilities that generate competitive advantages (Nath et al., \u003cspan citationid=\"CR37\" class=\"CitationRef\"\u003e2010\u003c/span\u003e). RBV applied to marketing emphasizes the importance of developing market-based relationships and intellectual assets to meet customer needs and enhance brand equity (Srivastava et al., \u003cspan citationid=\"CR43\" class=\"CitationRef\"\u003e2001\u003c/span\u003e). Dynamic Capability Theory, on the other hand, posits that firms must continually develop and adapt their resources and capabilities in response to market changes. Companies that swiftly respond to environmental shifts are more likely to perform better (Jarvenpaa and Leidner, \u003cspan citationid=\"CR25\" class=\"CitationRef\"\u003e1998\u003c/span\u003e). A critical aspect of marketing capability is allocating resources to serve customers more effectively. Firms with strong marketing capabilities leverage both internal and external resources to introduce new products that meet market demands, build a positive brand image, and understand customer preferences. This capability ensures the consistent delivery of customer value, fostering loyalty and satisfaction (Gu et al., 2018). Enhanced customer loyalty leads to accelerated purchases of firm products, preventing competitors from capturing customer resources. Moreover, firms with advanced marketing capabilities can efficiently gauge customer reactions to products and quickly address their concerns, thereby reducing time costs and improving customer acquisition and retention rates (Mu and Zhang, \u003cspan citationid=\"CR36\" class=\"CitationRef\"\u003e2021\u003c/span\u003e; Angulo-Ruiz et al., \u003cspan citationid=\"CR2\" class=\"CitationRef\"\u003e2014\u003c/span\u003e).\u003c/p\u003e\u003cp\u003eMarketing capability enables firms to transform customer insights into innovation (Nath et al., \u003cspan citationid=\"CR37\" class=\"CitationRef\"\u003e2010\u003c/span\u003e), build eco-brand loyalty (Chen, \u003cspan citationid=\"CR7\" class=\"CitationRef\"\u003e2010\u003c/span\u003e), and accelerate the adoption of green practices (Hirunyawipada \u0026amp; Xiong, \u003cspan citationid=\"CR20\" class=\"CitationRef\"\u003e2018\u003c/span\u003e). Strong marketing amplifies the value of green innovation by bridging customer needs and firm offerings (Yu et al., \u003cspan citationid=\"CR50\" class=\"CitationRef\"\u003e2017\u003c/span\u003e). We therefore propose:\u003c/p\u003e\u003cp\u003e\u003cstrong\u003eH2a\u003c/strong\u003e\u003cp\u003eMarketing capability strengthens the positive relationship between green innovation and corporate value.\u003c/p\u003e\u003c/p\u003e\u003cp\u003e\u003cem\u003eAgency Conflicts Perspective\u003c/em\u003e\u003c/p\u003e\u003cp\u003eMarketing capabilities reflect a firm\u0026rsquo;s ability to allocate resources effectively. However, according to Agency Theory, resource allocation decisions made by managers may not always be efficient due to agency friction. Managers, acting in their self-interest, may prioritize short-term gains or personal incentives, resulting in suboptimal resource allocation and increased cost uncertainty for the firm (Chen et al., \u003cspan citationid=\"CR8\" class=\"CitationRef\"\u003e2012\u003c/span\u003e).\u003c/p\u003e\u003cp\u003eFurthermore, agency issues are not confined to the relationship between managers and shareholders. A notable agency problem also exists between shareholders and customers. As discussed earlier, conflicts often arise between maximizing shareholder value and the interests of other stakeholders. Customer value is a critical driver of corporate value, and when the focus on shareholder value maximization overshadows customers\u0026rsquo; needs, it can lead to adverse outcomes. While the primary responsibility of management is to maximize shareholder value, an overemphasis on this goal, especially at the expense of other stakeholders, can harm the firm\u0026rsquo;s overall interests. Pursuing shareholder value in a way that disregards the negative impacts on customers and other groups undermines the firm\u0026rsquo;s ability to achieve value maximization (Jensen, \u003cspan citationid=\"CR26\" class=\"CitationRef\"\u003e2001\u003c/span\u003e).\u003c/p\u003e\u003cp\u003eThus, marketing investments may backfire in the presence of agency problems. Resource constraints can lead to inefficient spending (Carayannopoulos, \u003cspan citationid=\"CR6\" class=\"CitationRef\"\u003e2009\u003c/span\u003e), managerial self-interest may distort priorities (Chen et al., \u003cspan citationid=\"CR8\" class=\"CitationRef\"\u003e2012\u003c/span\u003e), and customer dissatisfaction can result in reputational harm (Mu \u0026amp; Zhang, \u003cspan citationid=\"CR36\" class=\"CitationRef\"\u003e2021\u003c/span\u003e). When such issues dominate, marketing capability weakens the value impact of green innovation. Hence:\u003c/p\u003e\u003cp\u003e\u003cstrong\u003eH2b\u003c/strong\u003e\u003cp\u003eMarketing capability weakens the relationship between green innovation and corporate value.\u003c/p\u003e\u003c/p\u003e\u003c/div\u003e\u003c/div\u003e"},{"header":"Research Design","content":"\u003cdiv id=\"Sec9\" class=\"Section2\"\u003e\u003ch2\u003e4.1 Data and Sample\u003c/h2\u003e\u003cp\u003eThis paper uses data from companies listed on the Shanghai and Shenzhen stock exchanges in China from 2010 to 2020 as the research sample to explore the relationship between green innovation and corporate value. The data on corporate value (green income) is extracted from WIND database. We manually retrieved data on patent applications, patent grants, and IPC classification codes for listed companies from the search portal of the China National Intellectual Property Administration (CNIPA). We then matched the patent types obtained from CNIPA against the green patent IPC classification codes in the World Intellectual Property Organization's (WIPO) 2010 \u0026ldquo;International Patent Classification Green Inventory\u0026rdquo; to derive the annual count of green patents obtained by each firm. The rest of the data are from the China Stock Market Accounting Research Database (CSMAR). We exclude companies labeled as ST, SST, or ST*, as well as companies in the financial or insurance industries. We winsorize all continuous variables to within 1% of the upper and lower bounds. The above selection criteria leave us with 13,356 firm-year observations.\u003c/p\u003e\u003c/div\u003e\u003cdiv id=\"Sec10\" class=\"Section2\"\u003e\u003ch2\u003e4.2 Variable Definitions\u003c/h2\u003e\u003cdiv id=\"Sec11\" class=\"Section3\"\u003e\u003ch2\u003e4.2.1 Corporate value (GRev)\u003c/h2\u003e\u003cp\u003eSimilar to Huang et al. (2024), who identify six main categories of green business activities, including green revenues, as outlined in the \u003cem\u003e2019 Green Industry Guiding Catalogue\u003c/em\u003e, we conduct a more comprehensive analysis of green performance using a new database. First, we identify the green and low-carbon keywords based on the government official document, \u0026ldquo;\u003cem\u003eOpinions on Fully Implementing the New Development Concept and Achieving Carbon Peak and Carbon Neutrality\u003c/em\u003e.\u0026rdquo; Second, we categorize green and low-carbon business activities based on keywords and classify the revenues generated from these activities as green or low-carbon revenues. Third, we divide those revenues by total revenue and use the ratio as the green revenue implication of corporate value.\u003c/p\u003e\u003c/div\u003e\u003cdiv id=\"Sec12\" class=\"Section3\"\u003e\u003ch2\u003e4.2.2 Green innovation (Green)\u003c/h2\u003e\u003cp\u003eFollowing prior literature (Ghoul et al., \u003cspan citationid=\"CR14\" class=\"CitationRef\"\u003e2017\u003c/span\u003e; Quan et al., \u003cspan citationid=\"CR38\" class=\"CitationRef\"\u003e2021\u003c/span\u003e), we measure green innovation using the natural logarithm of one plus the number of the sum of green invention patents and green utility model patents independently obtained within the focal year.\u003csup\u003e2\u003c/sup\u003e To ensure the robustness of our conclusions, we re-estimate our main models using \u003cem\u003eGreen1\u003c/em\u003e as an alternative proxy for \u003cem\u003eGreen\u003c/em\u003e and present the results in Tables S1-S4 in the Supplementary Information.\u003c/p\u003e\u003c/div\u003e\u003cdiv id=\"Sec13\" class=\"Section3\"\u003e\u003ch2\u003e4.2.3 Marketing Capability (MC)\u003c/h2\u003e\u003cp\u003eManagement research has consistently emphasized the importance of functional capabilities in explaining interfirm differences in profitability (Dutta et al., \u003cspan citationid=\"CR10\" class=\"CitationRef\"\u003e1999\u003c/span\u003e). Building on prior studies (Dutta et al., \u003cspan citationid=\"CR10\" class=\"CitationRef\"\u003e1999\u003c/span\u003e; Hu et al., 2023), we estimate marketing capability (\u003cem\u003eMC\u003c/em\u003e) using the stochastic frontier estimation (SFE) methodology. This approach conceptualizes marketing capability as a firm's efficiency in utilizing limited resources (inputs) to generate desired outputs. Specifically, we use sales, general, and administrative expenses, as well as receivables, as proxies for inputs, while sales revenue serves as the output variable. The SFE models are presented as follows:\u003c/p\u003e\u003cp\u003e\u003cimg src=\"data:image/png;base64,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\" style=\"width: 211px; height: 143.447px;\" width=\"211\" height=\"143.447\"\u003e\u003c/p\u003e\u003cp\u003ewhere \u003cem\u003ei\u003c/em\u003e\u0026thinsp;=\u0026thinsp;1, ..., \u003cem\u003eN\u003c/em\u003e represents the company, \u003cem\u003et\u003c/em\u003e\u0026thinsp;=\u0026thinsp;1, ..., \u003cem\u003eT\u003c/em\u003e\u003csub\u003e\u003cem\u003ei\u003c/em\u003e\u003c/sub\u003e denotes the period, \u003cem\u003eY\u003c/em\u003e refers to the output variable (sales revenue), and \u003cem\u003eX\u003c/em\u003e is a vector of input variables (sales, general and administrative expenses, and receivables). The inefficiency term \u003cem\u003e\u0026micro;\u003c/em\u003e\u003csub\u003e\u003cem\u003ei,t\u003c/em\u003e\u003c/sub\u003e\u0026thinsp;\u0026gt;\u0026thinsp;0 indicates the degree to which a firm is unable to convert inputs into outputs optimally. The model assesses a firm's effectiveness in utilizing marketing resources to optimize sales revenue (Dutta et al., \u003cspan citationid=\"CR10\" class=\"CitationRef\"\u003e1999\u003c/span\u003e; Xiong \u0026amp; Bharadwaj, \u003cspan citationid=\"CR48\" class=\"CitationRef\"\u003e2013\u003c/span\u003e).\u003c/p\u003e\u003cp\u003eA primary objective of marketing activities is to enhance the perception of product value among current and prospective customers, thereby increasing operating income through pricing differentials. We normalize the efficiency scores on a scale from 0 to 1000, representing the spectrum of marketing capability (\u003cem\u003eMC\u003c/em\u003e) from low to high.\u003c/p\u003e\u003c/div\u003e\u003cdiv id=\"Sec14\" class=\"Section3\"\u003e\u003ch2\u003e4.2.4 Control Variables\u003c/h2\u003e\u003cp\u003eReferring to previous relevant studies (Bloom and Van Reenen, \u003cspan citationid=\"CR3\" class=\"CitationRef\"\u003e2002\u003c/span\u003e; Lins et al., \u003cspan citationid=\"CR32\" class=\"CitationRef\"\u003e2017\u003c/span\u003e; Wei, \u003cspan citationid=\"CR47\" class=\"CitationRef\"\u003e2021\u003c/span\u003e), we control the following firm-level characteristics: (1) firm Age (\u003cem\u003eAge\u003c/em\u003e): the natural logarithm of the number of years from the firm\u0026rsquo;s listing year to the statistical year; (2) state ownership (\u003cem\u003eSOE\u003c/em\u003e): the indicator which equals one if a firm is state-owned; and zero otherwise; (3) firm size (\u003cem\u003eSize)\u003c/em\u003e: the natural logarithm of the total assets of the firm; (4) equity concentration (\u003cem\u003eShare\u003c/em\u003e): the shareholding proportion of the top ten shareholders; (5) R\u0026amp;D expenditure (\u003cem\u003eR\u0026amp;D\u003c/em\u003e): the ratio of R\u0026amp;D expenditure to total sales; (6) profitability (\u003cem\u003eROA\u003c/em\u003e): the ratio of net profit to total assets; (7) financial leverage (\u003cem\u003eLev\u003c/em\u003e): the ratio of total liabilities to total assets; (8) firm growth (\u003cem\u003eGrowth\u003c/em\u003e): average growth rate of sales in three years (Wei, \u003cspan citationid=\"CR47\" class=\"CitationRef\"\u003e2021\u003c/span\u003e); (9) analyst following (\u003cem\u003eAna\u003c/em\u003e): the natural logarithm of the number of analysts (teams) who have analyzed a firm in the calendar year plus one. Table\u0026nbsp;\u003cspan refid=\"Tab1\" class=\"InternalRef\"\u003e1\u003c/span\u003e presents the detailed descriptions of all variables.\u003c/p\u003e\u003cp\u003e\u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab1\" border=\"1\"\u003e\u003ccaption language=\"En\"\u003e\u003cdiv class=\"CaptionNumber\"\u003eTable 1\u003c/div\u003e\u003cdiv class=\"CaptionContent\"\u003e\u003cp\u003eVariable Description\u003c/p\u003e\u003c/div\u003e\u003c/caption\u003e\u003ccolgroup cols=\"3\"\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e\u003cthead\u003e\u003ctr\u003e\u003cth align=\"left\" colname=\"c1\"\u003e\u003cp\u003eVariable name\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c2\"\u003e\u003cp\u003eVariable symbol\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c3\"\u003e\u003cp\u003eVariable definition\u003c/p\u003e\u003c/th\u003e\u003c/tr\u003e\u003c/thead\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003eGreen income ratio\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e\u003cem\u003eGRev\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003eThe ratio of green or low-carbon business revenue to total income\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003eGreen innovation\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e\u003cem\u003eGreen\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003eThe number of green invention patents \u003cem\u003eindependently\u003c/em\u003e obtained in the focal year\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003eMarketing capability\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e\u003cem\u003eMC\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003eUsing stochastic frontier analysis to calculate, the reverse term of the inefficient ability of firms to obtain output by using input.\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003eFirm size\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e\u003cem\u003eSize\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003eThe natural logarithm of total assets\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003eFinancial leverage\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e\u003cem\u003eLev\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003eTotal liabilities divided by total assets\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003eR\u0026amp;D investment\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e\u003cem\u003eR\u0026amp;D\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003eR\u0026amp;D expenditures scaled by total sales\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003eFirm growth\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e\u003cem\u003eGrowth\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003eAverage sales growth rate of sales in three years\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003eProfitability\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e\u003cem\u003eROA\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003eThe ratio of net profit to total assets\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003eFirm age\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e\u003cem\u003eAge\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003eThe natural logarithm of the number of years from the firm\u0026rsquo;s listing year to the statistical year\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003eState ownership\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e\u003cem\u003eSOE\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003eIndicator which equals one if a firm is state-owned; and zero otherwise.\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003eEquity concentration\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e\u003cem\u003eShare\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003eThe shareholding proportion of the top ten shareholders\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003eAnalyst following\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e\u003cem\u003eAna\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003eThe natural logarithm of the number of analysts (teams) who have conducted analysis on a firm in the calendar year plus one\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/colgroup\u003e\u003c/table\u003e\u003c/div\u003e\u003c/p\u003e\u003cp\u003e[Insert Table\u0026nbsp;\u003cspan refid=\"Tab1\" class=\"InternalRef\"\u003e1\u003c/span\u003e about here]\u003c/p\u003e\u003c/div\u003e\u003c/div\u003e\u003cdiv id=\"Sec15\" class=\"Section2\"\u003e\u003ch2\u003e4.3 Empirical Models\u003c/h2\u003e\u003cp\u003eTo test the impact of green innovation on corporate value (H1), this paper constructs the following model:\u003cdiv id=\"Equ1\" class=\"Equation\"\u003e\u003cdiv format=\"TEX\" class=\"mathdisplay\" id=\"FileID_Equ1\" name=\"EquationSource\"\u003e\n$$\\:{GRev}_{i,t}=\\:{\\beta\\:}_{0}+{\\beta\\:}_{1}\\times\\:{Green}_{i,t-1}+{\\sum\\:}_{k}{{\\beta\\:}_{k}Controls}_{i,t}^{k}+{{\\mu\\:}}_{t}+{\\delta\\:}_{i}+{\\epsilon\\:}_{i,t}$$\u003c/div\u003e\u003cdiv class=\"EquationNumber\"\u003e1\u003c/div\u003e\u003c/div\u003e\u003c/p\u003e\u003cp\u003ewhere \u003cem\u003eGRev\u003c/em\u003e represents the ratio of corporate green revenue to total revenue of firm \u003cem\u003ei\u003c/em\u003e in year \u003cem\u003et\u003c/em\u003e; \u003cem\u003eGreen\u003c/em\u003e represents corporate green innovation, and we\u0026rsquo;ll use \u003cem\u003eGreen1\u003c/em\u003e and \u003cem\u003eGreen2\u003c/em\u003e, which refer to the number of green patents independently obtained and the number of green patents jointly obtained by firm \u003cem\u003ei\u003c/em\u003e in year \u003cem\u003et-1\u003c/em\u003e, respectively. \u003cem\u003eControls\u003c/em\u003e refer to the controlled variables described earlier; \u003cem\u003e\u0026micro;\u003c/em\u003e is the year-fixed effect; \u003cem\u003eδ\u003c/em\u003e is the industry-fixed effect; γ is the city-fixed effect; and \u003cem\u003eε\u003c/em\u003e is the error term.