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<p>We investigate the benefits of firms’ greenization from an economic vitality perspective. Using firm-level data from Chinese listed firms during the period 2013–2023, alongside with a theoretical evaluation of greenization as a way of accumulating green knowledge capital, we assess the impact of greenization on economic vitality related metrics and the underlying mechanisms. The findings reveal that: (1) Greenization significantly enhances various economic vitality metrics, primarily through a cost reduction effect and an ESG enhancement effect; (2) Digital transformation and corporate innovation amplify the positive impact of greenization on economic vitality; (3) Heterogeneity analyses indicate that large firms and high-tech firms derive greater benefits from green strategies; (4) A series of robustness tests confirm the consistency of the findings. We provide implications for policymakers and firms to harness greenization as an environmental and economic strategy.</p>

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Does greenization pay off? Insights from an economic vitality perspective

  • 期刊论文

  • 出版模式：

    开放获取

  • 发表日期：

    2026年3月27日

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  • Guo Wu,
  • Tianjing Zhang,
  • Ailin Dong

摘要

We investigate the benefits of firms’ greenization from an economic vitality perspective. Using firm-level data from Chinese listed firms during the period 2013–2023, alongside with a theoretical evaluation of greenization as a way of accumulating green knowledge capital, we assess the impact of greenization on economic vitality related metrics and the underlying mechanisms. The findings reveal that: (1) Greenization significantly enhances various economic vitality metrics, primarily through a cost reduction effect and an ESG enhancement effect; (2) Digital transformation and corporate innovation amplify the positive impact of greenization on economic vitality; (3) Heterogeneity analyses indicate that large firms and high-tech firms derive greater benefits from green strategies; (4) A series of robustness tests confirm the consistency of the findings. We provide implications for policymakers and firms to harness greenization as an environmental and economic strategy.