Innovation-driven development and corporate green innovation

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2024-08-25 DOI:10.1016/j.frl.2024.106008

引用次数: 0

Abstract

This study investigates the impact of innovation-driven development on corporate green innovation. Leveraging China's national innovation-driven pilot policy as a quasi-natural experiment, we employ a difference-in-differences (DID) approach to demonstrate that this policy significantly boosts corporate green innovation. Our findings reveal three key mechanisms through which innovation-driven development fosters green innovation: stimulating R&D investment, enhancing green innovation efficiency, and promoting corporate social responsibility. Heterogeneity analysis indicates that the policy's effects are more pronounced for firms with higher analyst attention, stricter financing constraints, and more stringent environmental regulations.

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创新驱动发展与企业绿色创新

本研究探讨了创新驱动发展对企业绿色创新的影响。借助中国国家创新驱动发展试点政策这一准自然实验，我们采用差分法（DID）证明了该政策显著促进了企业绿色创新。我们的研究结果揭示了创新驱动发展促进绿色创新的三个关键机制：刺激研发投资、提高绿色创新效率和促进企业社会责任。异质性分析表明，对于分析师关注度更高、融资约束更严格、环境法规更严格的企业，该政策的效果更为明显。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance

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