\u003c/p\u003e\u003cp\u003eTo test the moderating effect (H2), we construct the following model:\u003cdiv id=\"Equ2\" class=\"Equation\"\u003e\u003cdiv format=\"TEX\" class=\"mathdisplay\" id=\"FileID_Equ2\" name=\"EquationSource\"\u003e\n$$\\:{GRev}_{i,t}=\\:{\\gamma\\:}_{0}+{\\gamma\\:}_{1}\\times\\:{Green}_{i,t-1}+{\\gamma\\:}_{2}\\times\\:{Green}_{i,t-1}\\times\\:{MC}_{i,t-1}+{\\gamma\\:}_{3}\\times\\:{MC}_{i,t-1}+\\:\\:{\\sum\\:}_{k}{{\\gamma\\:}_{k}Controls}_{i,t}^{k}+{{\\mu\\:}}_{t}+{\\delta\\:}_{i}+{\\vartheta\\:}_{i,t}$$\u003c/div\u003e\u003cdiv class=\"EquationNumber\"\u003e2\u003c/div\u003e\u003c/div\u003e\u003c/p\u003e\u003cp\u003ewhere \u003cem\u003eMC\u003c/em\u003e represents the marketing capability of firm \u003cem\u003ei\u003c/em\u003e in year \u003cem\u003et-1\u003c/em\u003e, which is the moderating variable; \u003cem\u003eγ\u003c/em\u003e\u003csub\u003e\u003cem\u003e2\u003c/em\u003e\u003c/sub\u003e is of our focus in this model; and other variables are as above.\u003c/p\u003e\u003c/div\u003e"},{"header":"Empirical Results","content":"\u003cdiv id=\"Sec17\" class=\"Section2\"\u003e\u003ch2\u003e5.1 Descriptive Statistics\u003c/h2\u003e\u003cp\u003eTable\u0026nbsp;\u003cspan refid=\"Tab2\" class=\"InternalRef\"\u003e2\u003c/span\u003e presents the descriptive statistics for the main variables. The explained variable, green income ratio (GRev), has a mean value of 0.054, a standard deviation of 0.179, a minimum value of 0, and a maximum value of 0.987, reflecting a large variation in the level of green activities among companies. The explanatory variable 'green patent' (Green1/Green2) has a mean value of 0.781/0.208, a minimum value of 0, and a maximum value of 4.111/3.526, indicating that the degree of green innovation varies among companies. Though there are some differences in the numerical values between \u003cem\u003eGreen1\u003c/em\u003e and \u003cem\u003eGreen2\u003c/em\u003e, the distributions are relatively similar, indicating that the two proxies can effectively measure the level of green innovation.\u003c/p\u003e\u003cp\u003e\u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab2\" border=\"1\"\u003e\u003ccaption language=\"En\"\u003e\u003cdiv class=\"CaptionNumber\"\u003eTable 2\u003c/div\u003e\u003cdiv class=\"CaptionContent\"\u003e\u003cp\u003eDescriptive Statistics\u003c/p\u003e\u003c/div\u003e\u003c/caption\u003e\u003ccolgroup cols=\"8\"\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e\u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e\u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e\u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c4\" colnum=\"4\"\u003e\u003c/div\u003e\u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c5\" colnum=\"5\"\u003e\u003c/div\u003e\u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c6\" colnum=\"6\"\u003e\u003c/div\u003e\u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c7\" colnum=\"7\"\u003e\u003c/div\u003e\u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c8\" colnum=\"8\"\u003e\u003c/div\u003e\u003cthead\u003e\u003ctr\u003e\u003cth align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/th\u003e\u003cth align=\"left\" colname=\"c2\"\u003e\u003cp\u003eMean\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c3\"\u003e\u003cp\u003eStd.\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c4\"\u003e\u003cp\u003eMin.\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c5\"\u003e\u003cp\u003e25th\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c6\"\u003e\u003cp\u003eMedian\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c7\"\u003e\u003cp\u003e75th\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c8\"\u003e\u003cp\u003eMax.\u003c/p\u003e\u003c/th\u003e\u003c/tr\u003e\u003c/thead\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eGRev\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e\u003cp\u003e0.054\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e\u003cp\u003e0.179\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e\u003cp\u003e0.000\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e\u003cp\u003e0.000\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c6\"\u003e\u003cp\u003e0.000\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c7\"\u003e\u003cp\u003e0.000\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c8\"\u003e\u003cp\u003e0.987\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eGreen\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e\u003cp\u003e0.781\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e\u003cp\u003e0.994\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e\u003cp\u003e0.000\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e\u003cp\u003e0.000\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c6\"\u003e\u003cp\u003e0.000\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c7\"\u003e\u003cp\u003e1.386\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c8\"\u003e\u003cp\u003e4.111\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eMC\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e\u003cp\u003e41.512\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e\u003cp\u003e0.521\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e\u003cp\u003e39.717\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e\u003cp\u003e41.213\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c6\"\u003e\u003cp\u003e41.562\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c7\"\u003e\u003cp\u003e41.870\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c8\"\u003e\u003cp\u003e42.734\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eSize\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e\u003cp\u003e22.498\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e\u003cp\u003e1.272\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e\u003cp\u003e19.847\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e\u003cp\u003e21.622\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c6\"\u003e\u003cp\u003e22.292\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c7\"\u003e\u003cp\u003e23.225\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c8\"\u003e\u003cp\u003e27.072\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eLev\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e\u003cp\u003e0.073\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e\u003cp\u003e0.092\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e\u003cp\u003e0.000\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e\u003cp\u003e0.001\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c6\"\u003e\u003cp\u003e0.035\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c7\"\u003e\u003cp\u003e0.116\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c8\"\u003e\u003cp\u003e0.531\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eR\u0026amp;D\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e\u003cp\u003e0.023\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e\u003cp\u003e0.024\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e\u003cp\u003e0.000\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e\u003cp\u003e0.004\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c6\"\u003e\u003cp\u003e0.017\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c7\"\u003e\u003cp\u003e0.033\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c8\"\u003e\u003cp\u003e0.154\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eGrowth\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e\u003cp\u003e0.204\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e\u003cp\u003e1.569\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e\u003cp\u003e-8.941\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e\u003cp\u003e0.030\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c6\"\u003e\u003cp\u003e0.149\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c7\"\u003e\u003cp\u003e0.314\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c8\"\u003e\u003cp\u003e17.990\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eROA\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e\u003cp\u003e0.069\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e\u003cp\u003e0.058\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e\u003cp\u003e-0.304\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e\u003cp\u003e0.037\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c6\"\u003e\u003cp\u003e0.060\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c7\"\u003e\u003cp\u003e0.097\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c8\"\u003e\u003cp\u003e0.285\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eAge\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e\u003cp\u003e2.673\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e\u003cp\u003e0.314\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e\u003cp\u003e1.946\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e\u003cp\u003e2.398\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c6\"\u003e\u003cp\u003e2.708\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c7\"\u003e\u003cp\u003e2.944\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c8\"\u003e\u003cp\u003e3.367\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eSOE\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e\u003cp\u003e0.537\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e\u003cp\u003e0.499\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e\u003cp\u003e0.000\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e\u003cp\u003e0.000\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c6\"\u003e\u003cp\u003e1.000\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c7\"\u003e\u003cp\u003e1.000\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c8\"\u003e\u003cp\u003e1.000\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eShare\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e\u003cp\u003e0.380\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e\u003cp\u003e0.155\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e\u003cp\u003e0.064\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e\u003cp\u003e0.257\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c6\"\u003e\u003cp\u003e0.363\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c7\"\u003e\u003cp\u003e0.497\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c8\"\u003e\u003cp\u003e0.794\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eAna\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e\u003cp\u003e1.680\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e\u003cp\u003e1.131\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e\u003cp\u003e0.000\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e\u003cp\u003e0.693\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c6\"\u003e\u003cp\u003e1.792\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c7\"\u003e\u003cp\u003e2.639\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c8\"\u003e\u003cp\u003e3.871\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/colgroup\u003e\u003c/table\u003e\u003c/div\u003e\u003c/p\u003e\u003cp\u003e[Insert Table\u0026nbsp;\u003cspan refid=\"Tab2\" class=\"InternalRef\"\u003e2\u003c/span\u003e about here]\u003c/p\u003e\u003cp\u003eMoreover, the average value of marketing capability (\u003cem\u003eMC\u003c/em\u003e) is 41.512, with a standard deviation of 0.521. The maximum value and the minimum value are 42.734 and 39.717, respectively, indicating that most sample firms attach more importance to marketing ability. From the perspective of innovation investment (\u003cem\u003eR\u0026amp;D\u003c/em\u003e), the average value is 0.023, the standard deviation is 0.024, the maximum value is 0.154, and the minimum value is 0, indicating that innovation investment is generally low.\u003c/p\u003e\u003c/div\u003e\u003cdiv id=\"Sec18\" class=\"Section2\"\u003e\u003ch2\u003e5.2 Correlation Analysis\u003c/h2\u003e\u003cp\u003eTable\u0026nbsp;\u003cspan refid=\"Tab3\" class=\"InternalRef\"\u003e3\u003c/span\u003e presents the correlation matrix of the main variables. There is a significant positive correlation between green innovation and corporate value at the 1% level, which supports our hypothesis at the preliminary stage. It indicates that as the corporate green innovation level improves, the proportion of green income will increase. For the control variables, the results presented in this paper are consistent with the correlations reported in previous literature. The correlation coefficients between the other variables are less than 0.5, suggesting that this study will not be affected by multicollinearity in subsequent empirical models.\u003c/p\u003e\u003cp\u003e\u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab3\" border=\"1\"\u003e\u003ccaption language=\"En\"\u003e\u003cdiv class=\"CaptionNumber\"\u003eTable 3\u003c/div\u003e\u003cdiv class=\"CaptionContent\"\u003e\u003cp\u003eCorrelation Matrix\u003c/p\u003e\u003c/div\u003e\u003c/caption\u003e\u003ccolgroup cols=\"13\"\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e\u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e\u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e\u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c4\" colnum=\"4\"\u003e\u003c/div\u003e\u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c5\" colnum=\"5\"\u003e\u003c/div\u003e\u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c6\" colnum=\"6\"\u003e\u003c/div\u003e\u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c7\" colnum=\"7\"\u003e\u003c/div\u003e\u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c8\" colnum=\"8\"\u003e\u003c/div\u003e\u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c9\" colnum=\"9\"\u003e\u003c/div\u003e\u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c10\" colnum=\"10\"\u003e\u003c/div\u003e\u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c11\" colnum=\"11\"\u003e\u003c/div\u003e\u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c12\" colnum=\"12\"\u003e\u003c/div\u003e\u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c13\" colnum=\"13\"\u003e\u003c/div\u003e\u003cthead\u003e\u003ctr\u003e\u003cth align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/th\u003e\u003cth align=\"left\" colname=\"c2\"\u003e\u003cp\u003e\u003cem\u003eGrev\u003c/em\u003e\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c3\"\u003e\u003cp\u003e\u003cem\u003eGreen\u003c/em\u003e\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c4\"\u003e\u003cp\u003e\u003cem\u003eMC\u003c/em\u003e\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c5\"\u003e\u003cp\u003e\u003cem\u003eSize\u003c/em\u003e\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c6\"\u003e\u003cp\u003e\u003cem\u003eLev\u003c/em\u003e\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c7\"\u003e\u003cp\u003e\u003cem\u003eR\u0026amp;D\u003c/em\u003e\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c8\"\u003e\u003cp\u003e\u003cem\u003eGrowth\u003c/em\u003e\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c9\"\u003e\u003cp\u003e\u003cem\u003eROA\u003c/em\u003e\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c10\"\u003e\u003cp\u003e\u003cem\u003eAge\u003c/em\u003e\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c11\"\u003e\u003cp\u003e\u003cem\u003eSOE\u003c/em\u003e\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c12\"\u003e\u003cp\u003e\u003cem\u003eShare\u003c/em\u003e\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c13\"\u003e\u003cp\u003e\u003cem\u003eAna\u003c/em\u003e\u003c/p\u003e\u003c/th\u003e\u003c/tr\u003e\u003c/thead\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cb\u003eGRev\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e\u003cp\u003e1.000\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e\u003cp\u003e0.266\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e\u003cp\u003e0.007\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e\u003cp\u003e0.094\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c6\"\u003e\u003cp\u003e0.119\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c7\"\u003e\u003cp\u003e0.047\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c8\"\u003e\u003cp\u003e-0.009\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c9\"\u003e\u003cp\u003e-0.038\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c10\"\u003e\u003cp\u003e-0.020\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c11\"\u003e\u003cp\u003e-0.032\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c12\"\u003e\u003cp\u003e0.001\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c13\"\u003e\u003cp\u003e0.068\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cb\u003eGreen\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e\u003cp\u003e0.247\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e\u003cp\u003e1.000\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e\u003cp\u003e-0.303\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e\u003cp\u003e0.383\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c6\"\u003e\u003cp\u003e0.164\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c7\"\u003e\u003cp\u003e0.112\