CEO's Financial Background and Corporate Green Innovation

Innovation is the primary driving force for development, and enterprises, as the main drivers of innovation, are an important part of implementing the national innovation strategy. This paper, combining the perspective of the enterprise lifecycle, thoroughly examines the differential impact of the CEO's financial background on green innovation in enterprises at different stages of the lifecycle. This study finds that the CEO's financial background has a significant inhibitory effect on green innovation in enterprises, and this conclusion holds true after multiple robustness tests. From the perspective of the lifecycle, it is found that when enterprises are in the mature stage, the CEO's financial background has a strong inhibitory effect on innovation output. The impact of the CEO's financial background on green innovation output in the growth stage is relatively weak, while there is no significant impact on green innovation in the declining period. Furthermore, based on the enterprise lifecycle, it is found that the CEO's financial background has a stronger inhibitory effect on green innovation in non-state-owned enterprises and high-tech industries. The research findings of this paper have important theoretical value and practical significance for promoting green innovation in enterprises and implementing the national innovation strategy.