Director Network Stability and Corporate Green Innovation: Evidence from China’s A-Share Market

This study investigates the impact of director network stability on corporate green innovation, emphasizing the moderating roles of network position and media attention. Using a sample of Chinese A-share listed firms from 2009 to 2023, we present three main findings. First, greater director network stability is positively associated with green innovation. Second, this positive relationship is more pronounced among firms that occupy central positions within the network and receive higher levels of media attention. Third, the effect of network stability operates primarily through two mechanisms: heightened corporate social responsibility (CSR) awareness and increased R&D investment. These findings provide novel empirical evidence on how network governance fosters sustainability-oriented innovation. They also offer practical implications for firms seeking to enhance their green innovation capabilities. Finally, we acknowledge certain limitations, including potential imprecision in measuring network stability and remaining concerns about causal identification, which future research should address using richer indicators and more robust identification strategies.