Pledge of controlling shareholder's equity, digital transformation, and green innovation

Fan Li

Finance Research Letters, 2025, vol. 76, issue C

Abstract: This study investigates the relationship among controlling shareholders' equity pledges, corporate digital transformation, and green innovation, leveraging data from Chinese listed firms between 2011 and 2022. The results indicate that equity pledges by controlling shareholders have a negative effect on green innovation. Notably, digital transformation emerges as a mitigating factor in this relationship, reducing the adverse effects. Additionally, financing constraints are identified as a moderator, not only tempering the direct impact of controlling shareholders' equity pledges on green innovation but also influencing the mediating role of digital transformation, thereby creating a complex moderated mediation effect.

Keywords: Controlling shareholders' equity pledge; Digital transformation; Green innovation; Financing constraints (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:76:y:2025:i:c:s1544612325002636

DOI: 10.1016/j.frl.2025.106999

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