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<p>As carbon pricing becomes a central instrument of climate governance, whether carbon emission trading (CET) differentially affects firm-level exploratory and exploitative green innovation remains insufficiently understood, particularly in the presence of uneven institutional support. Using data on Chinese A-share listed firms from 2007 to 2023, this study applies a multi-period difference-in-differences model to investigate the impact of CET on exploratory and exploitative green innovation. We further examine the moderating role of environmental judicial specialization, measured by the establishment of environmental courts. The results show that CET significantly promotes firms’ green dual innovation, with a stronger effect on exploratory green innovation. Moreover, environmental judicial specialization positively moderates the effect of CET, and the moderating role is more pronounced for exploratory green innovation. Mechanism tests suggest that CET promotes green innovation by easing financing constraints and enhancing environmental performance. The effects of CET also differ across regions and industries. By uncovering the institutional synergy between market-based carbon regulation and judicial governance, this study enriches the literature on environmental policy and green innovation and provides implications for improving governance systems in emerging carbon markets.</p>

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How carbon trading policies drive corporate green dual innovation: based on the moderating role of environmental judicial specialization

  • 期刊论文

  • 发表日期：

    2026年5月18日

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  • Guozhong Yang,
  • Wenyuan Jiang

摘要

As carbon pricing becomes a central instrument of climate governance, whether carbon emission trading (CET) differentially affects firm-level exploratory and exploitative green innovation remains insufficiently understood, particularly in the presence of uneven institutional support. Using data on Chinese A-share listed firms from 2007 to 2023, this study applies a multi-period difference-in-differences model to investigate the impact of CET on exploratory and exploitative green innovation. We further examine the moderating role of environmental judicial specialization, measured by the establishment of environmental courts. The results show that CET significantly promotes firms’ green dual innovation, with a stronger effect on exploratory green innovation. Moreover, environmental judicial specialization positively moderates the effect of CET, and the moderating role is more pronounced for exploratory green innovation. Mechanism tests suggest that CET promotes green innovation by easing financing constraints and enhancing environmental performance. The effects of CET also differ across regions and industries. By uncovering the institutional synergy between market-based carbon regulation and judicial governance, this study enriches the literature on environmental policy and green innovation and provides implications for improving governance systems in emerging carbon markets.