Corporate Green Development, Government Subsidies and R&D Expenditures: Also on the Corporate Ethical Development Hierarchy

Abstract

Abstract: At present, all circles are still in dispute over the green development idea practiced by China’s listed companies: whether it is a realistic choice out of their own economic interests or the result of a win-win game between the society and enterprises. Combining with Kohlberg’s theory of moral development hierarchy and using the data of listed companies from 2008 to 2017, this paper conducts an empirical study of the current situation of R&D expenditure and the subsidy utilization of China’s green development firms. The results show that China’s firms which practice green development idea can indeed get more government subsidies; meanwhile, these firms will launch more R&D activities. Also government subsidies are playing an intermediary role between green development and R&D expenditures. This reflects that the moral cognitive level of firms practicing green development idea has reached the second level of Kohlberg’s moral development on the whole. It is found through further research that the stronger the environmental regulation strength in the region, the more inclined such firms are to invest the government subsidies into the R&D activities, while the degree of industrial competition negatively moderates the mediating effect of the government subsidies. Accordingly, it is essential to strengthen supervision and management, and to enhance the coordination between government and market in the process of promoting the corporate green development.

Key words: green development, government subsidies, R&D expenditures, ethical development hierarchy

CLC Number:

F275.1

WANG Zhu-quan, WANG Hui, WANG Zhen-jie. Corporate Green Development, Government Subsidies and R&D Expenditures: Also on the Corporate Ethical Development Hierarchy[J]. Contemporary Finance & Economics, 2021, 0(2): 75-87.

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