United in green: Institutional dual ownership and corporate green innovation

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-06-18 DOI:10.1016/j.frl.2025.107814

Yanyuan Zhang, Yanqi Ding, Weichen Yan

引用次数: 0

Abstract

This study investigates the impact of institutional investors holding firm’s debt and equity (“dual-holders”) on corporate green innovation. Findings reveal that dual-holders significantly promote green innovation by reducing information asymmetry and alleviating financial constraints. The effect is stronger in heavily polluting industries and firms with lower agency costs. These findings highlight the vital role of dual-holders in promoting corporate green innovation.

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绿色联合：制度双重所有权与企业绿色创新

本研究考察了机构投资者持有企业债务和股权（“双持有人”）对企业绿色创新的影响。研究发现，双重持有者通过减少信息不对称和缓解资金约束显著促进绿色创新。这种效应在重污染行业和代理成本较低的企业中更为明显。这些发现突出了双重持有者在促进企业绿色创新方面的重要作用。

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