Financial-Industrial Integration, Agency Cost, and Green Technological Innovation

Liqun Kang, Zhikai Zhang, Han Peng and Rui Yu

Emerging Markets Finance and Trade, 2025, vol. 61, issue 9, 2570-2589

Abstract: Drawing on the industry categorization provided by the China Securities Regulatory Commission(CSRC) for the year 2012, we select listed firms from five sub-sectors within the manufacturing industry between 2012 and 2017. The study introduces economic policy uncertainty as a moderating variable, and identifies two forms of agency costs as mediating factors to delineate the mechanisms through which financial-industrial integration influences corporate green technological innovation. The findings suggest that financial-industrial integration is inversely associated with corporate green technological innovation. Additionally, the study reveals a positive moderating function of economic policy uncertainty in this relationship. Mechanism examination indicates the absence of a mediating role for the first type of agency cost, while the second type exhibits a partial mediating effect. This study expands the exploration of the interplay between industry and finance and corporate green technological innovation, aiming to bolster corporate innovation in eco-friendly technologies and to inform governmental economic policy-making.

Date: 2025
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DOI: 10.1080/1540496X.2025.2474719

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