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c8\"\u003e\u003cp\u003e-0.028\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c9\"\u003e\u003cp\u003e-0.050\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c10\"\u003e\u003cp\u003e0.068\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c11\"\u003e\u003cp\u003e0.098\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c12\"\u003e\u003cp\u003e0.060\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c13\"\u003e\u003cp\u003e0.170\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cb\u003eMC\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e\u003cp\u003e0.029\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e\u003cp\u003e-0.358\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e\u003cp\u003e1.000\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e\u003cp\u003e-0.859\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c6\"\u003e\u003cp\u003e-0.343\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c7\"\u003e\u003cp\u003e0.348\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c8\"\u003e\u003cp\u003e0.100\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c9\"\u003e\u003cp\u003e-0.104\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c10\"\u003e\u003cp\u003e-0.237\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c11\"\u003e\u003cp\u003e-0.297\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c12\"\u003e\u003cp\u003e-0.244\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c13\"\u003e\u003cp\u003e-0.371\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cb\u003eSize\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e\u003cp\u003e0.074\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e\u003cp\u003e0.454\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e\u003cp\u003e-0.874\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e\u003cp\u003e1.000\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c6\"\u003e\u003cp\u003e0.481\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c7\"\u003e\u003cp\u003e-0.222\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c8\"\u003e\u003cp\u003e-0.113\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c9\"\u003e\u003cp\u003e-0.018\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c10\"\u003e\u003cp\u003e0.267\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c11\"\u003e\u003cp\u003e0.255\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c12\"\u003e\u003cp\u003e0.227\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c13\"\u003e\u003cp\u003e0.385\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cb\u003eLev\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e\u003cp\u003e0.139\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e\u003cp\u003e0.124\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e\u003cp\u003e-0.269\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e\u003cp\u003e0.415\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c6\"\u003e\u003cp\u003e1.000\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c7\"\u003e\u003cp\u003e-0.228\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c8\"\u003e\u003cp\u003e-0.051\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c9\"\u003e\u003cp\u003e-0.204\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c10\"\u003e\u003cp\u003e0.139\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c11\"\u003e\u003cp\u003e0.185\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c12\"\u003e\u003cp\u003e0.019\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c13\"\u003e\u003cp\u003e0.049\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cb\u003eR\u0026amp;D\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e\u003cp\u003e0.004\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e\u003cp\u003e0.091\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e\u003cp\u003e0.326\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e\u003cp\u003e-0.201\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c6\"\u003e\u003cp\u003e-0.211\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c7\"\u003e\u003cp\u003e1.000\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c8\"\u003e\u003cp\u003e0.055\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c9\"\u003e\u003cp\u003e0.117\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c10\"\u003e\u003cp\u003e-0.196\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c11\"\u003e\u003cp\u003e-0.233\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c12\"\u003e\u003cp\u003e-0.047\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c13\"\u003e\u003cp\u003e0.110\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cb\u003eGrowth\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e\u003cp\u003e0.017\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e\u003cp\u003e-0.009\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e\u003cp\u003e0.049\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e\u003cp\u003e-0.069\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c6\"\u003e\u003cp\u003e-0.028\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c7\"\u003e\u003cp\u003e0.002\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c8\"\u003e\u003cp\u003e1.000\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c9\"\u003e\u003cp\u003e0.147\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c10\"\u003e\u003cp\u003e-0.042\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c11\"\u003e\u003cp\u003e-0.055\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c12\"\u003e\u003cp\u003e-0.041\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c13\"\u003e\u003cp\u003e0.084\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cb\u003eROA\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e\u003cp\u003e-0.034\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e\u003cp\u003e-0.059\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e\u003cp\u003e-0.120\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e\u003cp\u003e0.004\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c6\"\u003e\u003cp\u003e-0.178\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c7\"\u003e\u003cp\u003e0.048\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c8\"\u003e\u003cp\u003e0.081\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c9\"\u003e\u003cp\u003e1.000\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c10\"\u003e\u003cp\u003e-0.123\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c11\"\u003e\u003cp\u003e-0.171\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c12\"\u003e\u003cp\u003e0.127\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c13\"\u003e\u003cp\u003e0.480\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cb\u003eAge\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e\u003cp\u003e-0.010\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e\u003cp\u003e0.056\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e\u003cp\u003e-0.193\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e\u003cp\u003e0.213\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c6\"\u003e\u003cp\u003e0.109\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c7\"\u003e\u003cp\u003e-0.189\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c8\"\u003e\u003cp\u003e0.009\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c9\"\u003e\u003cp\u003e-0.096\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c10\"\u003e\u003cp\u003e1.000\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c11\"\u003e\u003cp\u003e0.371\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c12\"\u003e\u003cp\u003e-0.181\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c13\"\u003e\u003cp\u003e-0.163\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cb\u003eSOE\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e\u003cp\u003e-0.009\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e\u003cp\u003e0.099\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e\u003cp\u003e-0.305\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e\u003cp\u003e0.278\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c6\"\u003e\u003cp\u003e0.173\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c7\"\u003e\u003cp\u003e-0.211\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c8\"\u003e\u003cp\u003e-0.007\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c9\"\u003e\u003cp\u003e-0.150\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c10\"\u003e\u003cp\u003e0.365\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c11\"\u003e\u003cp\u003e1.000\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c12\"\u003e\u003cp\u003e0.066\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c13\"\u003e\u003cp\u003e-0.086\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cb\u003eShare\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e\u003cp\u003e0.026\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e\u003cp\u003e0.079\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e\u003cp\u003e-0.282\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e\u003cp\u003e0.261\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c6\"\u003e\u003cp\u003e0.041\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c7\"\u003e\u003cp\u003e-0.036\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c8\"\u003e\u003cp\u003e-0.001\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c9\"\u003e\u003cp\u003e0.127\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c10\"\u003e\u003cp\u003e-0.181\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c11\"\u003e\u003cp\u003e0.058\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c12\"\u003e\u003cp\u003e1.000\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c13\"\u003e\u003cp\u003e0.165\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cb\u003eAna\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e\u003cp\u003e0.063\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e\u003cp\u003e0.191\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e\u003cp\u003e-0.373\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e\u003cp\u003e0.380\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c6\"\u003e\u003cp\u003e0.033\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c7\"\u003e\u003cp\u003e0.106\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c8\"\u003e\u003cp\u003e0.018\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c9\"\u003e\u003cp\u003e0.461\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c10\"\u003e\u003cp\u003e-0.165\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c11\"\u003e\u003cp\u003e-0.085\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c12\"\u003e\u003cp\u003e0.167\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c13\"\u003e\u003cp\u003e1.000\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/colgroup\u003e\u003ctfoot\u003e\u003ctr\u003e\u003ctd colspan=\"13\"\u003e\u003csup\u003e***\u003c/sup\u003e, \u003csup\u003e**\u003c/sup\u003e and \u003csup\u003e*\u003c/sup\u003e indicate that the coefficient is significant at the 1%, 5% and 10% levels, respectively.\u003c/td\u003e\u003c/tr\u003e\u003c/tfoot\u003e\u003c/table\u003e\u003c/div\u003e\u003c/p\u003e\u003cp\u003e[Insert Table\u0026nbsp;\u003cspan refid=\"Tab3\" class=\"InternalRef\"\u003e3\u003c/span\u003e about here]\u003c/p\u003e\u003c/div\u003e\u003cdiv id=\"Sec19\" class=\"Section2\"\u003e\u003ch2\u003e5.3 Green Innovation and Corporate Value\u003c/h2\u003e\u003cp\u003eTable\u0026nbsp;\u003cspan refid=\"Tab4\" class=\"InternalRef\"\u003e4\u003c/span\u003e presents the baseline results for Model (1). Specifically, Column (1) presents the results without the core explanatory variable, and it shows that corporate green income (\u003cem\u003eGRev\u003c/em\u003e) is significantly related with the control variables. We test the main hypothesis in Column (2). The coefficient of \u003cem\u003eGreen\u003c/em\u003e is significantly positive at the 1% level, supporting our hypothesis H1a that green innovation has a positive impact on green revenue implications for corporate value.\u003c/p\u003e\u003cp\u003e\u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab4\" border=\"1\"\u003e\u003ccaption language=\"En\"\u003e\u003cdiv class=\"CaptionNumber\"\u003eTable 4\u003c/div\u003e\u003cdiv class=\"CaptionContent\"\u003e\u003cp\u003eGreen Innovation, Marketing Capability and Corporate Value\u003c/p\u003e\u003c/div\u003e\u003c/caption\u003e\u003ccolgroup cols=\"5\"\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c4\" colnum=\"4\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c5\" colnum=\"5\"\u003e\u003c/div\u003e\u003cthead\u003e\u003ctr\u003e\u003cth align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/th\u003e\u003cth align=\"left\" colspan=\"4\" nameend=\"c5\" namest=\"c2\"\u003e\u003cp\u003e\u003cem\u003eGRev\u003c/em\u003e\u003c/p\u003e\u003c/th\u003e\u003c/tr\u003e\u003c/thead\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e\u003cb\u003e(1)\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e\u003cb\u003e(2)\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e\u003cb\u003e(3)\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e\u003cb\u003e(4)\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eIntercept\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e0.426\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.732\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e-4.013\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e-3.582\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(9.21)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(15.86)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(-11.04)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(-9.86)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eGreen\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.046\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e0.046\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e-0.874\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(19.73)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(20.01)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(-7.22)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eGreen\u0026times;MC\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e0.022\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(7.55)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eMC\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e0.095\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e0.082\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(13.06)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(11.29)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eSize\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e-0.003\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e-0.020\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e0.014\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e0.019\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(-1.63)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(-10.87)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(4.45)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(6.21)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eLev\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e0.106\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.142\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e0.093\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e0.078\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(4.11)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(5.60)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(3.74)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(3.16)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eR\u0026amp;D\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e0.073\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e-0.147\u003csup\u003e*\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e-0.420\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e-0.449\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(0.92)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(-1.86)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(-4.95)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(-5.21)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eGrowth\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e0.002\u003csup\u003e*\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.001\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e0.002\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e0.002\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(1.89)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(1.28)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(1.36)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(1.52)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eROA\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e-0.192\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e-0.146\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e-0.063\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e-0.066\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(-6.92)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(-5.41)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(-2.37)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(-2.49)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eAge\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e-0.006\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e\u0026lt;\u0026thinsp;0.001\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e0.001\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e-0.006\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(-0.92)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(-0.02)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(0.10)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(-1.00)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eSOE\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e-0.015\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e-0.017\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e-0.011\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e-0.008\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(-4.45)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(-4.99)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(-3.19)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(-2.55)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eShare\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e0.004\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.013\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e0.027\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e0.026\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(0.37)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(1.27)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(2.60)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(2.54)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eAna\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e0.016\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.015\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e0.015\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e0.014\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(9.40)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(8.59)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(8.78)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(8.12)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eYear\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eInd\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eR\u003c/em\u003e\u003csup\u003e\u003cem\u003e2\u003c/em\u003e\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e11.30%\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e15.79%\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e17.00%\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e17.48%\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eAdj