Does voluntary environmental regulation stimulate corporate green innovation efficiency? An empirical study from China's A-share listed companies

Voluntary environmental regulation has attracted much attention due to the autonomy associated with its implementation. Taking the low-carbon pilot cities (LCPC) program in China as an example, this article evaluates the role of voluntary environmental regulation on the efficiency of corporate green innovation (GIE) based on the listed Chinese A-share companies for the period 2008-2016. In particular, we employ heterogeneity analysis to assess the characteristics of enterprises and local officials (including official source, tenure, age, and education). The results demonstrate that the LCPC program has restrained the development of GIE by increasing enterprise costs, inducing financing difficulties, and enhancing corporate social responsibility. Enterprises led by CEOs with a high education level and located in cities run by external promotion and younger, and long-term officials are linked with weaker inhibitive policy impacts.