{"title":"Green innovation of heavily polluting enterprises under environmental liability insurance: Evidence from Chinese listed companies","authors":"Wenyue Zhang , Jinjun Ke , Chuanwang Sun","doi":"10.1016/j.techfore.2024.123532","DOIUrl":null,"url":null,"abstract":"<div><p>We construct a novel data set of heavily polluting listed companies on the A-share stock market in China that applied for environmental liability insurance in 2014 and 2015. Our study aims to scrutinize the influence and underlying mechanisms of green insurance policies on enterprises' green innovation endeavors. The findings indicate that environmental liability insurance promotes green innovation achievements of enterprises. This positive impact is more pronounced in non-state-owned entities, firms without political affiliations, businesses known for their high information transparency, and locations with well-established legal structures and stringent environmental regulations. Mechanism tests unveil three pathways through which green insurance policies exert this favorable influence: mitigating external financing constraints, promoting environmental management certification, and encouraging environmental information disclosure. This paper provides new evidence for evaluating the role of environmental insurance within developing economies. Furthermore, it carries significant policy implications for promoting ecological civilization and high-quality economic development.</p></div>","PeriodicalId":48454,"journal":{"name":"Technological Forecasting and Social Change","volume":null,"pages":null},"PeriodicalIF":12.9000,"publicationDate":"2024-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Technological Forecasting and Social Change","FirstCategoryId":"91","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0040162524003287","RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS","Score":null,"Total":0}
引用次数: 0
Abstract
We construct a novel data set of heavily polluting listed companies on the A-share stock market in China that applied for environmental liability insurance in 2014 and 2015. Our study aims to scrutinize the influence and underlying mechanisms of green insurance policies on enterprises' green innovation endeavors. The findings indicate that environmental liability insurance promotes green innovation achievements of enterprises. This positive impact is more pronounced in non-state-owned entities, firms without political affiliations, businesses known for their high information transparency, and locations with well-established legal structures and stringent environmental regulations. Mechanism tests unveil three pathways through which green insurance policies exert this favorable influence: mitigating external financing constraints, promoting environmental management certification, and encouraging environmental information disclosure. This paper provides new evidence for evaluating the role of environmental insurance within developing economies. Furthermore, it carries significant policy implications for promoting ecological civilization and high-quality economic development.
期刊介绍:
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