R\u003c/em\u003e\u003csup\u003e\u003cem\u003e2\u003c/em\u003e\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e11.13%\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e15.61%\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e16.82%\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e17.29%\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eN\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e13356\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e13356\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e13356\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e13356\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eF-value\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e35.541\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e41.093\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e41.889\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e40.843\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/colgroup\u003e\u003ctfoot\u003e\u003ctr\u003e\u003ctd colspan=\"5\"\u003eNote: The t-statistics in parentheses are calculated using robust standard errors clustered at firm-level. \u003csup\u003e***\u003c/sup\u003e, \u003csup\u003e**\u003c/sup\u003e and \u003csup\u003e*\u003c/sup\u003e indicate that the coefficient is significant at the 1%, 5% and 10% levels, respectively.\u003c/td\u003e\u003c/tr\u003e\u003c/tfoot\u003e\u003c/table\u003e\u003c/div\u003e\u003c/p\u003e\u003cp\u003e[Insert Table\u0026nbsp;\u003cspan refid=\"Tab4\" class=\"InternalRef\"\u003e4\u003c/span\u003e about here]\u003c/p\u003e\u003c/div\u003e\u003cdiv id=\"Sec20\" class=\"Section2\"\u003e\u003ch2\u003e5.4 The Moderate Effect of Marketing Capability\u003c/h2\u003e\u003cp\u003eFurther, the coefficient of the interaction term of marketing capability (\u003cem\u003eMC\u003c/em\u003e) and green innovation (\u003cem\u003eGreen\u003c/em\u003e) in Column (4) of Table\u0026nbsp;\u003cspan refid=\"Tab4\" class=\"InternalRef\"\u003e4\u003c/span\u003e is significantly positive at 1% level, with a \u003cem\u003et-statistic\u003c/em\u003e of 7.55. This suggests that firms\u0026rsquo; marketing capability positively promotes the impact of green innovation on corporate green income, supporting our hypothesis H2a.\u003c/p\u003e\u003c/div\u003e\u003cdiv id=\"Sec21\" class=\"Section2\"\u003e\u003ch2\u003e5.5 Endogeneity Tests\u003c/h2\u003e\u003cdiv id=\"Sec22\" class=\"Section3\"\u003e\u003ch2\u003e5.5.1 Measurement Error Problem\u003c/h2\u003e\u003cp\u003eTo address the potential measurement error, we use the dummy variable for green innovation (\u003cem\u003eGreen_dum\u003c/em\u003e) as the independent variable in the regression. Specifically, the dummy variable is defined as follows: if a firm has any green patents, the variable equals one; otherwise, it equals zero. Table\u0026nbsp;\u003cspan refid=\"Tab5\" class=\"InternalRef\"\u003e5\u003c/span\u003e presents the results, which show that both \u003cem\u003eGreen_dum\u003c/em\u003e is significantly positively associated with the green income (\u003cem\u003eGRev\u003c/em\u003e) at the 1% significance level. This aligns with prior research, further supporting the robustness of the relationship between green innovation and green income.\u003c/p\u003e\u003cp\u003e\u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab5\" border=\"1\"\u003e\u003ccaption language=\"En\"\u003e\u003cdiv class=\"CaptionNumber\"\u003eTable 5\u003c/div\u003e\u003cdiv class=\"CaptionContent\"\u003e\u003cp\u003eMeasurement error test results\u003c/p\u003e\u003c/div\u003e\u003c/caption\u003e\u003ccolgroup cols=\"3\"\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e\u003cthead\u003e\u003ctr\u003e\u003cth align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/th\u003e\u003cth align=\"left\" colspan=\"2\" nameend=\"c3\" namest=\"c2\"\u003e\u003cp\u003e\u003cem\u003eGRev\u003c/em\u003e\u003c/p\u003e\u003c/th\u003e\u003c/tr\u003e\u003c/thead\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e\u003cb\u003e(1)\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e\u003cb\u003e(2)\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eIntercept\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e0.426\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.535\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(9.21)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(11.42)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eGreen_dum\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.049\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(15.11)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eSize\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e-0.003\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e-0.009\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(-1.63)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(-5.03)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eLev\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e0.106\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.114\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(4.11)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(4.43)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eR\u0026amp;D\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e0.073\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e-0.042\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(0.92)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(-0.53)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eGrowth\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e0.002\u003csup\u003e*\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.002\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(1.89)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(1.64)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eROA\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e-0.192\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e-0.183\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(-6.92)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(-6.69)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eAge\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e-0.006\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e-0.006\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(-0.92)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(-0.91)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eSOE\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e-0.015\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e-0.016\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(-4.45)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(-4.80)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eShare\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e0.004\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.009\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(0.37)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(0.87)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eAna\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e0.016\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.016\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(9.40)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(9.00)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eYear\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eInd\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eR\u003c/em\u003e\u003csup\u003e\u003cem\u003e2\u003c/em\u003e\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e11.31%\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e12.84%\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eAdj R\u003c/em\u003e\u003csup\u003e\u003cem\u003e2\u003c/em\u003e\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e11.13%\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e12.65%\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eN\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e13356\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e13356\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eF-value\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e35.541\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e37.724\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/colgroup\u003e\u003ctfoot\u003e\u003ctr\u003e\u003ctd colspan=\"3\"\u003eNote: The t-statistics in parentheses are calculated using robust standard errors clustered at firm-level. \u003csup\u003e***\u003c/sup\u003e, \u003csup\u003e**\u003c/sup\u003e and \u003csup\u003e*\u003c/sup\u003e indicate that the coefficient is significant at the 1%, 5% and 10% levels, respectively.\u003c/td\u003e\u003c/tr\u003e\u003c/tfoot\u003e\u003c/table\u003e\u003c/div\u003e\u003c/p\u003e\u003cp\u003e[Insert Table\u0026nbsp;\u003cspan refid=\"Tab5\" class=\"InternalRef\"\u003e5\u003c/span\u003e about here]\u003c/p\u003e\u003c/div\u003e\u003cdiv id=\"Sec23\" class=\"Section3\"\u003e\u003ch2\u003e5.5.2 Selection Bias Problem\u003c/h2\u003e\u003cp\u003eTo address the potential endogeneity issue of selection bias in our previous findings, we conduct a Heckman two-stage model. Since there are firms in our sample that have a zero value of green income, whether a firm engages in green activities may be determined by its characteristics rather than being randomly selected. To mitigate this concern, we first regress whether a firm has green income on firm-level control variables. We calculate the Inverse Mills Ratio (\u003cem\u003elambda\u003c/em\u003e) from the first stage and then add it in the second stage. Table\u0026nbsp;\u003cspan refid=\"Tab6\" class=\"InternalRef\"\u003e6\u003c/span\u003e shows the results. Column (2) shows that after controlling for endogeneity, the coefficient of \u003cem\u003eGreen1\u003c/em\u003e on \u003cem\u003eGRev\u003c/em\u003e remains significantly positive. This suggests that previous findings are robust and not affected by the selection bias problem.\u003c/p\u003e\u003cp\u003e\u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab6\" border=\"1\"\u003e\u003ccaption language=\"En\"\u003e\u003cdiv class=\"CaptionNumber\"\u003eTable 6\u003c/div\u003e\u003cdiv class=\"CaptionContent\"\u003e\u003cp\u003eSample Selection Bias - Heckman two-stage model results\u003c/p\u003e\u003c/div\u003e\u003c/caption\u003e\u003ccolgroup cols=\"3\"\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e\u003cthead\u003e\u003ctr\u003e\u003cth align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/th\u003e\u003cth align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(1)\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(2)\u003c/p\u003e\u003c/th\u003e\u003c/tr\u003e\u003ctr\u003e\u003cth align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/th\u003e\u003cth align=\"left\" colname=\"c2\"\u003e\u003cp\u003e\u003cem\u003eGRev_dum\u003c/em\u003e\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c3\"\u003e\u003cp\u003e\u003cem\u003eGRev\u003c/em\u003e\u003c/p\u003e\u003c/th\u003e\u003c/tr\u003e\u003c/thead\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eIntercept\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e-4.042\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e2.318\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(-6.38)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(3.29)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eGreen\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.069\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(9.72)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003elambda\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e-0.870\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(-1.43)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eSize\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e0.069\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e-0.065\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(2.40)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(-5.27)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eLev\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e1.009\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.092\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(3.28)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(0.33)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eR\u0026amp;D\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e1.204\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e-0.552\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(1.03)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(-1.17)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eGrowth\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e-0.020\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.022\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(-1.54)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(5.18)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eROA\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e-2.921\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e-0.057\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(-5.10)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(-0.21)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eAge\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e-0.093\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.025\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(-0.93)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(0.85)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eSOE\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e-0.495\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.065\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(-8.11)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(2.14)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eShare\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e-0.598\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.288\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(-3.22)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(4.83)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eAna\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e0.256\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.008\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(8.00)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(0.49)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eYear\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eInd\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003ePseudo R2\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e8.90%\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eR2\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e16.46%\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eAdj R2\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e15.37%\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eN\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e13356\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e2178\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eF-value\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e21.115\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/colgroup\u003e\u003ctfoot\u003e\u003ctr\u003e\u003ctd colspan=\"3\"\u003eNote: The t-statistics in parentheses are calculated using robust standard errors clustered at firm-level. \u003csup\u003e***\u003c/sup\u003e, \u003csup\u003e**\u003c/sup\u003e and \u003csup\u003e*\u003c/sup\u003e indicate that the coefficient is significant at the 1%, 5% and 10% levels, respectively.