Does Intellectual Capital Investment Improve Financial Competitiveness and Green Innovation Performance? Evidence from Renewable Energy Companies in China

Liu, Shuang; Yu, Qi; Zhang, Liang; Xu, Jian; Jin, Zhenji

doi:10.1155/2021/9929202

Cited by 27 publications

(23 citation statements)

References 63 publications

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“…Regional innovation capability is showing its important value in China's economic development. However, there is an inverted U-shaped relationship between Intellectual Capital (IC) on financial performance but no impact on green innovation [82]. Therefore, the differences in regional innovation capabilities caused by the imbalance of resource distribution, industrial structure, and economic development among different provinces in China may also have a regulating impact on the improvement of green innovation on financial performance.…”

Section: Moderating Effect Of Political Connection and Regional Innov...mentioning

confidence: 99%

Can Green Innovation Affect ESG Ratings and Financial Performance? Evidence from Chinese GEM Listed Companies

2022

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Socially and environmentally responsible investing is becoming the benchmark in financial markets. Promoting emerging industries’ environmental performance, social responsibility, and corporate governance (ESG) ratings are increasingly becoming the consensus of multinational green financial institutions, investors, and governments. This study employs 3100 panel data from 2014 to 2019 to conduct empirical research on green innovation, ESG indicators, and the financial performance of China’s Growth Enterprise Market (GEM) listed companies. Based on the “causal steps approach”, we adopt the Sobel–goodman and Bootstrap test to explore the partial mediation effect of ESG indicators. Moreover, when testing the interactive effect of endogeneity, instrumental variables combined with two-stage least squares (2SLS) and a general method of moments (GMM) system are applied in the dynamic panel for robustness. Combing with the approach of ESG factors-integrated and ESG factors-embedded regression models, we find that: (1) Green innovation can significantly improve the ESG scores of GEM listed companies. (2) Both green innovation and ESG performance can improve the financial performances of GEM listed companies, and ESG performance plays an indirect mediating role in the promotion of green innovation on financial performance. (3) Both political connection strength and regional innovation capabilities can negatively moderate the promotion of green innovation on financial performance, and moderating the effect of corporate political connections is more significant than the regional innovation. This study expands the research on the effectiveness of ESG indices and green innovation from the view of micro-GEM companies, providing policy enlightenment for the sustainable development of emerging industries. Our findings provide noteworthy implications for regulators, academicians and practitioners interested in exploring green innovation, ESG rating and financial performance. In addition, providing regulators and the board of directors with insights into the company’s and country’s future growth prospects.

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Section: Moderating Effect Of Political Connection and Regional Innov...mentioning

confidence: 99%

Can Green Innovation Affect ESG Ratings and Financial Performance? Evidence from Chinese GEM Listed Companies

2022

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Section: Green Intellectual Capital and Green Innovationmentioning

confidence: 99%

“…Numerous studies claim that a company's IC positively influences its capacity for innovation [73][74][75][76]. Similarly, companies that properly manage their GIC have several intangibles that favor GI, enabling the company to adapt to new challenges related to sustainable development [76,77]. Human capital is an essential resource for developing organizational innovations since the knowledge possessed by employees represents the key intangible resource for developing innovations to compete in the current turbulent environment [78,79].…”

Section: Green Intellectual Capital and Green Innovationmentioning

confidence: 99%

The Effect of Green Intellectual Capital on Green Performance in the Spanish Wine Industry: A Structural Equation Modeling Approach

