Eco‐innovation strategies: A panel data analysis of Spanish manufacturing firms

Abstract

Abstract This paper examines the determinants of eco‐innovation strategy in Spanish manufacturing firms. Using panel data of 3,201 Spanish firms for the period 2008–14, we specify a dynamic random probit model controlling for sample selection. The empirical results confirm that public regulations and R&D efforts encourage firms to place eco‐innovation activities among their strategic priorities, although subsidies are not found to be a distinctive driver. Furthermore, we find that eco‐innovation is highly persistent at the firm level, past eco‐innovation behavior being clearly of key importance in explaining the current state of a firm's eco‐innovation orientation. In contrast, market factors are not found to be a key driver for eco‐innovative firms.

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