\u003c/td\u003e\u003c/tr\u003e\u003c/tfoot\u003e\u003c/table\u003e\u003c/div\u003e\u003c/p\u003e\u003cp\u003e[Insert Table\u0026nbsp;\u003cspan refid=\"Tab6\" class=\"InternalRef\"\u003e6\u003c/span\u003e about here]\u003c/p\u003e\u003c/div\u003e\u003cdiv id=\"Sec24\" class=\"Section3\"\u003e\u003ch2\u003e5.5.3 Reversal Causality Test\u003c/h2\u003e\u003cp\u003eAlthough previous sections present a robust relationship between green innovation and corporate value via green income, the conclusion may suffer from the endogeneity problem caused by reverse causality. That is, it may be possible that firms generating more green revenue from customers are also very active in green innovation activities. To mitigate this concern, we verify the causal impact of green innovation on green income by adopting the instrumental variable approach and two-stage least squares (2SLS) regression models. We use firm-level climate risk as the instrumental variable of corporate green innovation and rerun the main model using two-stage least squares (2SLS). Following Lin and Wu (\u003cspan citationid=\"CR31\" class=\"CitationRef\"\u003e2023\u003c/span\u003e) and Li et al. (\u003cspan citationid=\"CR30\" class=\"CitationRef\"\u003e2024\u003c/span\u003e), we construct two measures for firm-level climate risk. Specifically, Lin and Wu (\u003cspan citationid=\"CR31\" class=\"CitationRef\"\u003e2023\u003c/span\u003e) develop their climate risk dictionaries based on government official reports, while Li et al. (2020) develop theirs using data from the \u003cem\u003eChina Meteorological Data Service Center\u003c/em\u003e. We train our data on their dictionaries using the \u003cem\u003eKeyedVectors\u003c/em\u003e model in Python\u0026rsquo;s \u003cem\u003egensim\u003c/em\u003e library to obtain the expanded vocabularies, and finally have \u003cem\u003eClimateRisk1\u003c/em\u003e and \u003cem\u003eClimateRisk2\u003c/em\u003e as alternatives, based on the work of Lin and Wu (\u003cspan citationid=\"CR31\" class=\"CitationRef\"\u003e2023\u003c/span\u003e) and Li et al. (2020), respectively.\u003c/p\u003e\u003cp\u003eColumns (1)\u0026ndash;(2) and Columns (3)\u0026ndash;(4) of Table\u0026nbsp;\u003cspan refid=\"Tab7\" class=\"InternalRef\"\u003e7\u003c/span\u003e present the 2SLS regression results using \u003cem\u003eClimateRisk1\u003c/em\u003e and \u003cem\u003eClimateRisk2\u003c/em\u003e as the instrumental variables, respectively. Columns (1) and (3) of Table\u0026nbsp;\u003cspan refid=\"Tab7\" class=\"InternalRef\"\u003e7\u003c/span\u003e report the regression results of the first stage when the dependent variable is \u003cem\u003eGreen\u003c/em\u003e. In either case, the coefficient of \u003cem\u003eClimateRisk\u003c/em\u003e is significantly positive (\u003cem\u003et-statistic\u003c/em\u003e\u0026thinsp;=\u0026thinsp;22.21; 19.34), consistent with the prediction that firms are more active in green innovation when they face higher climate risk. The F-value for both first-stage results is larger than 200, indicating the instrumental variables are not weak.\u003c/p\u003e\u003cp\u003e\u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab7\" border=\"1\"\u003e\u003ccaption language=\"En\"\u003e\u003cdiv class=\"CaptionNumber\"\u003eTable 7\u003c/div\u003e\u003cdiv class=\"CaptionContent\"\u003e\u003cp\u003eReverse Causality Tests (IV\u0026thinsp;=\u0026thinsp;\u003cem\u003eClimateRisk\u003c/em\u003e)\u003c/p\u003e\u003c/div\u003e\u003c/caption\u003e\u003ccolgroup cols=\"5\"\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c4\" colnum=\"4\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c5\" colnum=\"5\"\u003e\u003c/div\u003e\u003cthead\u003e\u003ctr\u003e\u003cth align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/th\u003e\u003cth align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(1)\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(2)\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(3)\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(4)\u003c/p\u003e\u003c/th\u003e\u003c/tr\u003e\u003ctr\u003e\u003cth align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/th\u003e\u003cth align=\"left\" colname=\"c2\"\u003e\u003cp\u003e\u003cem\u003eGreen\u003c/em\u003e\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c3\"\u003e\u003cp\u003e\u003cem\u003eGRev\u003c/em\u003e\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c4\"\u003e\u003cp\u003e\u003cem\u003eGreen\u003c/em\u003e\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c5\"\u003e\u003cp\u003e\u003cem\u003eGRev\u003c/em\u003e\u003c/p\u003e\u003c/th\u003e\u003c/tr\u003e\u003c/thead\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eIntercept\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e-7.153\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e2.508\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e-6.905\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e2.701\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(-33.01)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(23.86)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(-31.31)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(23.55)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eGreen\u003c/em\u003e\u003csup\u003e\u003cem\u003e#\u003c/em\u003e\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.311\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e0.340\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(21.35)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(20.97)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eClimateRisk1\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e1.355\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u0026nbsp;\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(22.21)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u0026nbsp;\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eClimateRisk2\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e0.345\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u0026nbsp;\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(19.34)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u0026nbsp;\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eSize\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e0.371\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e-0.121\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e0.372\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e-0.132\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(42.50)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(-20.69)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(42.35)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(-20.74)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eLev\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e-1.110\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.362\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e-0.973\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e0.385\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(-11.81)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(12.99)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(-10.27)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(13.52)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eR\u0026amp;D\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e5.189\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e-1.423\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e5.017\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e-1.560\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(13.05)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(-13.79)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(12.56)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(-14.54)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eGrowth\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e0.020\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e-0.004\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e0.020\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e-0.004\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(4.53)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(-3.17)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(4.65)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(-3.66)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eROA\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e-0.839\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.113\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e-0.900\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e0.142\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(-5.94)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(4.12)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(-6.36)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(5.00)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eAge\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e-0.125\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.031\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e-0.145\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e0.035\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(-4.26)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(4.63)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(-4.87)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(5.09)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eSOE\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e0.061\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e-0.024\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e0.044\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e-0.025\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(3.54)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(-7.06)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(2.53)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(-7.18)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eShare\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e-0.248\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.063\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e-0.230\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e0.068\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(-4.64)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(5.74)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(-4.27)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(6.21)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eAna\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e0.032\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.005\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e0.037\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e0.004\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(3.78)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(2.71)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(4.39)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(1.98)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eYear\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eInd\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eR2\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e33.01%\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e21.61%\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e32.08%\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e20.30%\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eN\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e13098\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e13098\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e13098\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e13098\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eF-value\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e209.748\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e45.358\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e200.204\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e43.466\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/colgroup\u003e\u003ctfoot\u003e\u003ctr\u003e\u003ctd colspan=\"5\"\u003eNote: The t-statistics in parentheses are calculated using robust standard errors clustered at firm-level. \u003csup\u003e***\u003c/sup\u003e, \u003csup\u003e**\u003c/sup\u003e and \u003csup\u003e*\u003c/sup\u003e indicate that the coefficient is significant at the 1%, 5% and 10% levels, respectively.\u003c/td\u003e\u003c/tr\u003e\u003c/tfoot\u003e\u003c/table\u003e\u003c/div\u003e\u003c/p\u003e\u003cp\u003eColumns (2) and (4) of Table\u0026nbsp;\u003cspan refid=\"Tab7\" class=\"InternalRef\"\u003e7\u003c/span\u003e report the regression results of the second stage when the dependent variable is \u003cem\u003eGRev\u003c/em\u003e. The instrumented \u003cem\u003eGreen\u003c/em\u003e (\u003cem\u003eGreen\u003c/em\u003e\u003csup\u003e\u003cem\u003e#\u003c/em\u003e\u003c/sup\u003e) is positively related to green income (\u003cem\u003eGRev\u003c/em\u003e) at the significance level of 1%, suggesting the 2SLS regression results support our main conclusion.\u003c/p\u003e\u003cp\u003e[Insert Table\u0026nbsp;\u003cspan refid=\"Tab7\" class=\"InternalRef\"\u003e7\u003c/span\u003e about here]\u003c/p\u003e\u003c/div\u003e\u003c/div\u003e\u003cdiv id=\"Sec25\" class=\"Section2\"\u003e\u003ch2\u003e5.6 Heterogeneity Analysis\u003c/h2\u003e\u003cdiv id=\"Sec26\" class=\"Section3\"\u003e\u003ch2\u003e5.6.1 Environmental Background of the Board of Directors\u003c/h2\u003e\u003cp\u003eFirms with more directors who have an environmental background will have stronger motivation to carry out green innovation. Ramus and Steger (\u003cspan citationid=\"CR40\" class=\"CitationRef\"\u003e2000\u003c/span\u003e) note that green innovation requires a greater commitment and attention from management than ordinary innovation. According to the impression effect of moral cognition, He et al. (\u003cspan citationid=\"CR18\" class=\"CitationRef\"\u003e2021\u003c/span\u003e) show that senior managers with academic experience will pay more attention to the coordinated development of economy, society and nature; they also pay more attention to environmental protection in ideological understanding, thus leading to the creation of green value, and actively promote the green innovation of firms. Based on the priors, we believe that the environmental background of managers can help firms enhance their green innovation activities, thereby improving corporate value. We use the proportion of environmental background board members to conduct sub-sample analysis, and the results are shown in Columns (1) and (2) of Table\u0026nbsp;\u003cspan refid=\"Tab8\" class=\"InternalRef\"\u003e8\u003c/span\u003e. Specifically, the coefficient of the interaction term \u003cem\u003eGreen\u0026times;MC\u003c/em\u003e is significantly positive in high group. Consistent with hypothesis H2a, indicating that when there are more board members with an environmental protection background, the moderating effect of marketing ability is stronger, positively moderating the positive relationship between green innovation and corporate value.\u003c/p\u003e\u003cp\u003e\u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab8\" border=\"1\"\u003e\u003ccaption language=\"En\"\u003e\u003cdiv class=\"CaptionNumber\"\u003eTable 8\u003c/div\u003e\u003cdiv class=\"CaptionContent\"\u003e\u003cp\u003eHeterogeneity Tests: firm characteristics\u003c/p\u003e\u003c/div\u003e\u003c/caption\u003e\u003ccolgroup cols=\"7\"\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c4\" colnum=\"4\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c5\" colnum=\"5\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c6\" colnum=\"6\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c7\" colnum=\"7\"\u003e\u003c/div\u003e\u003cthead\u003e\u003ctr\u003e\u003cth align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/th\u003e\u003cth align=\"left\" colspan=\"2\" nameend=\"c3\" namest=\"c2\"\u003e\u003cp\u003eProportion of Board Members with Environmental Protection Background\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colspan=\"2\" nameend=\"c5\" namest=\"c4\"\u003e\u003cp\u003eProduct Similarity\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colspan=\"2\" nameend=\"c7\" namest=\"c6\"\u003e\u003cp\u003eAgency Cost\u003c/p\u003e\u003c/th\u003e\u003c/tr\u003e\u003ctr\u003e\u003cth align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/th\u003e\u003cth align=\"left\" colname=\"c2\"\u003e\u003cp\u003eHigh\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c3\"\u003e\u003cp\u003eLow\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c4\"\u003e\u003cp\u003eHigh\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c5\"\u003e\u003cp\u003eLow\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c6\"\u003e\u003cp\u003eHigh\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c7\"\u003e\u003cp\u003eLow\u003c/p\u003e\u003c/th\u003e\u003c/tr\u003e\u003ctr\u003e\u003cth align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/th\u003e\u003cth