CEO权力强度如何驱动企业绿色创新绩效提升：基于融资成本中介作用的深度分析

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-06-04 DOI:10.1016/j.frl.2025.107734

Bo Yang, Xiqiao Du

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引用次数: 0

摘要

本研究考察了2008-2023年间中国上市公司CEO权力动态对企业绿色创新绩效提升的驱动机制，并重点研究了融资成本的中介作用。实证结果表明，CEO权力强度与绿色创新绩效之间存在显著的正相关关系，在东部地区企业和中小企业中表现尤为显著。研究发现，融资成本在CEO权力与CGI绩效的关系中起着至关重要的中介作用。进一步分析表明，与国有企业相比，民营企业融资成本的这种中介作用更为突出。

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How CEO power intensity drives the improvement of corporate green innovation performance: An in-depth analysis based on the mediating role of financing costs

This research examines the mechanism through which CEO power dynamics drive improvements in corporate green innovation (CGI) performance among Chinese listed firms during 2008–2023, with a focus on the mediating role of financing costs. Empirical results reveal a significant positive association between CEO power intensity and green innovation performance, which is particularly pronounced in eastern-region enterprises and small-to-medium sized enterprises (SMEs). Financing costs are found to play a critical mediating role in the relationship between CEO power and CGI performance. Further analysis shows that this mediating effect of financing costs is more salient in private enterprises compared to state-owned enterprises.

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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