We adopt a multilayer networks approach to assess how network structural embeddedness affects corporate technological innovation. Our findings indicate an annual increase in both single-layer and multilayer networks, although adoption of the latter by Chinese listed companies is comparatively low. We found that structural embeddedness of multilayer networks positively impacts corporate technological innovation. By reducing uncertainty within the internal environment, these networks bolster technological innovation. Moreover, such embeddedness notably spurs innovation in non-state-owned companies and those with greater internal transparency and robust external oversight. Our analysis reveals an intermediate effect where structural embeddedness in multilayer networks influences innovation. Our work provides new insights into enhancing innovation capacity via network embeddedness and supplies empirical data on utilizing network resources for innovation. We also offer actionable guidance and policy advice for managers, investors, and policymakers, especially relevant amidst economic transformation and pursuit of technological self-reliance of China.

Based on a difference-in-differences model, this study examines the effect of environmental regulation on the market competitiveness of heavily polluting enterprises, their mechanisms, and the space for effective implementation. Which all listed heavily polluting enterprises between 2010 and 2019 are included as the experimental group, and all other firms in the same industries listed on the Chinese stock market as the control group. The results indicate that environmental regulations have significantly increased the market competitiveness of heavily polluting enterprises in China. Furthermore, China’s New Environmental Protection Law (NEPL) has improved the market competitiveness of heavily polluting enterprises through strategic, flexible mitigation effects. Finally, the NEPL in regions with eastern or non-state enterprises has a significant impact on market competitiveness. The government should further improve laws and regulations for environmental protection, increase environmental regulations, and apply policies based on the differences in heavily polluting enterprises.