文化多样性与企业绿色创新

中国具有5000 多年的历史沉淀，文化是影响企业行为的重要非正式制度因素之一。基于此，聚焦中国情境，从文化多样性视角，选取2007-2018 年沪深两市A 股上市公司，利用城市方言分化指数度量地域文化多样性，探究非正式制度对企业绿色创新的影响。通过检验发现，文化多样性通过抑制企业高管的短视行为、激发本地人力资本创造力促进绿色创新。在非重点监控的污染企业、短期机构投资者持股比例更高的企业以及民营企业中文化多样性对绿色创新的促进作用表现的更加明显。同时，进一步考察了可能的内生性问题及可能的遗漏变量等问题后，研究发现依然稳健。研究有助于探究文化多样性的本质在企业治理场景中的映射，为从非正式制度角度理解企业绿色发展差异性提供了实证证据。

Cultural Diversity and Corporate Green Innovation

China has a history of over 5000 years, and culture is one of the important informal institutional factors that influence corporate behavior. Based on this, focusing on the Chinese context, from the perspective of cultural diversity, select A-share listed companies in the Shanghai and Shenzhen stock markets from 2007 to 2018, use the urban dialect differentiation index to measure regional cultural diversity, and explore the impact of informal institutions on green innovation of enterprises. The test finds that cultural diversity promotes green innovation by inhibiting the short-sighted behavior of corporate executives and stimulating the creativity of local human capital. The promotion effect of cultural diversity on green innovation is more evident in non-focused monitored polluting firms, firms with higher shareholding of short-term institutional chart investors, and private firms. Meanwhile, the findings of this paper remain robust after further examination of possible endogeneity issues and possible omitted variables. The study helps to explore the nature of cultural diversity mapped in corporate governance scenarios and provides empirical evidence for understanding corporate green development variability from an informal institutional perspective.