Green factory certification and corporate maturity mismatch

Haiwei Xu

Post-Communist Economies, 2026, vol. 38, issue 5, 465-487

Abstract: This study uses a sample of A-share listed manufacturing companies in China from 2010 to 2023 and employs a multi-period DID approach to examine the effect of green factory certification (GFC) on corporate maturity mismatch (CMM). The study finds that GFC significantly alleviates CMM, and this effect remains robust after a series of robustness tests. The path analysis suggests that GFC mitigates CMM primarily through two pathways: securing long-term credit and attracting long-term institutional investors. Heterogeneity analysis indicates that the effect of GFC on CMM is more pronounced among non-state-owned enterprises and firms in heavily polluting industries. Moreover, firms that obtain GFC multiple times are more effective in mitigating CMM. Finally, GFC reduces default risk and bankruptcy risk by mitigating CMM. This research adds to the existing literature by examining the impact of GFC, a voluntary environmental policy, on CMM. Additionally, it provides valuable insights for improving the design of the GFC system and mitigating CMM.

Date: 2026
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DOI: 10.1080/14631377.2026.2621385

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