Green finance policies, resource allocation, and corporate social responsibility

Yanqiong Liu and Xiaoling Li

Finance Research Letters, 2025, vol. 71, issue C

Abstract: This paper utilizes data from Chinese A-share listed companies from 2010 to 2019, using the Green Finance Innovation Pilot Zone as a quasi-natural experiment to deeply explore the impact of this policy on corporate social responsibility, and analyzes the effects of the policy from the perspectives of financing scale and financing costs. The findings indicate that the establishment of Green Finance Innovation Pilot Zones significantly promotes corporate social responsibility and affects the allocation of financial resources through mechanisms such as increasing financing costs and reducing financing scales. Under the strict regulation of the external green finance environment, companies' willingness and ability to undertake social responsibilities have significantly improved; this effect is particularly notable among secondary industry firms and high-tech enterprises.

Keywords: Policy effects; Green finance innovation experimental zone; Financial resource allocation; Corporate social responsibility (search for similar items in EconPapers)
JEL-codes: G30 G32 M14 O16 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:71:y:2025:i:c:s1544612324014211

DOI: 10.1016/j.frl.2024.106392

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