align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(1)\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(2)\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(3)\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(4)\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c6\"\u003e\u003cp\u003e(5)\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c7\"\u003e\u003cp\u003e(6)\u003c/p\u003e\u003c/th\u003e\u003c/tr\u003e\u003c/thead\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eIntercept\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e-4.328\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e-1.805\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e-3.295\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e-2.536\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c6\"\u003e\u003cp\u003e-5.610\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c7\"\u003e\u003cp\u003e-2.135\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(-4.91)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(-2.95)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(-5.01)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(-2.62)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c6\"\u003e\u003cp\u003e(-4.06)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c7\"\u003e\u003cp\u003e(-3.05)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eGreen\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e-1.302\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e-0.339\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e-0.321\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e-1.572\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c6\"\u003e\u003cp\u003e0.075\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c7\"\u003e\u003cp\u003e-1.308\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(-3.85)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(-1.55)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(-1.28)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(-4.29)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c6\"\u003e\u003cp\u003e(0.14)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c7\"\u003e\u003cp\u003e(-5.18)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eGreen\u0026times;MC\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e0.033\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.009\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e0.009\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e0.039\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" 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colname=\"c5\"\u003e\u003cp\u003e(-0.84)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c6\"\u003e\u003cp\u003e(-0.23)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c7\"\u003e\u003cp\u003e(-0.58)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eSOE\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e-0.001\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e-0.009\u003csup\u003e*\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e-0.001\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e-0.013\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c6\"\u003e\u003cp\u003e-0.025\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c7\"\u003e\u003cp\u003e0.006\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(-0.07)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(-1.86)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(-0.19)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(-1.50)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c6\"\u003e\u003cp\u003e(-2.98)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c7\"\u003e\u003cp\u003e(1.04)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eShare\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e0.042\u003csup\u003e*\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.026\u003csup\u003e*\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e-0.004\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e0.056\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c6\"\u003e\u003cp\u003e0.018\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c7\"\u003e\u003cp\u003e0.028\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(1.67)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(1.72)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(-0.19)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(2.20)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c6\"\u003e\u003cp\u003e(0.66)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c7\"\u003e\u003cp\u003e(1.58)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eAna\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e0.014\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.009\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e0.014\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e0.015\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c6\"\u003e\u003cp\u003e0.014\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c7\"\u003e\u003cp\u003e0.011\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(3.37)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(3.43)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(4.31)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(3.59)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c6\"\u003e\u003cp\u003e(3.26)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c7\"\u003e\u003cp\u003e(3.79)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eYear F.E.\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c6\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c7\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eInd. F.E.\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c6\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c7\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eR2\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e20.00%\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e14.34%\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e22.71%\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e13.85%\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c6\"\u003e\u003cp\u003e24.09%\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c7\"\u003e\u003cp\u003e10.60%\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eAdj R2\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e19.11%\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e13.33%\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e21.86%\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e12.71%\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c6\"\u003e\u003cp\u003e23.07%\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c7\"\u003e\u003cp\u003e9.73%\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eN\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e2721\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e2564\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e2753\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e2294\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c6\"\u003e\u003cp\u003e2272\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c7\"\u003e\u003cp\u003e3013\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eF-value\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e11.077\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e4.678\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e9.296\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e6.030\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c6\"\u003e\u003cp\u003e11.278\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c7\"\u003e\u003cp\u003e5.184\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/colgroup\u003e\u003ctfoot\u003e\u003ctr\u003e\u003ctd colspan=\"7\"\u003eNote: The t-statistics in parentheses are calculated using robust standard errors clustered at firm-level. \u003csup\u003e***\u003c/sup\u003e, \u003csup\u003e**\u003c/sup\u003e and \u003csup\u003e*\u003c/sup\u003e indicate that the coefficient is significant at the 1%, 5% and 10% levels, respectively.\u003c/td\u003e\u003c/tr\u003e\u003c/tfoot\u003e\u003c/table\u003e\u003c/div\u003e\u003c/p\u003e\u003cp\u003e[Insert Table\u0026nbsp;\u003cspan refid=\"Tab8\" class=\"InternalRef\"\u003e8\u003c/span\u003e about here]\u003c/p\u003e\u003c/div\u003e\u003cdiv id=\"Sec27\" class=\"Section3\"\u003e\u003ch2\u003e5.6.2 Product Similarity\u003c/h2\u003e\u003cp\u003eIn a competitive market, manufacturers with similar products can leverage synergies to enhance and develop new products, thus leveraging mergers to improve their differentiation relative to competitors (Hoberg and Phillips, \u003cspan citationid=\"CR21\" class=\"CitationRef\"\u003e2010\u003c/span\u003e). Companies offering distinct products may leverage green innovation to attract new customer segments or create premium offerings. Thus, we believe that the marketing capability of companies with lower product similarity is more likely to enhance their innovation, thereby increasing their differentiation from competitors and leading to increased corporate profits. We divide our sample based on the level of product similarity and conduct sub-sample analysis. In light of Hoberg and Philips (2016), we construct product similarity based on firm pairwise similarity scores by analyzing the textual content of product descriptions in the annual reports of sample firms. Specifically, we form word vectors for each firm to compute continuous measures of product similarity for each pair of firms in our sample annually, based on the BERT model. We directly embed the expression vector into the words generated for the text. Based on the sentence vector, we calculate product similarity using the cosine similarity method.\u003c/p\u003e\u003cp\u003eAs shown in Columns (3) and (4) of Table\u0026nbsp;\u003cspan refid=\"Tab8\" class=\"InternalRef\"\u003e8\u003c/span\u003e, the coefficient of the interaction term \u003cem\u003eGreen\u0026times;MC\u003c/em\u003e in Column (4) is significantly positive (\u003cem\u003et-statistic\u003c/em\u003e\u0026thinsp;=\u0026thinsp;4.42), consistent with our previous prediction and supports the hypothesis H2a. That is, the marketing ability has a more pronounced effect in positively moderating the positive impact of green innovation on corporate value.\u003c/p\u003e\u003c/div\u003e\u003cdiv id=\"Sec28\" class=\"Section3\"\u003e\u003ch2\u003e5.6.3 Agency Cost\u003c/h2\u003e\u003cp\u003eIn firms with high agency costs, managers are more likely to prioritize short-term financial benefits or personal interests over long-term investments, such as green innovation activities. Zhang et al. (\u003cspan citationid=\"CR52\" class=\"CitationRef\"\u003e2023\u003c/span\u003e) find that green investment promotes the development of green innovation by reducing agency costs. Firms with high agency costs have larger communication gaps between stakeholders, making it harder to demonstrate the impact of green innovation on the green value of firms, thereby reducing the incentive to invest in such projects. With low agency costs, companies are more likely to adopt green innovations proactively, leveraging them as a competitive advantage to attract environmentally conscious consumers. At the same time, stakeholders can gain a comprehensive understanding of the risks and benefits of corporate green innovation, thereby reducing the negative impact of potential innovation failures and curbing short-term opportunistic behavior by management, ultimately improving corporate governance (Huang et al., \u003cspan citationid=\"CR24\" class=\"CitationRef\"\u003e2019\u003c/span\u003e).\u003c/p\u003e\u003cp\u003eTherefore, we believe that companies with low agency problems are more likely to utilize marketing capabilities to mitigate agency friction and are more likely to make green investments to facilitate green innovation development, ultimately generating green income. As shown in Columns (5) and (6) of Table\u0026nbsp;\u003cspan refid=\"Tab8\" class=\"InternalRef\"\u003e8\u003c/span\u003e, the coefficient of the interaction term \u003cem\u003eGreen\u0026times;MC\u003c/em\u003e in low group is significantly positive (\u003cem\u003et-statistic\u003c/em\u003e\u0026thinsp;=\u0026thinsp;5.28), indicating that when the agency cost is lower, the moderating effect of marketing ability is stronger, which enhances the positive impact of green innovation on corporate value.\u003c/p\u003e\u003c/div\u003e\u003cdiv id=\"Sec29\" class=\"Section3\"\u003e\u003ch2\u003e5.6.4 Regional Marketization\u003c/h2\u003e\u003cp\u003eFrom a macro-level perspective, the level of regional marketization can significantly influence the relationship between green innovation and green revenue, as marketization shapes the institutional and economic environment in which firms operate. Firms located in high-level marketized regions are more likely to benefit from more competitive markets where green innovation can attract more customers. In contrast, it\u0026rsquo;s relatively harder for their counterparts in low-level marketized regions to find profitable markets for green products.\u003c/p\u003e\u003cp\u003ePrior literature has found that marketization can enhance the impact of industrial synergy on green innovation; thus, a more effective market system can foster a favorable environment for production and business, reduce market transaction costs, and promote green innovation (Zeng et al., \u003cspan citationid=\"CR51\" class=\"CitationRef\"\u003e2021\u003c/span\u003e). As product and factor markets improve and the legal system becomes more effective, these factors collectively help make resource allocation more efficient and enhance technology. The development of market organizations and the legal system also has an essential role in this process.\u003c/p\u003e\u003cp\u003eAccording to Fan et al. (\u003cspan citationid=\"CR11\" class=\"CitationRef\"\u003e2011\u003c/span\u003e), China\u0026rsquo;s market reforms involve economic, social, and legal changes. The 30\u0026thinsp;+\u0026thinsp;years of reform provide valuable conditions for analyzing the impacts of innovation. Therefore, building on this and their \u003cem\u003eMarketization Index\u003c/em\u003e, we incorporate two key indicators: (1) the development of factor markets; (2) the development of market intermediaries and the legal system environment. We do sub-sample analyses that match the specific features of China\u0026rsquo;s marketization process, and Table\u0026nbsp;\u003cspan refid=\"Tab9\" class=\"InternalRef\"\u003e9\u003c/span\u003e presents the results.\u003c/p\u003e\u003cp\u003e\u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab9\" border=\"1\"\u003e\u003ccaption language=\"En\"\u003e\u003cdiv class=\"CaptionNumber\"\u003eTable 9\u003c/div\u003e\u003cdiv class=\"CaptionContent\"\u003e\u003cp\u003eHeterogeneity Tests: external economic environment\u003c/p\u003e\u003c/div\u003e\u003c/caption\u003e\u003ccolgroup cols=\"5\"\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c4\" colnum=\"4\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c5\" colnum=\"5\"\u003e\u003c/div\u003e\u003cthead\u003e\u003ctr\u003e\u003cth align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/th\u003e\u003cth align=\"left\" colspan=\"2\" nameend=\"c3\" namest=\"c2\"\u003e\u003cp\u003eDevelopment of Factor Market\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colspan=\"2\" nameend=\"c5\" namest=\"c4\"\u003e\u003cp\u003eDevelopment of Market Intermediaries\u003c/p\u003e\u003cp\u003eand the Legal System Environment\u003c/p\u003e\u003c/th\u003e\u003c/tr\u003e\u003ctr\u003e\u003cth align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/th\u003e\u003cth align=\"left\" colname=\"c2\"\u003e\u003cp\u003eHigh\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c3\"\u003e\u003cp\u003eLow\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c4\"\u003e\u003cp\u003eHigh\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c5\"\u003e\u003cp\u003eLow\u003c/p\u003e\u003c/th\u003e\u003c/tr\u003e\u003ctr\u003e\u003cth align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/th\u003e\u003cth align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(1)\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(2)\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(3)\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(4)\u003c/p\u003e\u003c/th\u003e\u003c/tr\u003e\u003c/thead\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eIntercept\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e-6.379\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e-1.874\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e-5.340\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e-2.417\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(-6.60)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(-2.54)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(-5.53)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(-3.29)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eGreen\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e-2.384\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e-0.329\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e-2.435\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e-0.268\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(-4.46)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(-0.28)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(-4.27)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(-0.24)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eGreen\u0026times;MC\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e0.059\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.009\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e0.060\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e0.008\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(4.49)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(0.33)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(4.30)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(0.29)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eMC\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e0.135\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.044\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e0.114\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e0.055\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(6.98)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(3.03)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(5.93)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(3.79)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eSize\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e0.051\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.011\u003csup\u003e*\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e0.043\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e0.016\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(6.24)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(1.71)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(5.27)