Impact of capital market openness on corporate green technology innovation: evidence from the Shanghai-Hong Kong Stock Connect program

Yixiang Li and Fusheng Wang

Economic Research-Ekonomska Istraživanja, 2023, vol. 36, issue 3, 2190798

Abstract: This paper explores the impact of capital market openness on corporate green technology innovation using the Difference in Differences model (DID) and a quasi-natural experiment with the Shanghai-Hong Kong Stock Exchange using A-share listed corporations data from 2011 to 2020. The findings indicate that capital market openness has a significant promotion effect on corporate green technology innovation. This effect is consistent using Propensity Score Matching-Difference in Differences model (PSM-DID), counterfactual and placebo tests. Moreover, capital market openness can indirectly stimulate corporate green technology innovation by increasing corporate R&D investment and improving corporate management. Notably, the promotion effect of capital market openness on green technology innovation of SOEs and small-scale corporations is stronger.

Date: 2023
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DOI: 10.1080/1331677X.2023.2190798

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