Study on the driving effect of cross-ownership on ambidextrous green innovation of energy enterprises

YU Ying; LI Zhumei; ZHANG Guozhen

Abstract：Under the guidance of the strategy of peak carbon dioxide emissions and carbon neutrality,the ambidextrous green innovation has become the key force to promote the green economic transformation and realize the goal of sustainable development.As an important investor,the cross-ownership' holding behavior and influence will have a far-reaching impact on the green innovation strategy.Taking China's A-share energy listed companies from 2010 to 2023 as research samples,this paper empirically examines the influence of cross-ownership on ambidextrous green innovation of energy enterprises and the intermediary effect of financing constraints between them based on the perspective of new equity linkage.The results show that cross-ownership have a positive role in promoting the level of ambidextrous green innovation of energy enterprises.In addition,by distinguishing different types of green innovation,it is found that it has a more significant positive impact on exploratory green innovation than exploitative green innovation.The mechanism test shows that cross-ownership mainly promote ambidextrous green innovation by alleviating financing constraints.Further analysis of situational factors with enterprise characteristics shows that compared with private enterprises and small and medium-sized enterprises,cross-ownership have a stronger positive impact on the level of ambidextrous green innovation of state-owned energy enterprises and energy enterprises with large assets.This study provides a theoretical basis for recognizing the important role of cross-ownership in promoting ambidextrous green innovation,promoting enterprises to obtain green competitive advantage,responding to environmental protection policies and achieving sustainable development goals.