How does the state capital participation optimize the corporate green innovation structure: Evidence from listed private firms

This study draws on data from A-share listed businesses in China from 2011 to 2022. The presence of state capital significantly increases business participation in green innovation and improves its structure, transforming strategic innovation into meaningful innovation. The mechanism test demonstrates that using information governance, resource support, and corporate governance , including state capital participation, can enhance companies' green innovation structure. Heterogeneity research reveals that companies' industry pollution levels and greening goals determine whether state capital participation affects corporate green innovation. This link is critical for companies with fewer greening goals and lower pollution levels.