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<p>Green growth requires firms to balance economic performance with environmental constraints. However, the role of informal institutions and the synergies with formal institutions in green growth remain underexplored in the extant literature. This paper investigates how social capital drives green growth and is integrated within environmental governance frameworks. The empirical evidence demonstrates that social capital reduces pollution emission intensity and increases total factor productivity. These results remain robust under instrumental variable estimation and alternative model specifications. The dual effects are driven by financing and innovation mechanisms, where financing enables firms to invest in pollution abatement without reducing productive investment, and innovation improves energy efficiency and technological capacity. Furthermore, social capital complements command-and-control and voluntary environmental regulations while substituting for market-based environmental regulations. Based on these findings, the paper provides insights for developing effective environmental governance strategies.</p>

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How does social capital promote the green growth of firms? mechanisms and synergies with environmental regulations

  • 期刊论文

  • 发表日期：

    2025年4月22日

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  • Hui Ye,
  • Yumei Zhang,
  • Xing Tang,
  • Yunshu Tang

摘要

Green growth requires firms to balance economic performance with environmental constraints. However, the role of informal institutions and the synergies with formal institutions in green growth remain underexplored in the extant literature. This paper investigates how social capital drives green growth and is integrated within environmental governance frameworks. The empirical evidence demonstrates that social capital reduces pollution emission intensity and increases total factor productivity. These results remain robust under instrumental variable estimation and alternative model specifications. The dual effects are driven by financing and innovation mechanisms, where financing enables firms to invest in pollution abatement without reducing productive investment, and innovation improves energy efficiency and technological capacity. Furthermore, social capital complements command-and-control and voluntary environmental regulations while substituting for market-based environmental regulations. Based on these findings, the paper provides insights for developing effective environmental governance strategies.