Cross-industry knowledge spillovers through shared analyst coverage: Evidence from green technologies

Yali He, Tianqi Jiang, Yuanlu Suo and Zhao Wang

Pacific-Basin Finance Journal, 2025, vol. 91, issue C

Abstract: Prior literature suggests that shared analysts facilitate interfirm knowledge spillovers. Based on this premise, this study examines whether shared analyst coverage enables non-green firms to acquire knowledge from green firms, thus promoting their green technological innovation. Using green patent data from Chinese listed firms, we find that cross-industry knowledge spillovers through shared analyst coverage significantly enhance green innovation in non-green firms. Further analysis shows that, in addition to the information effect, shared analysts enhance managerial green cognition and alleviate financing constraints for non-green firms. Cross-sectional results reveal that the influence of shared analysts on green innovation is stronger for state-owned enterprises and firms located in eastern regions but weaker for firms in heavily polluting industries. Overall, our findings suggest that specialized knowledge can spill over across industries through shared analyst coverage.

Keywords: Shared analysts; Knowledge spillover; Green innovation (search for similar items in EconPapers)
JEL-codes: G14 O32 Q56 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:pacfin:v:91:y:2025:i:c:s0927538x25001088

DOI: 10.1016/j.pacfin.2025.102771

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