Jie Zhang , Huiru Wei , Kuiran Yuan , Xiaodong Yang
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New industrial policy and corporate digital transformation: Empowering or impairing? Emerging evidence from green credit policy
The Green Credit Policy (GCP) is a vital governmental practice promoting green development through financial support. This study employs a Difference-in-Differences method to investigate the impact of GCP on the digital transformation of firms (DT) using data from Chinese A-share listed companies spanning 2007 to 2022. Results reveal that the DT is significantly inhibited after the government implements GCP. This inhibitory effect is mainly produced by reducing technological innovation, increasing environmental protection investment, and strengthening financing constraints. This study also identifies that increased government investment in digital infrastructure, increased marketization, and enhanced R&D backgrounds of executives can potentially diminish the negative impact of GCP on DT. Our findings contribute to a better response to the climate challenge and provide valuable references for accelerating DT.
期刊介绍：
Energy Economics is a field journal that focuses on energy economics and energy finance. It covers various themes including the exploitation, conversion, and use of energy, markets for energy commodities and derivatives, regulation and taxation, forecasting, environment and climate, international trade, development, and monetary policy. The journal welcomes contributions that utilize diverse methods such as experiments, surveys, econometrics, decomposition, simulation models, equilibrium models, optimization models, and analytical models. It publishes a combination of papers employing different methods to explore a wide range of topics. The journal's replication policy encourages the submission of replication studies, wherein researchers reproduce and extend the key results of original studies while explaining any differences. Energy Economics is indexed and abstracted in several databases including Environmental Abstracts, Fuel and Energy Abstracts, Social Sciences Citation Index, GEOBASE, Social & Behavioral Sciences, Journal of Economic Literature, INSPEC, and more.
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