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Purpose: This paper aims to review the literature extensively by analysing recent work and providing a guide for models, data sets and research findings. Design/methodology/approach: This paper reviews the literature extensively by analysing recent work and providing a guide for models, data sets and research findings within the context of capital market imperfections. The authors further break down the literature into closer-in-nature categories for reader's convenience and comprehension. Finally, the authors address gaps in the existing literature and propose government policies that can tone down the potential effect of credit rationing on employment. Findings: This paper provides a map of the literature so as to help future researchers in the relevant literature and give a short insight of what has been explored so far. Originality/value: This paper is original and is the result of a thorough review of an extensive literature. [ABSTRACT FROM AUTHOR]

This paper revisits the policy drivers of the substantial household credit boom experienced in recent decades. While existing work has typically pointed to the retreat of the state, deregulating and substituting public safety nets by private credit, this paper brings the focus to the active use by governments of 'fiscal policy as credit policy' through homeownership subsidization. In this context, the paper introduces a new unique dataset of 550 homeownership subsidies adjustments in 51 advanced and emerging countries since 1990, which brings two important contributions. First, I show that these fiscal subsidies have been increasingly used since the 1990s and significantly contributed to the easy credit stance up to the global financial crisis in both advanced and emerging countries. Second, using panel fixed effects regressions, I find that these subsidies, and notably mortgage interest deductibility, are indeed significantly associated with household/mortgage credit expansion, with crucial distributional and financial stability implications. [ABSTRACT FROM AUTHOR]

Green credit is changing industrial structure and corporate behavior, but little attention has been paid to the relationship between green credit and corporate cash management behavior. Based on the typical fact that the allocation of traditional bank credit funds is biased towards heavily polluting industries and the exogenous impact event of green credit policy, this paper takes A-share listed companies in China's capital market from 2008 to 2015 as samples, and uses the DID model to investigate the impact of green credit policy on excess cash holdings of heavily polluting enterprises. The findings indicate that the green credit policy has reduced the excessive cash holdings of heavily polluting enterprises, suggesting that it can correct the issue and align their cash holdings with the requirements of normal production and operations. The mechanism test demonstrates that the green credit policy can alleviate agency conflicts and influence enterprise cash holdings. Moreover, a cross-sectional investigation reveals that the inhibitory effect of the green credit policy on cash holdings is more pronounced in large-scale and state-owned enterprises compared to small-scale and non-state-owned enterprises. Finally, an analysis of the economic consequences reveals that the green credit policy indirectly enhances corporate value by reducing excessive cash holdings. Based on this, banks and financial institutions continue to treat the credit granting of heavily polluting enterprises cautiously, optimize the structure of green financial products, fully consider the different types and nature of customers, and develop differentiated lending conditions and diversified evaluation mechanisms. This paper has enriched the research on the economic consequences of green credit and the influencing factors of corporate cash holdings, and provided policy enlightenment for regulators and listed companies to correctly understand and make full use of green credit policies to keep corporate cash stable through the crisis. [ABSTRACT FROM AUTHOR]

Purpose: As an effective tool to promote rational resource allocation and facilitate the development of green management practices such as enterprise digital innovation, the green credit policy has recently gained extensive attention. The purpose of this paper is to analyze the relationship between green credit policies and the digital innovation of enterprises, and to further explore the mechanism of action between them and their boundary conditions. Design/methodology/approach: Based on micro-level data on Chinese firms from 2007 to 2019, this paper constructs a difference-in-differences (DID) model to investigate the impact and intrinsic mechanisms of green credit policies on firms' digital innovation and its boundary conditions, with the help of a quasi-natural experiment, i.e. the Green Credit Guidelines. Findings: Green credit policies inhibit digital innovation and fail to compensate for innovation. The analysis of the mechanism shows that the implementation of green credit policies has a negative impact on digital innovation by increasing the financing constraints faced by firms, and has also a crowding-out effect on R&D investment, resulting in a disincentive to digital innovation. Further analysis reveals that the negative impact of green credit policies on digital innovation is more pronounced in state-owned enterprises, enterprises without financially experienced executives, and in the eastern regions of China. Originality/value: This study provides empirical evidence to understand the effectiveness and mechanism of influence of green credit policies on enterprise digital innovation, providing also a basis to further improve green credit policies. [ABSTRACT FROM AUTHOR]

This paper analyses the impact of US monetary policy on external debt and credit growth in emerging market economies (EMEs) during the COVID-19 period. Using quarterly data from 13 EMEs and employing a panel autoregressive methodology, the study reveals the following key findings: First, global monetary policy plays a vital role in determining external debt and credit availability in EMEs during the COVID-19 period. Second, the global monetary expansion during the COVID-19 crisis led to the accumulation of external debt through the risk-taking channel of the exchange rate. Third, weak domestic monetary policy transmission hinders the stabilization of credit growth. The empirical findings suggest that the central bankers to choose an optimum policy mix to stabilize the economy during crisis. [ABSTRACT FROM AUTHOR]

