Research on the Impact Exerted by Green Innovation Corporations’ Internationalization Depth on Innovation Performance and Sustainability—An Empirical Analysis Based on Data from China’s Specialized, Fine, Special, and Innovative Enterprises

This research endeavors to investigate how the internationalization depth of green innovation enterprises influences their innovation performance and sustainability, specifically analyzing data from China’s Specialized, Fine, Special, and Innovative Enterprises. By analyzing the unbalanced panel data of green Specialized, Fine, Special, and Innovative Enterprises listed on the A-share market in China from 2006 to 2022, we find that the depth of internationalization is not only significantly positively correlated with innovation performance but also indirectly promotes enterprises’ sustainability by enhancing innovation performance. Furthermore, R&D investment plays a partial mediating role in this process. Heterogeneity analysis further indicates that the positive impact of the depth of internationalization on innovation performance and sustainability is more pronounced in non-state-owned enterprises. This study provides a new perspective on how small and medium-sized enterprises can expand their innovative resources and knowledge through the depth of internationalization to achieve sustainability and offers evidence and suggestions for governments to formulate relevant policies.