How do renewable energy policies affect energy green development? Evidence from Chinese listed energy firms

IF 13.6 2区经济学 Q1 ECONOMICS

Energy Economics Pub Date : 2025-02-01 DOI:10.1016/j.eneco.2024.108154

Jingxue Zhang , Shiwei Yu , Yue-Jun Zhang , Bin Su , Ya-Fang Sun

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引用次数: 0

Abstract

To advance energy green development, the Chinese government attaches great importance to renewable energy policies (REP). Green technological innovation (GTI) by energy firms is a critical driver of energy green development; however, how city-level REP affect the GTI of energy firms remains unresolved. To this end, using the panel data from 821 A-share listed energy firms in China covering 2004–2021, this study adopts a staggered difference-in-differences model and the number of green patent applications to proxy for GTI to investigate this issue. The relevant results are threefold. (1) REP significantly increase the GTI of Chinese energy firms by 23.9 % during the research period. Compared with state-owned, small-scale, and high-tech energy firms, REP can better improve the GTI of non-state-owned, large-scale, and non-high-tech energy firms. (2) Regarding the influence mechanisms of REP on GTI, the mediating effects of financing constraints, corporate green governance, and information asymmetry are all significant, accounting for 1.065 %, 1.974 %, and 1.406 % of the total REP effect, respectively. Nevertheless, the three mediating effects are not all significant for heterogeneous energy firms. (3) As for the moderating effects, economic policy uncertainty and CEO green experience both significantly facilitate the REP effect on the GTI of Chinese energy firms, except for non-high-tech energy firms.

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来源期刊

Energy Economics ECONOMICS-

CiteScore

18.60

自引率

12.50%

发文量

524

期刊介绍： Energy Economics is a field journal that focuses on energy economics and energy finance. It covers various themes including the exploitation, conversion, and use of energy, markets for energy commodities and derivatives, regulation and taxation, forecasting, environment and climate, international trade, development, and monetary policy. The journal welcomes contributions that utilize diverse methods such as experiments, surveys, econometrics, decomposition, simulation models, equilibrium models, optimization models, and analytical models. It publishes a combination of papers employing different methods to explore a wide range of topics. The journal's replication policy encourages the submission of replication studies, wherein researchers reproduce and extend the key results of original studies while explaining any differences. Energy Economics is indexed and abstracted in several databases including Environmental Abstracts, Fuel and Energy Abstracts, Social Sciences Citation Index, GEOBASE, Social & Behavioral Sciences, Journal of Economic Literature, INSPEC, and more.