Other robustness test results.

Green innovation is essential for sustainable development, especially in China’s Specialized-Refined-Differentiated-Innovative (SRDI) enterprises. Family-owned SRDI firms, in particular, have attracted attention due to their de-familization strategies and their influence on green innovation. Our study analyzes panel data from 2016 to 2021 for listed SRDI family firms to investigate how de-familization in management rights and ownership impacts green innovation. Using socio-emotional wealth (SEW) theory and a fixed-effects model, we find that de-familization significantly negatively affects green innovation, with corporate governance serving as a mediating factor. Digital transformation moderates these negative effects, while market concentration exacerbates them. These impacts are more pronounced in firms before being designated as "Little Giants," those receiving higher government subsidies, those located in eastern regions, or those not classified as major polluters. This research provides actionable insights for SRDI family firms to strategically manage de-familization, optimize resource allocation, implement customized governance strategies, and promote sustainable growth.

绿色创新对于可持续发展至关重要，尤其是在中国的专精特新（Specialized-Refined-Differentiated-Innovative, SRDI）企业中。其中，家族制专精特新企业因其去家族化战略及其对绿色创新的影响而备受关注。本研究选取2016至2021年上市家族制专精特新企业的面板数据，旨在探究管理权与所有权层面的去家族化如何影响绿色创新。本研究运用社会情感财富（socio-emotional wealth, SEW）理论与固定效应模型，研究发现去家族化会对绿色创新产生显著负向影响，且公司治理在其中发挥中介作用。数字化转型会缓解这一负向影响，而市场集中度则会加剧该负面影响。上述影响在尚未获评"小巨人"、获得较高政府补贴、位于东部地区或未被列为重点排污单位的企业中更为显著。本研究可为家族制专精特新企业提供可落地的实践启示，助力其战略性管控去家族化进程、优化资源配置、实施定制化治理策略并推动可持续增长。