Executive financial background and corporate green dual innovation: Evidence from Chinese listed companies

Utilizing data from A-share listed companies from 2009 to 2022, this study delves into the impact and mechanism of executive financial background on corporate green dual innovation. The finding indicates that executive financial background significantly inhibits corporate green dual innovation, especially exhibiting more significant negative effect on green exploratory innovation. The mechanism lies in the fact that executive financial background hampers green dual innovation by deepening corporate financialization. Further analysis indicates that the negative effect of executive financial background on green dual innovation is particularly pronounced in state-owned enterprises, high-tech enterprises, enterprises without environmental protection penalties, and non-heavily polluting enterprises. The external and internal supervision can both positively moderate the relationship between executives’ financial background and green dual innovation. This study enriches the relevant research on the relationship between executive financial background and corporate green dual innovation, and also provides a new perspective for understanding the obstacles to corporate green innovation.