How Does the Innovative Industrial Cluster Pilot Policy Affect Corporate Carbon Performance? Evidence from China
Abstract
Based on panel data of Chinese A-share companies listed on the Shanghai and Shenzhen stock exchanges from 2006 to 2023, this study employs a staggered difference-in-differences (DID) approach to examine the impact of the Innovative Industrial Cluster (IIC) pilot policy on corporate carbon performance. The research findings indicate that the IIC pilot policy significantly enhances corporate carbon performance, a conclusion that remains robust after a series of reliability tests, including PSM-DID. Mechanism analysis demonstrates that the policy primarily operates through channels such as fostering corporate green technological innovation, increasing public environmental concern, and attracting the entry of green investors. Heterogeneity analysis further reveals that the policy effect is more pronounced among firms located in the eastern region, those in non-heavy-polluting industries, and state-owned enterprises (SOEs). This study provides micro-level evidence for understanding the green effects of industrial agglomeration and offers references for optimizing cluster policy design to facilitate the low-carbon transition.
Fields of Study & Subjects
Energy
Environment
Economic Growth
Environmental Sustainability in Business
Corporate Social Responsibility Reporting
Publication details
- Journal / source
- Sustainability
- Publisher
- MDPI AG
- Volume
- 18
- Issue
- 9
- Pages
- 4149–4149
- Publication date
- 22 April 2026
- Language
- EN