Can green bonds enhance enterprises’ total factor productivity? The impacts of macroeconomic policy adjustment and ownership heterogeneity

Dian Ling and Xiaohong Li

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

Abstract: Using a dataset of Chinese listed companies from 2009 to 2023, this study investigates the impact of green bonds on corporate total factor productivity (TFP). Furthermore, it examines the regulatory effects of macroeconomic policies and ownership heterogeneity. The findings are as follows: green bonds positively influence boosting enterprises’ TFP. Moreover, the uncertainty of economic policies moderates the relationship between green bonds and enterprise TFP. The impact of green bonds on TFP varies significantly between state-owned and private enterprises.

Keywords: Green bonds; Total factor productivity; Macroeconomic policy; Heterogeneity (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:82:y:2025:i:c:s1544612325008219

DOI: 10.1016/j.frl.2025.107562

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