Corporate green innovation and stock liquidity in China

Chen, Zhongfei; Xiao, Yu; Jiang, Kangqi

doi:10.1111/acfi.13027

Cited by 19 publications

(5 citation statements)

References 120 publications

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“…We select our sample from all A‐share listed Chinese companies from 2011 to 2020. Following previous studies that used accounting and firm characteristic data (Chen et al, 2023; Liu et al, 2023), we screen the raw data according to the following criteria: (1) exclude listed companies flagged with ST or PT (which are Special Treatment firms and Particular Transfer firms) and firms in the financial sector ; (2) exclude companies with asset‐liability ratios exceeding [0,1]; (3) exclude firms with missing key variables such as total operating revenue, R&D investment and Tobin's q value; (4) exclude listed companies with fewer than 3 years of listing and/or 3 years of continuous operation. To reduce the impact of outliers on the empirical results, continuous variables are winsorized at the 99% and 1% percentile.…”

Section: Methodsmentioning

confidence: 99%

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Corporate digitalization and green innovation: Evidence from textual analysis of firm annual reports and corporate green patent data in China

Fang,

2024

Bus Strat Env

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We investigate the effect of corporate digitalization capabilities on green innovation among Chinese‐listed firms. Using a panel dataset of 2908 companies from 2011 to 2020, we use textual analysis and entropy weighting on corporate annual reports to construct a yearly corporate digitalization index. Our findings show that corporate digitalization promotes green innovation, as evidenced by patent applications and grants. This relationship is stronger for firms with fewer financial constraints and in provinces with strong intellectual property protection. We also find the national digital policy of the “Internet Plus” strategy has a stronger positive effect on corporate green innovation for corporations with a higher degree of digitalization. Our results are robust to various alternative measures, econometric models, and different samples.

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Section: Methodsmentioning

confidence: 99%

“…We select our sample from all A-share listed Chinese companies from 2011 to 2020. 2 Following previous studies that used accounting and firm characteristic data (Chen et al, 2023;Liu et al, 2023), we screen the raw data according to the following criteria:…”

Section: Samplementioning

confidence: 99%

Corporate digitalization and green innovation: Evidence from textual analysis of firm annual reports and corporate green patent data in China

Fang,

2024

Bus Strat Env

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“…Companies in industrial production and construction [26] Green technological innovation Green energy market players [27] Corporate environmental innovations Green investors and corporate issuers of green securities [28] Development of key climate policy instruments by assessing the drivers of climate degradation "Climate infrastructure" as a new asset class. Formation of carbon pricing systems for atmospheric carbon emissions…”

Section: Supply Chains In Cleaner Productionmentioning

confidence: 99%

Sustainable Economy: The Eco-Branding of an Industrial Region in Kazakhstan

Davidenko,

Sherimova,

Kunyazova

et al. 2024

Sustainability

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In the sustainable economy, consumer preferences are gradually beginning to prioritize environmentally friendly products and services. A sustainable economy is directly linked to the growth of consumer welfare and the environmental culture. The success of environmental projects is largely determined by approaches to the management of complex interconnected objects, which operate in developed industrial regions. In this regard, we formulate the purpose of this study, which is to generalize approaches to and to improve the mechanisms of the ecological branding of the industrial complex of a region through conscious ESG transformation. For this purpose, we have studied the statistics and principles of the management systems of Kazakhstani companies and their stakeholders. The focus was on the Pavlodar industrial region, where metallurgical production, petrochemicals, the agro-industrial sector, the banking sector, and logistics hubs are developed. The vision and the mechanisms that can influence the development of the export potential of products with an “ecological brand” were studied. A survey of export-oriented organizations helped to identify the behavioral attributes of the “new generation eco-consumer”, namely, a conscious desire to reduce the negative impact of production and economic activities on the environment. The theoretical significance of this study helps to reveal the influence of the ecological principles of the organization of modern production on the speed of transition to green technologies. Its practical significance is seen in the formation of a system for measuring the level of readiness of companies to promote the ecological branding of a region’s industry outside its country.

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“…Additionally, robust corporate governance mechanisms enhance liquidity by intensifying managerial oversight and mitigating information asymmetry (Chung et al, 2010;Prommin et al, 2014). In addition, a firm's inventive and innovative activities can contribute positively to its stock liquidity (Chen et al, 2023). Firm size and total outstanding shares also influence stock liquidity.…”

Section: Literature Reviewmentioning

confidence: 99%

Liquidity spillover from carbon emission trading markets to stock markets in China

Yang,

Zhu,

Xie

et al. 2023

Investment Management and Financial Innovations

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This study delves into China’s carbon emissions trading markets, investigating the interplay between carbon price liquidity and stock liquidity. Focusing on 338 companies listed in the national and eight pilot markets of the carbon emissions trading system from August 2013 to October 2023, the empirical finding reveals a positive impact of carbon price liquidity on stock liquidity. Notably, this positive association manifests more robustly in industries characterized by low carbon intensity compared to those with high carbon intensity, is more prominent during the COVID-19 period than in preceding times, and is particularly accentuated in the Hubei Province and Chongqing, as opposed to the remaining seven regions. Intriguingly, both carbon price liquidity and stock liquidity display positive autocorrelations in vector autoregression analysis. The endogeneity concern is alleviated by the two-stage least squares regressions, using lagged carbon price liquidity as instrumental variables. This study contributes to an enhanced comprehension of the dynamic interaction between carbon price liquidity and stock liquidity contextualized within China’s evolving carbon market landscape. The insights garnered herein hold substantial value for investors and government stakeholders seeking to navigate this evolving financial terrain. AcknowledgmentThis research was supported by the Summer Student Partnering with Faculty Research Program of Wenzhou-Kean University (WKUSSPF202304), the Wenzhou Association for Science and Technology – Service and Technology Innovation Program (jczc0254), and the Department of Education of Zhejiang Province – General Program (Y202353438).

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Corporate green innovation and stock liquidity in China

Cited by 19 publications

References 120 publications

Corporate digitalization and green innovation: Evidence from textual analysis of firm annual reports and corporate green patent data in China

Corporate digitalization and green innovation: Evidence from textual analysis of firm annual reports and corporate green patent data in China

Sustainable Economy: The Eco-Branding of an Industrial Region in Kazakhstan

Liquidity spillover from carbon emission trading markets to stock markets in China

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