Guidance or misguidance: Fintech policy and corporate innovation

Jiaxin Wang, Mu Zhao, Xiang Huang, Di Sun and Zilong Song

Finance Research Letters, 2023, vol. 58, issue PD

Abstract: This paper investigates the relationship between fintech policy and corporate innovation. With manually collected financial blockchain policy (FBP), We find that the implementation of FBP can encourage enterprises to increase their R&D investment. We provide two potential mechanisms: the provision of credit support and a transparent information environment. Heterogeneity analysis shows that the promotion effect of FBP is more pronounced in samples with non-SOEs, lower R&D manipulation, and high government intervention. This paper provides micro-level evidence of the ameliorative effects of fintech policy in financial ecosystems.

Keywords: Financial blockchain policy; Financial ecosystem; Corporate R&D investment (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:58:y:2023:i:pd:s1544612323010267

DOI: 10.1016/j.frl.2023.104654

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