The impact of green credit on firms' green investment efficiency: Evidence from China

Lifang Li, Lexin Qiu, Fangming Xu and Xinwei Zheng

Pacific-Basin Finance Journal, 2023, vol. 79, issue C

Abstract: We investigated the impact of green credit on the green investment efficiency of 588 listed Chinese green companies from 2009 to 2019 using an extended super-SBM model. Our findings reveal that green credit can enhance a firm's green investment efficiency, with a more prominent effect observed among state-owned enterprises and firms operating in high-growth industries. Further analysis suggests that the positive impact of green credit on green investment efficiency is moderated by corporate governance, innovations, and financial constraints. Our study provides novel evidence that underscores the importance of green credit in stimulating corporate green investment efficiency in China.

Keywords: Green credit; Green investment efficiency; Super-SBM model; China (search for similar items in EconPapers)
JEL-codes: G31 G32 Q56 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (9)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:pacfin:v:79:y:2023:i:c:s0927538x23000616

DOI: 10.1016/j.pacfin.2023.101995

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