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Business Strategy and the Environment

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&amp;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.

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