Anti-corruption and firm-level green total factor productivity

Zhe Zhao (), Yi Zhang (), Tao Huang (), Zeyu Sun () and Shuang Liu ()
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Zhe Zhao: Liaoning University
Yi Zhang: Jilin University
Tao Huang: Liaoning University
Zeyu Sun: Zhongguancun development group Limited by Share Ltd
Shuang Liu: Liaoning University

Economics of Governance, 2025, vol. 26, issue 2, No 5, 243-270

Abstract: Abstract This paper investigates the influence of anti-corruption measures on green total factor productivity (GTFP) at the firm level in China. Analyzing a sample of Chinese A-share companies from 2003 to 2016, we present robust evidence that anti-corruption initiatives significantly enhance GTFP at the micro level, which remains credible after experiencing several robustness tests. Meanwhile, our results also reveal that this positive effect is more pronounced in non-state-owned enterprises, firms in the mature phase of their life cycle, and those operating within highly competitive industries. In addition, our results still exist after excluding endogeneity. Finally, we propose that alleviating financial constraints may serve as a plausible mechanism through which anti-corruption fosters improvements in firm-level GTFP, as the enforcement of anti-corruption can reduce bribes and enable companies to reallocate financial resources toward initiatives such as environmental protection and sustainability. Overall, this research contributes valuable insights into the tangible effects of anti-corruption and its role in influencing the determinants of GTFP.

Keywords: Anti-corruption; Green total factor productivity; Financial constraint (search for similar items in EconPapers)
JEL-codes: D24 D73 (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1007/s10101-025-00329-z

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