Impact of central bank forward guidance on corporate innovation: Perspectives from management confidence and bank credit availability

Shenfeng Tang and Na Sun

Finance Research Letters, 2025, vol. 83, issue C

Abstract: This study examines the impact of central bank forward guidance on corporate innovation at the micro-enterprise level. Findings reveal that positive sentiment in central bank forward guidance boosts management confidence and increases bank credit availability, promoting innovation in enterprises. This facilitating effect is stronger in enterprises with high propensity for risk-taking and strong profitability, situated in national innovative pilot cities, and belonging to high-tech industries.

Keywords: Central bank forward guidance; Corporate innovation; Management confidence; Bank credit availability; Machine learning (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:83:y:2025:i:c:s1544612325009614

DOI: 10.1016/j.frl.2025.107702

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