綠色創新是企業回應氣候變遷、低碳轉型與未來競爭環境變動的重要策略行動。然而，既有研究多從資源、能力與外部合作等角度說明綠色創新的形成，對於真正能為企業帶來競爭優勢的「高價值綠色創新（高新穎性且獲得高市場評價）」是否需要一定程度的規範挑戰與組織冒險性，仍較少討論。因此，舞弊與綠色創新之間的關聯是否僅有負面效果仍是有待深化的研究議題。過去舞弊與創新研究多將舞弊視為「有無」的二元事件，因而聚焦舞弊發生後的破壞性後果居多，卻較難觀察企業在進入明確違法階段前，隨著會計裁量趨於激進、規範挑戰程度提高所可能帶來的創新導向冒險效益。基於此，本研究將舞弊從「結果事件」轉向「連續風險」視角，並結合資源基礎觀點與創新策略文獻，探討舞弊風險與綠色創新市場價值之間的關係。
本文主張，舞弊風險與綠色創新市場價值之間可能呈現倒 U 型關係。在低至中度舞弊風險下，舞弊風險上升可能反映企業具有較高的創新導向冒險性，使組織更願意挑戰既有規範、採取非典型行動並投入高不確定性的綠色創新；然而，當舞弊風險過高時，治理失靈、短期主義與資源錯配將使舞弊的成本快速增加，抑制企業產出高市場價值綠色創新的能力。此外，本研究亦主張員工生產力能夠強化舞弊帶來的創新效益與減緩舞弊的成本，因而有助於舞弊風險轉化為綠色創新。透過 2006 年至 2015 年美國上市公司資料檢驗研究假說後，結果支持本研究的理論推導，並帶來重要貢獻。更重要的是，本研究不僅討論舞弊風險的負面效果，也理論化低至中度舞弊風險所反映的創新導向冒險性，藉此調和舞弊與創新、激進式創新與企業違規之間看似衝突的文獻脈絡，並推進我們對舞弊風險如何透過效益與成本影響綠色創新的理解。

Green innovation has become an important strategic response to climate change, the low-carbon transition, and the shifting competitive landscape. Prior studies have largely attributed green innovation to firms’ resources, capabilities, and external collaboration. Less attention, however, has been paid to whether highly valued green innovation—that is, green innovation that is both novel and strongly valued by the market—may also require a certain degree of norm-challenging behavior and organizational risk-taking. This raises an important question: is the relationship between fraud and green innovation uniformly negative?
Existing research on fraud and innovation has often treated fraud as a binary outcome and has therefore focused primarily on its destructive consequences after it occurs. Such an approach makes it difficult to capture the innovation-oriented risk-taking tendencies that may arise before firms cross a clearly illegal threshold, when they make increasingly aggressive use of accounting choice and become more willing to depart from established norms. To address this limitation, this study shifts the understanding of fraud from an outcome-based event to a continuous risk perspective. Drawing on the resource-based view and the innovation strategy literature, this study examines how fraud risk relates to the market value of green innovation.
This study argues that fraud risk and the market value of green innovation may have an inverted U-shaped relationship. At low to moderate levels, higher fraud risk may reflect a stronger tendency toward innovation-oriented risk-taking. Firms in this range may be more willing to challenge existing norms, take unconventional actions, and pursue highly uncertain green innovation. However, when fraud risk becomes excessive, governance failure, short-termism, and resource misallocation rapidly increase the costs associated with fraud risk, thereby constraining firms’ ability to generate highly valued green innovation. In addition, this study argues that employee productivity can strengthen the innovation benefits associated with fraud risk while mitigating its costs, helping firms channel risk-taking tendencies into valuable green innovation.
Using data from U.S. publicly listed firms from 2006 to 2015, the empirical results support these theoretical arguments and offer important contributions. Most importantly, this study does not merely examine the negative effects of fraud risk; it also theorizes the innovation-oriented risk-taking tendencies reflected in low to moderate levels of fraud risk. In doing so, it reconciles seemingly conflicting streams of literature on fraud and innovation, as well as on radical innovation and corporate misconduct, and advances our understanding of how the benefits and costs associated with fraud risk shape green innovation.

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