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(2.48)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eLev\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e0.069\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.068\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e0.010\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e0.109\u003csup\u003e*\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(1.27)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(1.20)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(0.22)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(1.80)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eR\u0026amp;D\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e-0.376\u003csup\u003e*\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.011\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e-0.408\u003csup\u003e*\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e0.098\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(-1.89)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(0.06)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(-1.95)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(0.54)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eGrowth\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e0.004\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e\u0026lt;\u0026thinsp;0.001\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e0.004\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e-0.001\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(1.55)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(0.04)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(1.60)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(-0.25)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eROA\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e-0.100\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.010\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e-0.149\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e0.019\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(-1.46)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(0.17)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(-2.20)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(0.33)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eAge\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e-0.026\u003csup\u003e*\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.031\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e-0.016\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e0.017\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(-1.73)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(2.32)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(-1.00)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(1.42)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eSOE\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e-0.020\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e\u0026lt;\u0026thinsp;0.001\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e-0.012\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e-0.008\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(-2.26)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(-0.07)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(-1.34)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(-1.15)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eShare\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e0.032\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.013\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e-0.009\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e0.048\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(1.20)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(0.62)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(-0.37)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(2.02)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eAna\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e0.007\u003csup\u003e*\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.012\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e0.012\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e0.010\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(1.83)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(3.39)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(2.76)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(2.69)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eYear F.E.\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eInd. F.E.\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eR2\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e17.21%\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e16.37%\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e16.73%\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e15.76%\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eAdj R2\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e16.02%\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e15.38%\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e15.55%\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e14.75%\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eN\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e2122\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e2577\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e2146\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e2553\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eF-value\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e6.155\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e6.957\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e6.506\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e7.028\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/colgroup\u003e\u003ctfoot\u003e\u003ctr\u003e\u003ctd colspan=\"5\"\u003eNote: The t-statistics in parentheses are calculated using robust standard errors clustered at firm-level. \u003csup\u003e***\u003c/sup\u003e, \u003csup\u003e**\u003c/sup\u003e and \u003csup\u003e*\u003c/sup\u003e indicate that the coefficient is significant at the 1%, 5% and 10% levels, respectively.\u003c/td\u003e\u003c/tr\u003e\u003c/tfoot\u003e\u003c/table\u003e\u003c/div\u003e\u003c/p\u003e\u003cp\u003e[Insert Table\u0026nbsp;\u003cspan refid=\"Tab9\" class=\"InternalRef\"\u003e9\u003c/span\u003e about here]\u003c/p\u003e\u003cp\u003eFurthermore, marketing capability demonstrates a firm\u0026rsquo;s ability to utilize its resources effectively. Thus, we believe that when the product market and factor market are more developed, and market organizations and the legal system are more effective, firms are more likely to enhance their marketing capabilities to increase innovation efficiency and output. As shown in Table\u0026nbsp;\u003cspan refid=\"Tab9\" class=\"InternalRef\"\u003e9\u003c/span\u003e, Columns (1) and (2) show the sub-sample analysis result based on the level of development of factor markets, and Columns (3) and (4) show the results based on the level of development of market intermediaries and legal environment. The coefficients of \u003cem\u003eGreen\u0026times;MC\u003c/em\u003e in Columns (1) and (3) are all significantly positive (\u003cem\u003et-statistic\u003c/em\u003e\u0026thinsp;=\u0026thinsp;4.49; 4.30), consistent with hypothesis H2a and indicate that when the development of factor market is higher, or when the development of market intermediaries organizations and the legal system environment is higher, the moderating effect of marketing capability is more pronounced on the positive impact of green innovation on corporate green income.\u003c/p\u003e\u003c/div\u003e\u003cdiv id=\"Sec30\" class=\"Section3\"\u003e\u003ch2\u003e5.6.5 Regional Innovation Capability\u003c/h2\u003e\u003cp\u003eRegions with high innovation capability tend to have better infrastructure, research institutions, skilled labour, and access to capital. These factors provide firms with the resources and expertise needed to develop and implement green innovations effectively. As a result, green innovations are more likely to succeed and generate higher green revenue. Referring to \u003cem\u003ethe China Regional Innovation Capability Report\u003c/em\u003e, we utilize regional innovation capability for sub-sample analysis. In regions with strong innovation capability, firms can more quickly adopt new green technologies and processes. These regions often have more robust networks for knowledge sharing and collaboration, enabling firms to innovate faster and more efficiently, which in turn leads to increased green revenue. Thus, we believe that firms with superior marketing capabilities can increase their revenue through innovation. Columns (1) and (2) of Table\u0026nbsp;\u003cspan refid=\"Tab10\" class=\"InternalRef\"\u003e10\u003c/span\u003e show the results.\u003c/p\u003e\u003cp\u003e\u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab10\" border=\"1\"\u003e\u003ccaption language=\"En\"\u003e\u003cdiv class=\"CaptionNumber\"\u003eTable 10\u003c/div\u003e\u003cdiv class=\"CaptionContent\"\u003e\u003cp\u003eHeterogeneity Tests: external innovation environment\u003c/p\u003e\u003c/div\u003e\u003c/caption\u003e\u003ccolgroup cols=\"5\"\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c4\" colnum=\"4\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c5\" colnum=\"5\"\u003e\u003c/div\u003e\u003cthead\u003e\u003ctr\u003e\u003cth align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/th\u003e\u003cth align=\"left\" colspan=\"2\" nameend=\"c3\" namest=\"c2\"\u003e\u003cp\u003eRegional Innovation Capability\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colspan=\"2\" nameend=\"c5\" namest=\"c4\"\u003e\u003cp\u003ePatent Infringement\u003c/p\u003e\u003c/th\u003e\u003c/tr\u003e\u003ctr\u003e\u003cth align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/th\u003e\u003cth align=\"left\" colname=\"c2\"\u003e\u003cp\u003eHigh\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c3\"\u003e\u003cp\u003eLow\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c4\"\u003e\u003cp\u003eHigh\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c5\"\u003e\u003cp\u003eLow\u003c/p\u003e\u003c/th\u003e\u003c/tr\u003e\u003ctr\u003e\u003cth align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/th\u003e\u003cth align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(1)\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(2)\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(3)\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(4)\u003c/p\u003e\u003c/th\u003e\u003c/tr\u003e\u003c/thead\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eIntercept\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e-6.471\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e-2.167\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e-4.877\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e-2.137\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(-6.27)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(-3.03)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(-5.25)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(-3.04)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eGreen\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e-2.318\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e-0.429\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e-0.434\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e-1.135\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(-4.36)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(-0.37)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(-0.87)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(-4.76)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eGreen\u0026times;MC\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e0.057\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.012\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e0.012\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e0.028\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(4.41)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(0.42)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(0.98)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(4.86)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eMC\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e0.138\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.049\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e0.106\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e0.051\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(6.67)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(3.48)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(5.82)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(3.54)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eSize\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e0.050\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.014\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e0.027\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e0.015\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(5.70)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(2.30)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(3.37)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(2.70)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eLev\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e0.064\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.063\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e0.040\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e0.113\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(1.10)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(1.19)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(0.75)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(1.99)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eR\u0026amp;D\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e-0.273\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e-0.131\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e-0.444\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e-0.256\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(-1.30)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(-0.76)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(-1.96)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(-1.60)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eGrowth\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e0.005\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e\u0026lt;\u0026thinsp;0.001\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e0.002\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e0.003\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(1.59)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(0.03)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(0.62)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(1.27)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eROA\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e-0.148\u003csup\u003e*\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.024\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e-0.140\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e0.073\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(-1.92)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(0.44)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(-2.29)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(1.18)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eAge\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e-0.028\u003csup\u003e*\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.033\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e0.014\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e-0.007\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(-1.84)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(2.53)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(0.97)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(-0.58)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eSOE\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e-0.023\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.003\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e-0.009\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e-0.003\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(-2.55)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(0.46)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(-1.22)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(-0.45)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eShare\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e0.046\u003csup\u003e*\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.007\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e0.029\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e0.016\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(1.65)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(0.32)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(1.20)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(0.77)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eAna\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e0.007\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.013\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e0.010\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e0.010\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(1.58)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e(3.94)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e(2.60)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e(2.88)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eYear F.E.\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eInd. F.E.