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Fintech, as the fusion of finance and technology, has not only transformed the traditional financial industry and contributed to reshaping the real economy. But also, it holds the potential to offer a feasible solution for achieving green and sustainable development. This paper investigates the impact of Fintech on corporate carbon emissions (CCEs) by using data from the National Tax Survey Database (NTSD). The results suggest that Fintech development leads to a reduction in CCEs. Our findings remain robust even after using the instrumental variable approach to alleviate endogeneity problems. The mechanism analysis reveals that Fintech reduces CCEs via alleviating financing constraints, improving energy efficiency, and promoting green innovation. Heterogeneity analysis demonstrates that Fintech dramatically decreases CCEs from coal energy consumption, while increasing CCEs from consuming power and gas energy. Additionally, carbon emissions from state‐owned and foreign companies experience a more pronounced reduction through Fintech compared to those from private firms. Furthermore, firms in eastern and middle regions are more vulnerable to Fintech development. Moreover, enterprises in non‐high‐tech industries and high‐polluting industries exhibit noteworthy performance in reducing carbon emissions through Fintech adoption. This research offers policymakers a path to effectively govern CCEs and achieve their carbon reduction targets.
Fintech, as the fusion of finance and technology, has not only transformed the traditional financial industry and contributed to reshaping the real economy. But also, it holds the potential to offer a feasible solution for achieving green and sustainable development. This paper investigates the impact of Fintech on corporate carbon emissions (CCEs) by using data from the National Tax Survey Database (NTSD). The results suggest that Fintech development leads to a reduction in CCEs. Our findings remain robust even after using the instrumental variable approach to alleviate endogeneity problems. The mechanism analysis reveals that Fintech reduces CCEs via alleviating financing constraints, improving energy efficiency, and promoting green innovation. Heterogeneity analysis demonstrates that Fintech dramatically decreases CCEs from coal energy consumption, while increasing CCEs from consuming power and gas energy. Additionally, carbon emissions from state‐owned and foreign companies experience a more pronounced reduction through Fintech compared to those from private firms. Furthermore, firms in eastern and middle regions are more vulnerable to Fintech development. Moreover, enterprises in non‐high‐tech industries and high‐polluting industries exhibit noteworthy performance in reducing carbon emissions through Fintech adoption. This research offers policymakers a path to effectively govern CCEs and achieve their carbon reduction targets.
It is well documented that less risky assets tend to outperform their riskier counterparts across asset classes. This paper provides a structured summary of the current state of literature regarding this so-called low-risk anomaly. It provides an overview of empirical findings across implementation methodologies and asset classes. Furthermore, it presents the most prevailing causes, which are namely exposure to other factors, coskewness risk, investor constraints, behavioral biases, and agency problems. The paper concludes that despite some critiques there are good reasons to believe that the low-risk anomaly can be evaluated as an investment factor. It also identifies that more research is required to disentangle the proposed causes to fully understand the big picture of the anomaly with certainty.
PurposeThe main objective of this research is to analyze the dynamics of academic research on digital entrepreneurship and innovation, unveiling the main research trends developed in the last decade.Design/methodology/approachThe analysis has been carried out using a dual methodological approach comprising bibliometric methods and an innovative three-level systematic review, involving the analysis of the most used keywords, the co-occurrence network of keywords and a traditional review of the abstracts of the 1713 peer-reviewed articles that make up the database under study, with the aim of revealing and discussing the most important research trends developed in the period analyzed.FindingsThe results reveal seven major research trends that underscore the fundamental role of digital platforms in democratizing innovation, enabling a more inclusive and collaborative environment wherein startups, established firms, academia and government entities converge to drive technological advancements and societal progress. Additionally, the pressing need for a holistic understanding of digital technologies' potential to spur economic growth, societal progress and sustainable development is highlighted, as well as the challenges posed by privacy, security and the digital divide.Originality/valueThis research has been developed using an innovative methodology, and contributes to the academic discourse by providing a comprehensive overview of the current state and prospects of digital entrepreneurship and innovation for policymakers, entrepreneurs and researchers, urging a collaborative effort to harness the benefits of digital transformation in an equitable and responsible manner, fostering an environment of innovation that is conducive to the sustainable growth of the digital economy.
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