Green or non-green: the role of cross-equity network structure in green technological innovation

While green technological innovation (GTI) is widely recognized as a key driver of sustainability, the dual role of cross-equity networks, potentially enabling either green resource or non-green governance dilution, remains contested. This study investigates the mixed effects of cross-equity networks on corporate GTI, based on the centrality structure of these networks. Empirical results show that cross-equity network centrality positively promotes corporate GTI, whereas mere cross-equity connections exhibit a non-green effect with limited influence on GTI. Mechanism analysis shows that cross-equity network centrality enhances GTI by resource obtainment, imposing green governance, and synergistic effects. Moreover, when strategic shareholders hold more cross-equity, the positive effect of cross-equity network centrality is more pronounced. Further analysis reveals that the green effect is stronger in non-state-owned enterprises, low-marketization regions, and firms with weaker governance. Moreover, cross-equity networks centrality exhibits greener effects on GTI in high-pressure contexts of industry competition or environmental regulation. These findings advance network theory by delineating how structural properties within cross-equity networks differentially affect CTI. These insights offer actionable pathways to leverage cross-equity networks for sustainability goals, while highlighting the importance of contextual adaptation in green strategy formulation.