\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003eYES\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eR2\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e17.55%\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e16.80%\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e18.33%\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e21.85%\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eAdj R2\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e16.27%\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e15.87%\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e17.31%\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e20.84%\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eN\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e1966\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e2733\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e2353\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e2346\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cem\u003eF-value\u003c/em\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e5.877\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e7.121\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e7.747\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e7.400\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/colgroup\u003e\u003ctfoot\u003e\u003ctr\u003e\u003ctd colspan=\"5\"\u003eNote: The t-statistics in parentheses are calculated using robust standard errors clustered at firm-level. \u003csup\u003e***\u003c/sup\u003e, \u003csup\u003e**\u003c/sup\u003e and \u003csup\u003e*\u003c/sup\u003e indicate that the coefficient is significant at the 1%, 5% and 10% levels, respectively.\u003c/td\u003e\u003c/tr\u003e\u003c/tfoot\u003e\u003c/table\u003e\u003c/div\u003e\u003c/p\u003e\u003cp\u003eThe coefficient of the interaction term \u003cem\u003eGreen\u0026times;MC\u003c/em\u003e in Column (1) is significantly positive, which is consistent with the hypothesis H2a and indicates that when the regional innovation capability is stronger, the moderating effect of marketing capability is stronger, which enhances the positive impact of green innovation on green income.\u003c/p\u003e\u003cp\u003e[Insert Table\u0026nbsp;\u003cspan refid=\"Tab10\" class=\"InternalRef\"\u003e10\u003c/span\u003e about here]\u003c/p\u003e\u003c/div\u003e\u003cdiv id=\"Sec31\" class=\"Section3\"\u003e\u003ch2\u003e5.6.6 Regional Patent Infringement\u003csup\u003e3\u003c/sup\u003e\u003c/h2\u003e\u003cp\u003eFrom the macro-level of a firm\u0026rsquo;s operating environment, the level of regional patent infringement can influence the relationship between green innovation and green revenue by affecting how firms innovate, protect their intellectual property (IP), and commercialize their green technologies.\u003c/p\u003e\u003cp\u003eThis paper uses the number of patent infringement cases closed for the sub-sample analysis. Since it is often hard to guarantee patent exclusivity, this can lead to the risk of knowledge spillovers and patent infringements. These issues may negatively affect the research and development investment of firms. Thus, it is crucial to improve intellectual property protection and support the long-term growth of innovation activities.\u003c/p\u003e\u003cp\u003eProtecting intellectual property will encourage firms to innovate (Fang et al., \u003cspan citationid=\"CR12\" class=\"CitationRef\"\u003e2017\u003c/span\u003e). Based on Ang et al. (\u003cspan citationid=\"CR1\" class=\"CitationRef\"\u003e2014\u003c/span\u003e) and Fang et al. (\u003cspan citationid=\"CR12\" class=\"CitationRef\"\u003e2017\u003c/span\u003e), we believe that the higher the rate of patent protection, the better the intellectual property protection in a region. That is, if a region has many patent disputes, the number of patent disputes in that region will also be higher. However, if there are fewer patent disputes, it means the intellectual property protection is stronger. Firms in such regions may have more time and resources to focus on improving their marketing capabilities. Columns (3)\u0026ndash;(4) present the sub-sample analysis results.\u003c/p\u003e\u003cp\u003eAs shown in Columns (3) and (4) of Table\u0026nbsp;\u003cspan refid=\"Tab10\" class=\"InternalRef\"\u003e10\u003c/span\u003e, the coefficient of the interaction term \u003cem\u003eGreen\u0026times;MC\u003c/em\u003e in low infringement group is significantly positive (\u003cem\u003et-statistic\u003c/em\u003e\u0026thinsp;=\u0026thinsp;4.86) while insignificant in high group, which is consistent with hypothesis H2a and indicates that when the number of patent infringement cases is fewer in the firm\u0026rsquo;s region, the positive moderating effect of marketing ability is more announced.\u003c/p\u003e\u003c/div\u003e\u003c/div\u003e"},{"header":"Conclusion","content":"\u003cp\u003eWithin the context of contemporary global imperatives for green development, this study examines how corporate green innovation contributes to enhanced firm value, with a specific focus on the mechanism of customer value creation. Using data from Chinese A-share listed companies from 2010 to 2020, we develop a theoretical framework that integrates stakeholder theory and agency theory to investigate the relationship between green innovation and corporate value, and to analyze the underlying pathways.\u003c/p\u003e\u003cp\u003eThe study shows that green innovation positively influences corporate value, with marketing capability positively moderating this relationship and highlighting new stakeholder theory's role in driving value creation. Further, heterogeneity analyses reveal nuanced variations in the moderating effect of marketing capability. The effect is more pronounced at the firm level when firms have more board members with environmental backgrounds, lower product similarity, and reduced agency costs. At the regional level, stronger factor markets, robust market intermediary institutions, a developed legal system, higher regional innovation capacity, and fewer instances of patent infringement all contribute to the moderating effect of marketing capability, thereby enhancing the positive impact of green innovation on corporate value.\u003c/p\u003e\u003cp\u003eThis research offers several contributions to the existing literature. First, the study introduces a novel approach by analyzing corporate value creation through the lens of green income share. Second, integrating resource-based theory with stakeholder theory under the new stakeholder theory illuminates key pathways that connect green innovation to corporate value. Third, the study balances shareholder value maximization with broader stakeholder interests, offering insights into achieving shared value creation for firms.\u003c/p\u003e\u003cp\u003eOverall, this study offers a comprehensive framework for understanding how green innovation influences corporate value, providing theoretical and practical insights. It contributes to the growing body of research on green innovation and value creation while offering strategic guidance for policymakers and managers in navigating the transition to sustainable business practices.\u003c/p\u003e"},{"header":"Declarations","content":"\u003cp\u003e\u003ch2\u003eINFORMED CONSENT:\u003c/h2\u003e\u003cp\u003eThis article does not contain any studies with human participants performed by any of the authors.\u003c/p\u003e\u003c/p\u003e\u003cp\u003e\u003ch2\u003eCOMPETING INTERESTS:\u003c/h2\u003e\u003cp\u003eThe authors declare they have no competing interests.\u003c/p\u003e\u003c/p\u003e\u003cp\u003e\u003cb\u003eFUNDING DECLARATION\u003c/b\u003e: Details of funding sources have been removed from this version of the manuscript to preserve anonymity during the peer-review process. This information will be added to the final manuscript upon acceptance.\u003c/p\u003e\u003ch2\u003eAuthor Contribution\u003c/h2\u003e\u003cp\u003eY.L.: conceptualization and methodology, investigation. Z.L.: formal analysis, validation, and writing the first-round draft. W.H.: data collection and preparation, investigation, resources, review, and revising.\u003c/p\u003e\u003ch2\u003eAcknowledgement\u003c/h2\u003e\u003cp\u003eWe gratefully acknowledge the constructive feedback from discussants and participants at two conferences: the 7th International Conference on Accounting and Finance in Emerging Markets (Nanjing University of Finance and Economics, October 16th, 2024), and the Self-reliance and Self-improvement of High-level Science and Technology and New Productivity Conference (South China University of Technology, May 18th, 2024). We are particularly honored that this paper received the Best Paper Award at the latter conference and thank the organizers for this recognition. This research was funded by the Jilin Provincial Social Science Fund (Grant No. 2025B46), and the Chunhui Project Foundation of the Ministry of Education of China (Grant No. HZKY20220373).\u003c/p\u003e\u003ch2\u003eData Availability\u003c/h2\u003e\u003cp\u003eData sharing is not applicable to this article as no new data was created or analyzed in this study. All data are sourced from publicly available materials cited within the text.\u003c/p\u003e"},{"header":"References","content":"\u003col\u003e\n\u003cli\u003eAng, J. S., Y. Cheng, and C. Wu. 2014. \u0026ldquo;Does Enforcement of Intellectual Property Rights Matter in China? Evidence From Financing and Investment Choices in the High-Tech Industry.\u0026rdquo; Review of Economics and Statistics 96 (2): 332-348.\u003c/li\u003e\n\u003cli\u003eAngulo-Ruiz, F., N. Donthu, D. Prior, and J. 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Nath. 2014. \u0026ldquo;The Impacts of Marketing and Operations Capabilities on Financial Performance in the UK Retail Sector: A Resource-Based Perspective.\u0026rdquo; Industrial Marketing Management 43 (1): 25-31.\u003c/li\u003e\n\u003cli\u003eYu, W., R. Ramanathan, and P. Nath. 2017. \u0026ldquo;Environmental Pressures and Performance: an Analysis of the Roles of Environmental Innovation Strategy and Marketing Capability.\u0026rdquo; Technological Forecasting and Social Change 117: 160-169.\u003c/li\u003e\n\u003cli\u003eZeng, W., L. Li, and Y. Huang. 2021. \u0026ldquo;Industrial Collaborative Agglomeration, Marketization, and Green Innovation: Evidence from China\u0026rsquo;s Provincial Panel Data.\u0026rdquo; Journal of Cleaner Production 279: 123598.\u003c/li\u003e\n\u003cli\u003eZhang, X., Y. Song, and M. Zhang. 2023. \u0026ldquo;Exploring the Relationship of Green Investment and Green Innovation: Evidence from Chinese Corporate Performance.\u0026rdquo; Journal of Cleaner Production 412: 137444.\u003c/li\u003e\n\u003c/ol\u003e"},{"header":"Footnotes","content":"\u003col\u003e\u003cli\u003e\u003cspan\u003e Reuters. (2025, January 3). Ford\u0026rsquo;s U.S. sales rise 4.2% in 2024. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://www.reuters.com/business/autos-transportation/fords-us-sales-rise-42-2024-2025-01-03/\u003c/span\u003e\u003cspan address=\"https://www.reuters.com/business/autos-transportation/fords-us-sales-rise-42-2024-2025-01-03/\" targettype=\"URL\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/li\u003e\u003cli\u003e\u003cspan\u003e As an alternative measure, \u003cem\u003eGreen1\u003c/em\u003e incorporates jointly obtained green patents; results based on \u003cem\u003eGreen1\u003c/em\u003e are reported in the Supplementary Information.\u003c/span\u003e\u003c/li\u003e\u003cli\u003e\u003cspan\u003e The panel data of patent infringement cases in 31 provinces and municipalities directly under the Central Government come from China National Intellectual Property Administration.\u003c/span\u003e\u003c/li\u003e\u003c/ol\u003e"}],"fulltextSource":"","fullText":"","funders":[],"hasAdminPriorityOnWorkflow":false,"hasManuscriptDocX":true,"hasOptedInToPreprint":true,"hasPassedJournalQc":"","hasAnyPriority":false,"hideJournal":false,"highlight":"","institution":"","isAcceptedByJournal":false,"isAuthorSuppliedPdf":false,"isDeskRejected":"","isHiddenFromSearch":false,"isInQc":false,"isInWorkflow":false,"isPdf":false,"isPdfUpToDate":true,"isWithdrawnOrRetracted":false,"journal":{"display":true,"email":"[email protected]","identity":"humanities-and-social-sciences-communications","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":false,"externalIdentity":"palcomms","sideBox":"Learn more about [Humanities \u0026 Social Sciences Communications](http://www.nature.com/palcomms/)","snPcode":"41599","submissionUrl":"https://submission.springernature.com/new-submission/41599/3","title":"Humanities and Social Sciences Communications","twitterHandle":"","acdcEnabled":true,"dfaEnabled":true,"editorialSystem":"stoa","reportingPortfolio":"Nature AJ","inReviewEnabled":true,"inReviewRevisionsEnabled":false},"keywords":"value creation, green innovation, corporate value, marketing capability","lastPublishedDoi":"10.21203/rs.3.rs-7308220/v1","lastPublishedDoiUrl":"https://doi.org/10.21203/rs.3.rs-7308220/v1","license":{"name":"CC BY 4.0","url":"https://creativecommons.org/licenses/by/4.0/"},"manuscriptAbstract":"\u003cp\u003eUnderstanding how firms translate environmental innovation into financial value through customer engagement is a critical global sustainability challenge. In response, this paper investigates the impact of green innovation on green income (revenue from eco-products or low-carbon business activities) in China’s corporate landscape. Focusing on the customer value creation mechanism, we employ rigorous identification strategies to analyze a sample of Shanghai and Shenzhen A-share listed companies from 2010 to 2020. Our findings reveal that green innovation significantly enhances green income, confirming customers financially reward sustainability initiatives. We further find that marketing capabilities amplify this effect, while firm-level heterogeneity tests show stronger impacts when firms’ agency costs are low, boards have environmental background, and products are differentiated; and provincial heterogeneity reveals the effect more pronounced in regions with advanced factor markets, market intermediary maturity, and legal system development. This study contributes to stakeholder theory by demonstrating customers’ role as active value co-creators and provides a granular, multi-tier analysis that advances both green innovation literature and sustainable value creation frameworks.\u003c/p\u003e\n\u003cp\u003eJEL Classification: L1 M31 N3 O32 Q01\u003c/p\u003e","manuscriptTitle":"Would Customers Pay to Go Green: The Impact of Green Innovation on Corporate Value in Chinese Context","msid":"","msnumber":"","nonDraftVersions":[{"code":1,"date":"2025-10-07 11:07:09","doi":"10.21203/rs.3.rs-7308220/v1","editorialEvents":[{"type":"communityComments","content":2},{"type":"decision","content":"Revision requested","date":"2025-12-15T10:40:55+00:00","index":"","fulltext":""},{"type":"editorInvitedReview","content":"","date":"2025-11-13T07:07:41+00:00","index":"hide","fulltext":""},{"type":"editorInvitedReview","content":"","date":"2025-10-12T02:56:41+00:00","index":"hide","fulltext":""},{"type":"editorInvitedReview","content":"","date":"2025-10-08T14:12:16+00:00","index":"hide","fulltext":""},{"type":"reviewerAgreed","content":"49092607055760951120899940198677002072","date":"2025-10-01T14:34:42+00:00","index":"hide","fulltext":""},{"type":"reviewerAgreed","content":"62057991913707598696995730211721200635","date":"2025-10-01T11:25:47+00:00","index":"hide","fulltext":""},{"type":"reviewerAgreed","content":"196404831347301149427085388855071295539","date":"2025-09-25T04:45:13+00:00","index":"hide","fulltext":""},{"type":"reviewersInvited","content":"","date":"2025-09-25T04:21:21+00:00","index":"","fulltext":""},{"type":"editorAssigned","content":"","date":"2025-09-25T04:19:20+00:00","index":"","fulltext":""},{"type":"editorInvited","content":"","date":"2025-09-24T09:46:11+00:00","index":"","fulltext":""},{"type":"checksComplete","content":"","date":"2025-09-05T11:26:51+00:00","index":"","fulltext":""},{"type":"submitted","content":"Humanities and Social Sciences Communications","date":"2025-09-05T11:23:29+00:00","index":"","fulltext":""}],"status":"published","journal":{"display":true,"email":"[email protected]","identity":"humanities-and-social-sciences-communications","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":false,"externalIdentity":"palcomms","sideBox":"Learn more about [Humanities \u0026 Social Sciences Communications](http://www.nature.com/palcomms/)","snPcode":"41599","submissionUrl":"https://submission.springernature.com/new-submission/41599/3","title":"Humanities and Social Sciences Communications","twitterHandle":"","acdcEnabled":true,"dfaEnabled":true,"editorialSystem":"stoa","reportingPortfolio":"Nature AJ","inReviewEnabled":true,"inReviewRevisionsEnabled":false}}],"origin":"","ownerIdentity":"36af2094-b484-44ed-ba10-d9f8c6ce34ec","owner":[],"postedDate":"October 7th, 2025","published":true,"recentEditorialEvents":[],"rejectedJournal":[],"revision":"","amendment":"","status":"under-review","subjectAreas":[{"id":55779817,"name":"Business and commerce/Business and management"},{"id":55779818,"name":"Social science/Business and management"},{"id":55779819,"name":"Earth and environmental sciences/Environmental sciences"},{"id":55779820,"name":"Earth and environmental sciences/Environmental social sciences"}],"tags":[{"value":"featured","date":"2025-10-07 13:29:57"}],"updatedAt":"2026-05-07T05:23:08+00:00","versionOfRecord":[],"versionCreatedAt":"2025-10-07 11:07:09","video":"","vorDoi":"","vorDoiUrl":"","workflowStages":[]},"version":"v1","identity":"rs-7308220","journalConfig":"researchsquare"},"__N_SSP":true},"page":"/article/[identity]/[[...version]]","query":{"redirect":"/article/rs-7308220","identity":"rs-7308220","version":["v1"]},"buildId":"8U1c8b4HqxoKbykW_rLl7","isFallback":false,"isExperimentalCompile":false,"dynamicIds":[84888],"gssp":true,"scriptLoader":[]}