Innovative policies, financial mismatch, and corporate innovation performance: A Quasi-natural experiment based on the national innovative city pilot policy

Xinxia Ji, Liyan Zhang and Wei Cao

Finance Research Letters, 2025, vol. 82, issue C

Abstract: This study selects Chinese listed companies from 2008 to 2023 as the research sample to deeply explore the relationship among innovation policies, financial misallocation, and corporate innovation performance. The findings indicate that innovation policies effectively enhance corporate innovation performance, and this enhancement demonstrates heterogeneity across firms with different levels of pollution. Meanwhile, financial misallocation suppresses corporate innovation performance. Furthermore, financial misallocation plays a significant moderating role in the relationship between innovation policies and corporate innovation performance, with this moderating effect showing heterogeneity between firms that receive standard audit opinions and those that do not.

Keywords: Innovation policies; Financial misallocation; Corporate innovation performance (search for similar items in EconPapers)
Date: 2025
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S1544612325007846
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:82:y:2025:i:c:s1544612325007846

DOI: 10.1016/j.frl.2025.107525

Access Statistics for this article

Finance Research Letters is currently edited by R. Gençay

More articles in Finance Research Letters from Elsevier
Bibliographic data for series maintained by Catherine Liu ().