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Abstract How corporations respond to the policy incentives of green subsidies and choose their green innovation behaviors is the core of the unpacking process of the relational “black box” between green subsidies and green innovation. This study uses panel data from China's A-share listed heavy polluters from 2010 to 2021 to explore the impact of government green subsidies on corporate green innovation， and examine the mediating roles of green strategic orientation， green organization learning capability， and green strategic action. The results show that： (1) the relationship between green subsidies and green innovation presents an inverted-U shape； (2) green strategic orientation， green organization learning capability， and green strategic action play an important mediating part in the process of “green subsidies-green innovation”， and there is an “inverted U-shape” relationship with green subsidies. The findings of this paper provide a new theoretical perspective and practical insights for a deeper understanding of the micro-mechanisms of “green subsidies-green innovation”， and the promotion of corporate green innovation.
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Received: 22 January 2024
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2024, Vol. 63 
