Abstract:   Green innovation is an important way for enterprises to achieve high-quality development. In reality, the rhythm and results of green innovation in enterprises show significant differences, but there has been no research on this phenomenon. According to the behavioral theory of firms, the dynamic changes in green innovation willingness and resources of decision-makers caused by environmental performance shortfalls may be an important reason for this phenomenon. Based on the above logic, this study selected Chinese manufacturing listed enterprises from 2012 to 2022 as samples, and used the nonlinear regression method and moderation effect model to focus on the impact of environmental performance shortfalls on the rhythm of enterprise green innovation and situational mechanisms. The study found that: (1) there is a U-shaped relationship between environmental performance shortfalls and the rhythm of enterprise green innovation, and this basic conclusion has passed multiple endogeneity and robustness tests; (2) CEO green experience weakens the U-shaped relationship between environmental performance shortfalls and the rhythm of enterprise green innovation, while slack resource enhances this U-shaped relationship; (3) There is an inverted U-shaped relationship between the rhythm of green innovation and enterprise value, that is, moderate irregularity in the rhythm of enterprise green innovation helps to enhance enterprise value, but excessive irregularity will lead to a decrease in enterprise value. This study has made important contributions to the exploration of the behavioral theory of firms in the field of green innovation, and it will provide a practical basis for enterprises to adjust the rhythm of green innovation and create value.

Key words: environmental performance shortfall, green innovation rhythm, CEO′s green experience, slack resource, enterprise value