Direct imitation or indirect reference?—research on peer effects of enterprises’ green innovation

This paper takes the China’s A-share listed companies in the heavy pollution industry from 2010 to 2021 as the research sample and constructs a corresponding model to explore the existence, heterogeneity, and economic consequences of peer effect of green innovation. The results show that the enterprises’ green innovation not only has strategic behaviors of direct imitation, but also receives the environmental information disclosed by peer enterprises to correct their own decision-making; that is, there are two types of peer effects: imitation and reference. At the same time, the enterprises tend to imitate and learn from large-scale and high-quality enterprises with high governance level while making decisions on green innovation. External situational characteristics can moderate the peer effects of green innovation. The strengthening of intellectual property protection and the improvement of market competition will promote mutual learning and reference among enterprises, and the improvement of the institutional environment will inhibit the interaction of enterprises. Further analysis shows that the peer effect of imitation amplifies the promoting effect of green innovation on business performance, while the peer effect of reference does not show obvious spillover characteristics. The above analysis is helpful to reveal the more real decision-making motivation and potential driving mechanism for enterprises to take green innovation actions and provides new ideas and experience for green innovation to serve the development of entity enterprises.