Moderating effect of corporate financialization on the impact of climate policy on corporate green innovation: Evidence from China

IF 3.9 4区环境科学与生态学 Q2 ENVIRONMENTAL STUDIES

Chinese Journal of Population Resources and Environment Pub Date : 2024-09-01 DOI:10.1016/j.cjpre.2024.09.002

Chao Tu , Zhilong Qin , Qingqing Yang

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引用次数: 0

Abstract

With intensifying global climate change, humanity is confronted with unparalleled environmental challenges and risks. This study employs the staggered difference-in-difference model to examine the relationship between climate policy and green innovation in the corporate financialization context. Using Chinese-listed company data from 2008 to 2020, our analysis reveals a favorable correlation between China’s carbon emission trading policy (CCTP) and advancements in green innovation. Furthermore, we find that the level of corporate financialization moderates this correlation, diminishing the driving effect of CCTP on green innovation. Additionally, results of heterogeneity analysis show that this moderating consequence is more evident in non-state-owned and low-digitization enterprises compared with state-owned and high-digitization ones. Our findings contribute to the existing literature by clarifying the interaction between CCTP, green innovation, and corporate financialization. Our research provides valuable insights for policymakers and stakeholders seeking to strengthen climate policies and encourages green innovation in different types of businesses.

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企业金融化对气候政策对企业绿色创新影响的调节作用：来自中国的证据

随着全球气候变化的加剧，人类面临着前所未有的环境挑战和风险。本研究采用交错差分模型来研究企业金融化背景下气候政策与绿色创新之间的关系。利用 2008 年至 2020 年的中国上市公司数据，我们的分析揭示了中国碳排放交易政策（CCTP）与绿色创新进步之间的有利相关性。此外，我们还发现，企业金融化水平调节了这种相关性，削弱了碳排放交易政策对绿色创新的推动作用。此外，异质性分析结果表明，与国有企业和高数字化企业相比，这种调节作用在非国有企业和低数字化企业中更为明显。我们的研究结果阐明了 CCTP、绿色创新和企业金融化之间的互动关系，为现有文献做出了贡献。我们的研究为决策者和利益相关者加强气候政策和鼓励不同类型企业的绿色创新提供了有价值的见解。

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来源期刊

Chinese Journal of Population Resources and Environment ENVIRONMENTAL STUDIES-

CiteScore

4.30

自引率

1.10%

发文量

791

审稿时长

79 days

期刊介绍： The Chinese Journal of Population, Resources and Environment (CJPRE) is a peer-reviewed international academic journal that publishes original research in the fields of economic, population, resource, and environment studies as they relate to sustainable development. The journal aims to address and evaluate theoretical frameworks, capability building initiatives, strategic goals, ethical values, empirical research, methodologies, and techniques in the field. CJPRE began publication in 1992 and is sponsored by the Chinese Society for Sustainable Development (CSSD), the Research Center for Sustainable Development of Shandong Province, the Administrative Center for China's Agenda 21 (ACCA21), and Shandong Normal University. The Chinese title of the journal was inscribed by the former Chinese leader, Mr. Deng Xiaoping. Initially focused on China's advances in sustainable development, CJPRE now also highlights global developments from both developed and developing countries.