How Does Industrial Agglomeration Drive High-Quality Green Development in China? New Evidence from a Financial and Manufacturing Co-Clustering

Miaomiao Tao, Stephen Poletti, Mingyue Selena Sheng, Emilson Silva and Xuefeng Shao
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Miaomiao Tao: The University of Auckland, Auckland, New Zealand
Stephen Poletti: The University of Auckland, Auckland, New Zealand
Mingyue Selena Sheng: The University of Auckland, Auckland, New Zealand
Xuefeng Shao: The University of Newcastle, Newcastle, Australia

American Business Review, 2024, vol. 27, issue 2, 573-606

Abstract: We examine the effect of financial and manufacturing co-clustering on high-quality green development in China’s 30 provinces from 2005 to 2020. The nexus between financial and manufacturing co-clustering and high-quality green development has been comprehensively investigated from linear and non-linear perspectives. We find that financial and manufacturing co-clustering significantly fosters high-quality green development. Mechanism analysis shows that formal environmental regulation has a significant negative moderating effect on high-quality green development, whereas informal environmental regulation plays a significantly positive moderating role. However, empirical results only show the mediation effect of formal environmental regulation in the incentive role of financial and manufacturing co-clustering to high-quality green development. A dynamic panel threshold model also certifies the non-linear effect between financial and manufacturing co-clustering and high-quality green development. Lastly, the promotion effect of financial and manufacturing co-clustering on high-quality green development creates significant heterogeneity.

Keywords: Co-Clustering Effect; High-Quality Green Development; Mechanism Analysis; Nonlinearity (search for similar items in EconPapers)
JEL-codes: D82 N60 O16 Q51 (search for similar items in EconPapers)
Date: 2024
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