The impact of green finance on persistence of green innovation at firm-level: A moderating perspective based on environmental regulation intensity

Ruifeng Jing and Ruizhi Liu

Finance Research Letters, 2024, vol. 62, issue PB

Abstract: Amid escalating global climate change and environmental degradation, green finance has emerged as a crucial tool for sustainable development and environmental protection. This paper examines data from Chinese A-share listed manufacturing companies (2004–2021), exploring the relationship between green finance, firms' persistent green innovation, and environmental regulation intensity. Key findings include: 1. There is a positive correlation between green finance and persistent green innovation; 2. Environmental regulation intensity moderates this relationship; 3. Heterogeneity analysis reveals a stronger promotion of persistent green innovation by green finance in large-scale and state-owned enterprises.

Keywords: Green finance; Green innovation; Environmental regulation intensity; China (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:62:y:2024:i:pb:s1544612324003040

DOI: 10.1016/j.frl.2024.105274

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