The more open, the greener: the effect of cross-border ecommerce pilot zones on corporate sustainability

Cross-border e-commerce (CBEC) is emerging as a pivotal catalyst for trade between China and other countries. This study leverages the policy of CBEC pilot zones as an exogenous experiment to explore its potential to foster corporate green technology innovation (GTI). Drawing on data from companies listed in Shenzhen and Shanghai from 2010 to 2022, we employ a multiple-period difference-in-differences (DID) method to determine whether corporate GTI is influenced by CBEC by comparing periods before and after the establishment of the pilot zone and between the pilot and non-pilot regions. Our findings confirm that CBEC indeed bolsters corporate GTI. Mechanistic tests indicate that this enhancement is achieved through increased government subsidies and mitigation of financing constraints. Furthermore, an analysis of heterogeneity demonstrates that the positive influence of CBEC on GTI is notably prominent in high-tech industries, manufacturing sectors, state-owned enterprises, and resource-dependent regions. This research offers theoretical underpinnings and policy recommendations for optimally harnessing CBEC platforms to augment corporate GTI in modern times.