Integrating the resource-based view and institution-based view theories, this paper examines the impact of the degree of coupling coordination between green finance and environmental regulations on firms' innovation performance. Using a sample of 1698 listed firms in China from 2008 to 2017, we find that the degree of coupling coordination between the regional green finance development level and environmental regulations is positively related to firms' innovation performance. Further, the results show that the degree of state ownership and government governance efficiency strengthen this positive relationship. We deepen our understanding of how environmental institutions coordinate to affect firms' innovation performance by combining the resource- and institution-based view theories.
