Business environment optimization and corporate sustainable innovation: Evidence from China

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2024-11-07 DOI:10.1016/j.frl.2024.106441

Zhanyong Liang , Kangquan Qiu , Jiakun Zhuang , Qingyang Zhang

引用次数: 0

Abstract

Based on our analysis of samples of Chinese A-share listed companies from 2013 to 2021, we find that optimizing the urban business environment significantly promotes corporate sustainable innovation. This finding remains unchanged after a series of robustness tests. The mechanism analysis shows that business environment optimization improves corporate sustainable innovation by reducing perception of uncertainty, alleviating financial constraints and attracting innovative talent. The heterogeneity analysis further demonstrates that the effect is more pronounced in non-state-owned, large and high-tech companies. This article enriches the research on the influencing factors of corporate sustainable innovation and the economic impacts of business environment optimization.

查看原文本刊更多论文

商业环境优化与企业可持续创新：来自中国的证据

基于对 2013 年至 2021 年中国 A 股上市公司样本的分析，我们发现优化城市商业环境能显著促进企业的可持续创新。经过一系列稳健性检验后，这一结论保持不变。机理分析表明，商业环境优化通过降低不确定性感知、缓解财务约束和吸引创新人才来改善企业的可持续创新。异质性分析进一步表明，这种效应在非国有企业、大型企业和高科技企业中更为明显。本文丰富了对企业可持续创新影响因素和商业环境优化的经济影响的研究。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

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