Exploring the long-term impact of top management team interlocking networks on green innovation through regression analysis methods

Under the guidance of the concept of sustainable development, green innovation becomes the key to corporate transformation.Based on the data of Chinese Shanghai and Shenzhen A-share companies from 2012 to 2024, this study explores the impact of top management team interlocking network on corporate green innovation and the moderating role of organizational redundancy and government subsidies through multiple linear regression models.The study adopts word frequency analysis to measure the environmental attention of the top management team interlocking network, and the number of green patent applications to measure the level of green innovation.The results show that the executive team interlocking network is significantly positively correlated with corporate green innovation, indicating that the higher the executive team's attention to environmental issues, the stronger the firm's green innovation ability.Further analysis reveals that organizational redundancy plays a positive moderating role in this relationship, and when firms have higher organizational redundancy, the interlocking network of the executive team promotes green innovation more strongly.Similarly, government subsidies significantly enhance the positive relationship.The conclusions remain consistent through endogeneity tests of exogenous shock event and instrumental variable methods, as well as multiple robustness tests.The study reveals the importance of executive team interlocking networks in promoting corporate green innovation and confirms the moderating role of internal and external resource allocation in this process, providing new ideas for corporate green innovation strategies.