Sailing towards sustainability: The effect of Marine Economic Development Demonstration Zones on corporate green investment

Abstract

This paper uses the establishment of Marine Economic Development Demonstration Zones (MEDDZs) as a quasi-natural experiment and applies the DID method to investigate the impact of this policy on corporate green investment in China. This paper finds that the establishment of MEDDZs can promote corporate green investment, through expanding exports, strengthening environmental regulations, and alleviating financing constraints. Green finance and digital infrastructure amplify this effect. Moreover, this effect is more pronounced in non-state-owned and heavy-polluting enterprises. This study helps to understand how to pursue green transformation while expanding marine economy and provides guidance for designing and evaluating marine policies.