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This study examines whether cross-ownership, CEO power, and green innovation (GI) influence the corporate reputation (CR) using a sample of Chinese listed firms for the period 2009 to 2021. In contrast to earlier studies, we apply a moderated mediation framework to explore the intricate relationships among the research variables. To ensure the rigor, consistency, and accuracy of the statistical findings, fixed effects with cluster robust standard errors, 2SLS, and GMM estimation methods were applied, using both static and dynamic specifications. Further, we consider alternative measurements of variables, structural breaks and apply the Hayes (2018. Introduction to mediation, moderation, and conditional process analysis, second edition: A regression-based approach. Guilford Press) bootstrapping approach for moderated mediation analysis. The comprehensive analysis provides several unique findings. First, we find that cross-ownership positively influences both CR and GI. Second, we document unique evidence that a firm’s GI significantly mediates the association between cross-ownership and CR. Third, the moderated mediation analysis suggests that CEO power (i.e. ownership, structural, and expert dimensions) moderates the mediating effect of GI on the relationship between cross-ownership and CR. Fourth, we find that CEO power has a significant positive moderating effect on the association between cross-ownership and CR such that the positive relationship is stronger when the CEO has more power in the firm.
Abdullah et al. (Mon,) studied this question.