Management equity incentives, R&D investment on corporate green innovation

This paper investigates the relationship between management equity incentive, R&D investment and corporate green innovation. Based on Internet-listed companies that announced the implementation of equity incentive from 2012 to 2022, we find that the implementation of management equity incentive effectively enhances corporate green innovation, and the positive impact of corporate R&D investment on corporate green innovation has a lagged effect. Further tests show that the potential channel is from management equity incentive to R&D investment and then to corporate green innovation. R&D investment plays a partial mediating role in the above channel.