{"title":"Innovation-driven development and corporate green innovation","authors":"","doi":"10.1016/j.frl.2024.106008","DOIUrl":null,"url":null,"abstract":"<div><p>This study investigates the impact of innovation-driven development on corporate green innovation. Leveraging China's national innovation-driven pilot policy as a quasi-natural experiment, we employ a difference-in-differences (DID) approach to demonstrate that this policy significantly boosts corporate green innovation. Our findings reveal three key mechanisms through which innovation-driven development fosters green innovation: stimulating R&D investment, enhancing green innovation efficiency, and promoting corporate social responsibility. Heterogeneity analysis indicates that the policy's effects are more pronounced for firms with higher analyst attention, stricter financing constraints, and more stringent environmental regulations.</p></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":null,"pages":null},"PeriodicalIF":7.4000,"publicationDate":"2024-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Finance Research Letters","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1544612324010389","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
This study investigates the impact of innovation-driven development on corporate green innovation. Leveraging China's national innovation-driven pilot policy as a quasi-natural experiment, we employ a difference-in-differences (DID) approach to demonstrate that this policy significantly boosts corporate green innovation. Our findings reveal three key mechanisms through which innovation-driven development fosters green innovation: stimulating R&D investment, enhancing green innovation efficiency, and promoting corporate social responsibility. Heterogeneity analysis indicates that the policy's effects are more pronounced for firms with higher analyst attention, stricter financing constraints, and more stringent environmental regulations.
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