2026-10-06T11:34:47Z https://api.figshare.com/v2/oai

oai:figshare.com:article/32253837 2026-09-30T17:17:50Z category_25975 item_type_3 month_year_09_2026

A Dual-Driver Perspective: Do Green Factory Initiatives Enhance Listed Firm Markup? Yihao Zhang (20726288) Industry economics and industrial organisation green manufacturing approaches <p dir="ltr">Against the backdrop of China’s new development paradigm, systematically identifying the economic effects of the Green Factory Initiative (GFI) and underlying driving mechanisms is of substantial research value. Using panel data on Chinese A-share listed firms from 2007 to 2023, this study employs a staggered difference-in-differences (DID) design to examine the impact of the GFI on firm markup. The results show that the GFI significantly increases firm markup, and this finding remains robust across a battery of robustness checks. Mechanism tests show that the GFI raises firm markup through two pathways: external cooperation synergy and internal efficiency improvement. According to institutional legitimacy theory, it enhances firms' legitimacy, increases external synergy, and reduces institutional transaction costs, thereby raising markup. According to the strong Porter hypothesis, it promotes technological innovation and improves production efficiency, thereby raising markup. Heterogeneity analyses further show that the effects are more pronounced among firms located in eastern China, firms operating in capital-intensive and technology-intensive industries, and firms in the growth and maturity stages of their life cycles. These findings offer a novel theoretical explanation and empirical evidence for understanding the internal logic through which the GFI shapes a firm’s operating performance.</p> 2026-09-30T17:17:50Z Dataset Dataset 10.6084/m9.figshare.32253837.v4 https://figshare.com/articles/dataset/A_Dual-Driver_Perspective_Do_Green_Factory_Initiatives_Enhance_Firm_Markups_/32253837 CC BY 4.0