The causal effect on firm performance of China's financing–pollution emission reduction policy: Firm-level evidence

Zhang, Dongyang; Vigne, Samuel A.

doi:10.1016/j.jenvman.2020.111609

Cited by 111 publications

(49 citation statements)

References 32 publications

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“…Sun et al ( 2019 ) found that China’s green credit policy effectively encouraged enterprises to reduce water pollution. Zhang and Vigne ( 2021 ) found similar results that green credit significantly reduced pollution emissions in China. Dong et al ( 2020a ) took China’s provincial panel data as research sample, finding that green lending helped developing countries address environmental pollution problems.…”

Section: Institutional Background and Literature Reviewmentioning

confidence: 65%

“…Furthermore, the environment-related innovation induced by green credit policy can promote green total factor productivity (Zhang 2021 ). However, Wen et al ( 2021a ) found the opposite results within energy-intensive industries; that is, the GCG reduced allocation efficiency of bank credit and negatively affected the total factor productivity of firms, while Zhang and Vigne ( 2021 ) argued that the negative effects of green credit policy on firm performance were weakened in a dynamic process. In addition, the green credit can be an important factor in moderating the relationship between different activities of enterprises.…”

Section: Institutional Background and Literature Reviewmentioning

confidence: 99%

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The local-neighborhood effect of green credit on green economy: a spatial econometric investigation

Lei

Wang

Zhao

et al. 2021

Environ Sci Pollut Res

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Green credit is one of the most important financial instruments to promote sustainable development. Taking the provincial panel dataset of China as the research sample, this paper investigates the spatial impacts of green credit on the green economy. The super slack-based measure (Sup-SBM) model with undesirable outputs is employed to calculate the level of green economy within China. On this basis, we establish spatial Durbin models to study the impact of green credit on green economy and its transmission mechanisms. The results show that green credit exhibits a local-neighborhood effect on green economy; that is, the green credit can not only improve the local green economy but also generate spatial spillover effect to promote the development of green economy in surrounding areas. The above conclusion still holds after the robustness test by replacing spatial weight matrices and alternative measurement for the explained variable. Furthermore, enhancing innovation efficiency and optimizing energy structure are important ways for green credit to promote green economy. The findings of this study not only provide a new perspective for understanding the economic consequences of green credit policy but also provide empirical evidence for the important role of green finance in achieving the win-win goals of economic growth and environmental protection. Supplementary Information The online version contains supplementary material available at 10.1007/s11356-021-15419-8.

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Section: Institutional Background and Literature Reviewmentioning

confidence: 65%

Section: Institutional Background and Literature Reviewmentioning

confidence: 99%

The local-neighborhood effect of green credit on green economy: a spatial econometric investigation

Lei

Wang

Zhao

et al. 2021

Environ Sci Pollut Res

View full text Add to dashboard Cite

show abstract

“…We conclude that when faced with negative external shocks, R&D-processing OFDI enterprises are less dependent on the flow of human and material resources, and with the support of Internet technology, they can still maintain their original scales of development. In the face of common negative shocks, cooperation among countries can help enterprises acquire rigorous local management modes and absorb R&D capabilities ( Zhang & Vigne, 2021 ). For example, there is a certain reverse technology spillover effect in the healthcare industry, promoting the sustainable and stable development of OFDI enterprises.…”

Section: Resultsmentioning

confidence: 99%

Does technology-seeking OFDI improve the productivity of Chinese firms under the COVID-19 pandemic?

Wong

Chen

Peng

et al. 2022

Global Finance Journal

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“…As stakeholders are concerned more about the environment, environmental technologies may play a significant role in mitigating financing constraints. China has been implementing a green loan policy as a trial to control pollution and protect the environment through financial systems [ 29 ]. For enterprises, the impact of environmental technologies on corporate financing may be achieved through green loans.…”

Section: Literature Review and Hypothesesmentioning

confidence: 99%

Are Clean Technologies More Effective Than End-of-Pipe Technologies? Evidence from Chinese Manufacturing

Jiang-hong

et al. 2021

IJERPH

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An increasing number of manufacturing enterprises are adopting environmental technologies to cope with the increasingly severe environmental regulatory pressure, but the existing studies about the impact of environmental technologies on economic performance come up with mixed results. This paper contributes to the literature by using the financial constraints and market advantages as a dual mediating process in this relationship. An empirical test using a sample of Chinese manufacturing enterprises listed in the Shanghai and Shenzhen exchange from 2011 to 2018 is established. The results of regression analyses show that end-of-pipe technologies and clean technologies have a positive effect on firms’ economic performance. Moreover, we find that clean technologies not only directly affect economic performance but also indirectly affect economic performance through mitigating financial constraints. With the negative influence of end-of-pipe technologies on market advantages, the positive economic effect caused by end-of-pipe technologies is weakened. This research provides useful insights into the selection of environmental technologies for manufacturing firms and the establishment of new policies to promote green finance and green consumption.

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The causal effect on firm performance of China's financing–pollution emission reduction policy: Firm-level evidence

Cited by 111 publications

References 32 publications

The local-neighborhood effect of green credit on green economy: a spatial econometric investigation

The local-neighborhood effect of green credit on green economy: a spatial econometric investigation

Does technology-seeking OFDI improve the productivity of Chinese firms under the COVID-19 pandemic?

Are Clean Technologies More Effective Than End-of-Pipe Technologies? Evidence from Chinese Manufacturing

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