Winning stakeholder support: Value creation through green-process innovation

Ting Liu and Lihong Wang

Finance Research Letters, 2024, vol. 67, issue PB

Abstract: Using a sample of Chinese listed firms in the manufacturing industry during 2009–2020, this study manually collects data on green-process innovation and explores its impact on corporate value. The empirical results show that green-process innovation positively affects corporate value. Moreover, the mediation analysis reveals that the positive impact of green-process innovation on corporate value stems from its effects on profitability, trade credit, labor productivity, and government recognition. Next, a cross-sectional analysis suggests that this value effect is more significant for firms located in areas with a more developed green credit market.

Keywords: Green-process innovation; Firm value; Trust; Stakeholders; Green credit (search for similar items in EconPapers)
JEL-codes: G14 G38 Q51 Q55 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:67:y:2024:i:pb:s1544612324009759

DOI: 10.1016/j.frl.2024.105945

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