Table 7 Analysis of cultural heterogeneity among green investors and alliance partners.

	(1)	(2)	(3)	(4)
	Ginv	Ginv	Ginv	Ginv
	There are green investors	No green investors	Alliance partner cooperation culture is strong	Alliance partner cooperation culture is weak
GAlliance	0.076^* (1.87)	0.037^* (1.65)	0.140^** (2.47)	−0.002 (−0.04)
Size	0.034 (1.30)	0.043^*** (5.68)	−0.104^** (−2.30)	−0.099^* (−1.74)
LEV	0.064 (0.82)	−0.013 (−0.47)	−0.051 (−0.22)	0.236 (1.21)
ROA	−0.220 (−1.33)	−0.049 (−0.72)	1.036 (1.62)	−0.401 (−0.72)
TOP1	−0.000 (−0.04)	−0.000 (−0.49)	0.004 (1.21)	0.007 (1.21)
Mshare	0.001 (1.04)	0.001^* (1.67)	0.007^* (1.76)	−0.000 (−0.05)
Board	0.025 (0.36)	−0.030 (−1.01)	−0.081 (−0.41)	0.092 (0.43)
Loss	−0.060^* (−1.92)	−0.010 (−0.93)	0.104 (0.95)	−0.046 (−0.52)
Balance1	−0.032 (−0.50)	−0.007 (−0.29)	0.160 (1.17)	0.134 (0.81)
_cons	−0.556 (−0.94)	−0.818^*** (−4.47)	1.774^* (1.79)	2.248^* (1.90)
Test for differences between groups	−0.021***		0.080***
N	14,270	22,793	877	599
r²	0.079	0.034	0.177	0.119

Table 7 depicts the impact of environmentally conscious shareholders and collaborative alliance culture on the relationship between environmental protection strategic partnerships and a firm’s green innovation efforts. Columns (1) and (2) present the differences in green investor shareholdings. Column (1) reveals how strategic environmental alliances influence green innovation in situations involving green investors as shareholders, while Column (2) shows this influence in situations without shareholder participation from green investors. Columns (3) and (4) present the variability in cooperation culture among alliance partners. Column (3) reveals how environmental protection strategic alliances affect green innovation under conditions of a highly collaborative culture among alliance members, while Column (4) shows the same relationship when partners exhibit a relatively weaker collaborative culture. Asterisks indicate the significance levels: *10%, **5%, and ***1%. Corresponding t-values are shown in parentheses.

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