Regional Happiness and Corporate Green Innovation: A Financing Constraints Perspective

Li, Dukangqi; Shen, Wei

doi:10.3390/su14042263

Cited by 17 publications

(5 citation statements)

References 99 publications

(124 reference statements)

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“…Prior studies generally support the view that ESG can help firms diversify their values, and that this positive impact is more effective in voluntary disclosure firms [16,17]. Furthermore, the positive performance of ESG practice is the transmission effect of external capital market participants, such as the shareholding preference of institutional investors [18,19], analyst coverage [20,21]; media supervision [22,23]; as well as the competitive strategy, innovation effect, cost effect [17,24,25], etc.…”

Section: Theory and Hypothesis Developmentmentioning

confidence: 93%

Environmental, Social, and Corporate Governance (ESG), Life Cycle, and Firm Performance: Evidence from China

Qu,

Zhang

2023

Sustainability

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Interest in firms’ ESG performance is longstanding and growing. However, understanding remains fragmented across firms at different stages of their life cycle. This study investigates the role of life cycle stages in the relationship between ESG and firm performance in the Chinese context. Using a sample of 26,412 firm–year observations of firms listed in China from 2011 to 2021, the results provide evidence that, although ESG has a significant positive effect on firm performance, the effect is contingent on the stages of the firm’s life cycle. The association between ESG and firm performance is more pronounced for firms in the growth and mature phases. We also find that this effect is enhanced for state-owned growth firms localized in regions with a lower marketization degree. Furthermore, the findings also extend the distinct mediation roles of institutional investors and the agency cost of free cash flow in the nexus of ESG and firm performance. This paper provides direct empirical evidence for a better understanding of firm’s behavior across different life cycle stages, as well as helps to achieve a win–win situation of firm performance and social value.

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Section: Theory and Hypothesis Developmentmentioning

confidence: 93%

Environmental, Social, and Corporate Governance (ESG), Life Cycle, and Firm Performance: Evidence from China

Qu,

Zhang

2023

Sustainability

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“…Through the above policies and measures, carbon emission can be reduced, the development of new and low-carbon industries can be promoted, and these initiatives can also contribute to the transformation of the industry and technological progress [68]. Science and technology are the primary productive force behind the development of low-carbon industry; therefore, w the investment in science and technology and the development of low-carbon technology should be strengthened [69][70][71].…”

Section: Literature Reviewmentioning

confidence: 99%

Study on the Interaction Effect between the Intensity of Government Low-Carbon Subsidies and the Growth Ability of Green and Low-Carbon Emerging Enterprises

Chen

Huang

2023

IJERPH

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With the development of science and technology and society, people’s demand for a healthy living environment is increasing, and the expression “low carbon” has become a daily feature of people’s lives. The emergence of a low-carbon economy, the impact on the traditional industrial structure and the formation of a new economic landscape make China, a developing country, eager to seize this opportunity to enhance its international competitiveness. To achieve this, it is necessary to establish a low-carbon concept, to actively restructure industrial and develop low-carbon industries; only in this way can we take advantage of the new round of industrial restructuring and grasp the initiative of development. Therefore, this paper selects data from enterprises in the emerging low-carbon industry, and uses a SVAR model to conduct a dynamic interaction analysis between government subsidy intensity, enterprise profitability, asset growth capacity and enterprise size. The results of the study show that the intensity of government subsidies in the first period has a certain positive effect on a company’s current profitability and asset growth, the improvement being most significant on its profitability. Among the larger companies, asset growth and profitability in the first period had a significant positive impact on current earnings, and the contribution of profitability to the company’s own performance was much larger than the average; among the smaller companies, asset growth and profitability in the first period had a significant positive impact on current earnings, and the contribution of asset growth to the company’s own performance was much larger than the average. The intensity of prior government subsidies in the Highs group has a significant positive relationship with the intensity of current government subsidies, the firm’s asset growth capacity and profitability; the intensity of prior government subsidies in the Lows group only has a significant positive impact on the asset growth capacity in the current period. In addition, the interaction between the three core variables in the Highs group is also significantly higher than that in the Lows group. This indicates that the government should implement differential policies and financial subsidies according to the actual needs of enterprises to maximize the effect of capital use and promote the development and growth of emerging enterprises.

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“…Fiorillo et al [45] analyzed more than 6000 listings in 56 countries and found that corporate green innovation was positively correlated with the number of equity analysts tracking companies. Li and Shen [46] conducted empirical tests and concluded that cities with higher levels of happiness had higher levels of green innovation among the listed companies. Wang et al [47] found through their analysis of Chinese construction companies that the political affiliation of enterprises has a significant positive impact on green innovation.…”

Section: Enterprise Green Innovationmentioning

confidence: 99%

Analysis of Regional Social Capital, Enterprise Green Innovation and Green Total Factor Productivity—Based on Chinese A-Share Listed Companies from 2011 to 2019

et al. 2022

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At present, social capital is considered to be one of the important reasons for promoting economic development and causing regional economic differences, but in the existing research, there is little literature on the impact of regional social capital on enterprises’ green innovation behavior and green total factor productivity (GTFP), so this paper aims to enrich the research in this area. This paper builds a regional social capital evaluation index system and uses the super-SBM model to measure the enterprise GTFP. Then, this paper brings regional social capital, enterprise green innovation and GTFP into a unified framework for the first time and further reveals the quantitative relationship between the three by using OLS and Tobit two-step methods based on the panel data of 30 provinces from 2011 to 2019. The results show that regional social capital has a positive effect on enterprise GTFP and green innovation (except for strategic green innovation output), enterprise green innovation output has a positive role in promoting GTFP, and enterprise green innovation capital investment has a masking effect between regional social capital and GTFP. Furthermore, the expansive study finds that there are differences in the impact of regional social capital on green innovation and the GTFP of heterogeneous enterprises, and financing constraints have a positive regulatory effect on the relationship between regional social capital and the GTFP of state-owned enterprises, while having an inhibitory effect on the GTFP of private enterprises. Fiscal decentralization has a partial mediating effect between regional social capital and enterprise GTFP, while urbanization and CO2 emissions have a masking effect. Additionally, this paper aims to provide a reference for the improvement of regional social capital theory, the strategic choice of green innovation of enterprises, and the high-quality development of the economy.

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Regional Happiness and Corporate Green Innovation: A Financing Constraints Perspective

Cited by 17 publications

References 99 publications

Environmental, Social, and Corporate Governance (ESG), Life Cycle, and Firm Performance: Evidence from China

Environmental, Social, and Corporate Governance (ESG), Life Cycle, and Firm Performance: Evidence from China

Study on the Interaction Effect between the Intensity of Government Low-Carbon Subsidies and the Growth Ability of Green and Low-Carbon Emerging Enterprises

Analysis of Regional Social Capital, Enterprise Green Innovation and Green Total Factor Productivity—Based on Chinese A-Share Listed Companies from 2011 to 2019

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