Conflicting or complementary? Peer effects on green breakthrough technological innovation: Evidence from China

IF 9.8 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2025-06-27 DOI:10.1016/j.irfa.2025.104441

Dongmin Kong , Zheng Shi , Shaohuang Wang , Shuang Lin

引用次数: 0

Abstract

This study examines the impact and mechanisms of peer effects on green breakthrough technological innovation in Chinese manufacturing firms. Using data from firms listed on the Shanghai and Shenzhen stock exchanges between 2007 and 2022, we find that: (i) peer effects influence green breakthrough technological innovation in Chinese manufacturing firms; (ii) these effects are mainly driven by firms' proactive responses to government-led, market-oriented regulations, rather than complying with government command regulations; (iii) stronger peer effects are observed in state-owned enterprises, firms with fewer financial constraints, better governance, and those in sectors with high climate uncertainty or advanced manufacturing; (iv) firms with green credit support and strong intellectual property protection exhibit more pronounced peer effects.

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冲突还是互补？绿色突破性技术创新的同伴效应：来自中国的证据

本文研究了同伴效应对中国制造业企业绿色突破性技术创新的影响及其机制。利用2007 - 2022年沪深两市上市公司的数据，我们发现：(1)同行效应影响中国制造业企业的绿色突破性技术创新；(2)这些效应主要是由企业对政府主导的、以市场为导向的监管的积极响应所驱动的，而不是服从政府指挥的监管；（iii）在国有企业、财务约束较少、治理较好的企业、气候不确定性高的行业或先进制造业中，观察到更强的同行效应；（四）绿色信贷支持和知识产权保护力度强的企业表现出更显著的同行效应。

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

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.