This paper investigates the relationship between credit constraints encountered by small- and medium-sized enterprises (SMEs) and their propensity to engage in pollution prevention and control practices in developing and transition countries. Using data from the Enterprise Surveys conducted in 2018–2020 and applying a Poisson model, we find that credit rationing is negatively associated with SMEs' environmental performance. However, family ownership, human capital, and political networks seem to mitigate this negative relationship. Therefore, credit rationing appears particularly detrimental for the environmental footprint of those firms, which are less likely to pursue nonfinancial goals, and have a lower capability to seize green investment opportunities by successfully accessing and using alternative means of financing. Our study provides insights for policy makers to promote policy aimed at encouraging national and international financial institutions to provide SMEs funds for green practices. Moreover, governments should support training programs to improve SMEs employees' skills. [ABSTRACT FROM AUTHOR]

Green credit policy, as an environmental regulation instrument in the financial sector, is gradually having an impact on corporate performance in environmental, social, and corporate governance (ESG). Based on the implementation of the Green Credit Guidelines policy, this paper investigates the impact of green credit policies on corporate ESG performance from 2011 to 2019 using the double‐difference propensity score matching method (PSM‐DID) and the Heckman two‐stage method, using a sample of A‐share listed companies. It was found that the implementation of the Green Credit Guidelines effectively improved the ESG performance of firms in green credit‐restricted industries relative to non‐green credit‐restricted industries. It is further found that this is mainly due to the increased green focus of corporate executives, while the incremental effect of green credit policies on corporate ESG performance is further strengthened by the increased quality and quantity of corporate green technology innovation. Finally, heterogeneity analysis reveals that the boosting effect of green credit policy on ESG performance of enterprises in green credit‐restricted industries is more prominent in the sample of enterprises with more analyst attention, less financially developed regions and private ones. How to leverage the green credit policy dividend to enhance the ESG performance of enterprises, further refine, and improve the green credit policy to help enterprises' sustainable development are the most direct policy implications of this paper. [ABSTRACT FROM AUTHOR]

To achieve a competitive advantage, corporations are growingly adopting strategies to effectively promote their market demand. Trade credit payment and pricing strategies provided by corporates can efficiently influence customers' purchasing behavior. Although granting a trade credit strategy can increase corporations' market share, such a strategy is a risk-based financing program for corporations. Therefore, corporates should choose whether to use trade credit financing in their long-term. This paper proposes an analytical model to investigate the evolutionary behaviors of retailers regarding pricing and trade credit strategies in the long term. In the study under investigation, retailers can use two financing strategies: risk-based trade credit and non-trade credit (i.e., pricing). This study provides both numerical and analytical findings. Our findings demonstrate that the risk-based trade credit strategy is the stationary financing solution for retailers in the long term. The result indicates that when customers are financially constrained, providing a trade credit scheme to customers is a successful marketing policy in both short-term and long-term frameworks. [ABSTRACT FROM AUTHOR]

This paper investigates whether green credit policy can mitigate firms' financialization. Using data from Chinese non-financial public listed firms during 2008 to 2019, we take the green credit policy promulgated in 2012 as a quasi-natural experiment and find that: (1) the green credit policy can reduce firms' entrusted loans, especially affiliated entrusted loans. Moreover, the governance effect exerted by banks' green credit policy reduces free cash flow and excess cash in heavily polluting firms, as shown in mechanism analysis. (2) The profit-seeking incentive dominates shadow banking activities in heavily polluting enterprises. (3) The 2012 green credit guidelines reduce entrusted loans maturity but increase the interest rate. The findings of this paper provide market-oriented insights into the regulation of shadow banking activities. This research also contributes to the literature on the effects of green credit policy by exploring their impact on firm shadow banking activities, and takes one step further to investigate the effect of green credit policy on firms' entrusted loans. This paper also sheds light on how green credit policy can alleviate the imperfections and distortions of financial markets in the emerging market. [ABSTRACT FROM AUTHOR]

Taking the green credit policy in 2012 as a quasi-natural experiment, this paper uses the difference-in-differences method to explore the impact of green credit policy on enterprises' financial asset allocation and the moderating effect of government subsidy. We find that green credit policy significantly promotes the financial asset allocation of heavy-polluting enterprises, which is mainly reflected in short-term liquid financial investment, thus supporting the precautionary motivation of holding financial assets. The mechanism analysis shows that green credit policy promotes the financial asset allocation of heavy-polluting enterprises by reducing the scale of debt financing and increasing the financing cost. Government subsidy can significantly weaken the promoting effect of green credit policy on enterprises' financial asset allocation, and there is heterogeneity due to the regional environmental regulation intensity and financial development level. Further analysis shows that the negative moderating effect of government subsidy on green credit policy and enterprises' financial asset allocation significantly promotes the "shifting form virtual to real" of heavy polluting enterprises by reducing financial asset allocation. This paper discusses the impact of green credit policy on financial asset allocation of heavy-polluting enterprises in China and further clarifies the significant role of government subsidy in the process, so as to provide suggestions for government to control the "shifting from real to virtual" of enterprises. The results also provide an important reference for countries, especially developing countries, to implement green credit policy and government subsidy to achieve sustainable economic development. [ABSTRACT FROM AUTHOR]

