Abstract
We investigate the benefits of firms’ greenization from an economic vitality perspective. Using firm-level data from Chinese listed firms during the period 2013–2023, alongside with a theoretical evaluation of greenization as a way of accumulating green knowledge capital, we assess the impact of greenization on economic vitality related metrics and the underlying mechanisms. The findings reveal that: (1) Greenization significantly enhances various economic vitality metrics, primarily through a cost reduction effect and an ESG enhancement effect; (2) Digital transformation and corporate innovation amplify the positive impact of greenization on economic vitality; (3) Heterogeneity analyses indicate that large firms and high-tech firms derive greater benefits from green strategies; (4) A series of robustness tests confirm the consistency of the findings. We provide implications for policymakers and firms to harness greenization as an environmental and economic strategy.
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Acknowledgements
GW discloses support for the research of this work from Humanities and Social Sciences Fund of the Ministry of Education of China [grant number 24YJCZH339]. AD discloses support for publication of this work from Sanda University Research Fund [grant number 2025BSZX04].
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GW: Conceptualization, Methodology, Software, Validation, Formal Analysis, Investigation, Resources, Writing—Original Draft, Writing—Review and Editing, Funding Acquisition, Project Administration. TZ: Conceptualization, Methodology, Formal Analysis, Investigation, Writing—Original Draft, Visualization. AD: Conceptualization, Methodology, Formal Analysis, Investigation, Writing—Original Draft, Writing—Review and Editing, Visualization. All authors have made equal and substantial contributions.
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Wu, G., Zhang, T. & Dong, A. Does greenization pay off? Insights from an economic vitality perspective. Humanit Soc Sci Commun (2026). https://doi.org/10.1057/s41599-026-07054-w
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DOI: https://doi.org/10.1057/s41599-026-07054-w