et al. 2022

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Global environmental problems, such as global warming, pollution, or deforestation, are critical issues that require a rapid and common response. In this context, companies play a decisive role in achieving environmental objectives through the ecological knowledge they can store and manage. In this context, the present research focuses its interest on analyzing how the set of green intangibles possessed by organizations, i.e., Green Intellectual Capital (GIC), affects their Green Performance (GP). Specifically, the study shows how GP is influenced by GIC through the mediating role of the Green Innovation (GI) variable. Therefore, the research questions to be answered by this study are as follows: Does GIC influence environmental performance? Does GI mediate the GIC-GP relationship? What actions can companies take to improve their GP? There are several reasons that have led us to carry out this research. First, there is little empirical evidence of the relationships proposed in this study. Second, to the best of our knowledge, there is no previous research that has contextualized the relationships raised in the wine industry, thus representing an advance in the comprehension of the constructs studied. Third, GIC represents an incipient field of study that needs to be developed and established within the literature linked to Intellectual Capital (IC). In order to achieve the proposed objectives, data from a survey of 202 wineries in Spain were used and a quantitative approach was followed using Structural Equation Modeling (PLS-SEM). The results of the research indicate that there is a positive and significant relationship between GIC and GP. In addition, GI partially mediates the relationship between these two variables, playing a key role in the environmental management of wineries. The theoretical and practical contributions of the study improve the understanding of the relationships raised, being a pioneering study due to its contextualization in the wine industry, as well as providing a series of guidelines for both environmental managers and winemakers to improve their GP.

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“…Производительность зависит от инвестиций в фирмах с иностранным капиталом в большей степени, чем в отечественных фирмах С. Лю, К. Юй, Л. Чжан, Дж. Сюй, З. Дзинь [27] С помощью методов корреляционного анализа и множественной регрессии обосновывается наличие нелинейной связи интеллектуального капитала с финансовой конкурентоспособностью на основе данных компаний, производящих возобновляемую энергию в Китае У. Ю. Рехман, А. Ахмад, Ф. Башир, С. Азим [28] Понятия интеллектуального капитала, знаниевых ресурсов и нематериальных ресурсов используются как синонимы. Результаты исследования доказывают, что интеллектуальный капитал -это в основном ресурсы знаний, обеспечивающие конструктивную основу для производительности посредством влияния бизнес-процессов и инновационной деятельности.…”

Section: Intellectual Capital As a Factor In The Formation And Develo...unclassified

Increasing significance of intellectual capital of organization in formation and development of knowledge economy

Nedoluzhko

2022

Vestnik of Astrakhan State Technical University. Series: Economics

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The article highlights the process of transition from material to non-material factors of production in modern economic conditions. The organization’s intellectual capital is designated as a key intangible resource ensuring its competitiveness in the market and high performance factors. It has been inferred that it is necessary to form detailed understanding of the intellectual capital in order to implement the effective managerial impact on it aiming to form and develop the knowledge economy principles. The research and publications that show the concept of the knowledge economy are analyzed. The main characteristics of the knowledge economy are formulated, which provides for substantiating the intellectual capital as its key source. The main differences between traditional factors of production and intangible factors of production are identified, among which the lack of a developed methodology of assessment in relation to intangible factors of production has been emphasized. There has been determined the current state of the scientific research of using non-material factors of production aimed at forming and developing the knowledge economy. Placing too much emphasis on the aspect of influencing the investments into intangible assets on the organization’s performance by using the methods of mathematical statistics is considered as the main drawback of the foreign research. The excessive theoretical data, abstract and fragmented interpretation of the knowledge economy concepts and intellectual capital as its key resource are considered as the important shortcoming of the domestic research. It has been found that it is necessary to form a general organizational scheme for the impact of intellectual capital elements on the formation and development of the knowledge economy.

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Does Intellectual Capital Investment Improve Financial Competitiveness and Green Innovation Performance? Evidence from Renewable Energy Companies in China

Cited by 27 publications

References 63 publications

Can Green Innovation Affect ESG Ratings and Financial Performance? Evidence from Chinese GEM Listed Companies

Can Green Innovation Affect ESG Ratings and Financial Performance? Evidence from Chinese GEM Listed Companies

The Effect of Green Intellectual Capital on Green Performance in the Spanish Wine Industry: A Structural Equation Modeling Approach

Increasing significance of intellectual capital of organization in formation and development of knowledge economy

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