The research is based on data for 43 non-financial enterprises listed on the Bulgarian Stock Exchange for the period 2018-2022. The results show a statistically significant positive relationship between the indicators of the trade credit policy and the term structure of the enterprises' debt in most years of the studied period. An indicator of the maturity structure of the debt in the study is the ratio Short-term debt/Total debt, and indicators of the trade credit policy of companies are the amount of receivables from customers and suppliers, the ratio Receivables from customers and suppliers/Short-term assets and the ratio Receivables from customers and suppliers/Total assets. This positive relationship is in accordance with the hypothesis of matching the maturities of the liabilities and the assets financed with them and reflects the desire of the companies to hedge the risk and reduce their costs on the borrowed resource. It is established that only in the first year of the Covid-19 pandemic in Bulgaria, there is no significant relationship between the trade credit policy and the maturity structure of the debt of public companies. The reasons for this are the sharp and unexpected deterioration of business conditions in the sectors affected by the pandemic, the strong increase in uncertainty, the disruption of supply chains and difficulties in accessing finance. [ABSTRACT FROM AUTHOR]

In today's business world, advertising is one of the most important policies to attract more customers. This policy increases the retailer's sales and makes the retailer's business position strong. In this paper, we have considered an integrated inventory model for non-instantaneous deteriorating items with a single supplier and single retailer, where a supplier sells his/her products in the market through a retailer who faces a stochastic demand depending on both retail price and advertisement. Here, to increase the retailer's demand, the supplier wholesales his/her products to the retailer with a credit period. Since the long credit period increases the demand rate but at the same time, it increases the supplier's opportunity loss. In this paper, we have discussed about the credit policy and find out, how this policy effective on profit of the supplier, the retailer as well as the whole system. After purchasing, the retailer sells his/her products to his customers with a markup. This markup is based on the supplier's wholesale price and also on advertising costs. Finally, an integrated profit function has been developed and we have illustrated numerical examples to justify the feasibility of the proposed model. The result indicates that not only the credit period but also an appropriate number of advertisements is more important for maintaining the profit of the supplier, the retailer as well as the integrated profit of the system. We have analyzed the effect of markup on the profit function. We have also analyzed how the profit structure of the suppliers and retailers changes along with the changes in the length of the credit period. An effective algorithm has been presented in the solution procedure to find the optimal solutions of the proposed model. Also, the numerical example with uniform distribution has been carried out. Finally, sensitivity analysis of major parameters has been illustrated to provide managerial insights [ABSTRACT FROM AUTHOR]

The article titled "2023: The Year that Our Planet's Environmental Signals Played Loud and Clear" discusses several global science policy alerts that occurred in 2023. The UN Water Conference highlighted the critical water crises facing the planet and called for renewed governance and economic thinking on water management. The presence of invasive species in ecosystems was also identified as a global issue, causing ecological damage and economic losses. Additionally, the urgency of climate change was felt more sharply in 2023, with record-breaking warming episodes and the need for effective adaptation policies. The article also mentions various papers and book reviews addressing climate change and environmental challenges, as well as a commentary on India's draft green credits policy. The journal aims to continue attracting globally relevant research in its eighth year of existence. [Extracted from the article]

Although the impact of interest rates, repayment periods, and loan scales on loan consequences has been extensively studied, little attention has been paid to the geographical distance involved in loan transactions. This study collects the addresses of borrowing companies, listed companies, and banks. Nonlocal loans can be distinguished because the regional segmentations in the lending industry reflect the features of provincial boundaries. Using data from Chinese A-share listed companies from 2007 to 2022, this research explores the causes of nonlocal loans and their impact on company innovation. Nonlocal loans are found to address the lack of local credit resources rather than financial constraints, supplementing disposable capital. This interregional circulation of credit resources facilitates innovation, particularly in financially undeveloped areas. This study does not detect research and development manipulation and recognizes the increase in innovation output. The findings have implications for credit resource allocation and balanced regional development. [ABSTRACT FROM AUTHOR]

With China's commitment to achieving a carbon peak and carbon neutralisation by 2030 and 2060, respectively, the government's requirements for enterprises to adopt green technology are becoming increasingly urgent. We established a tripartite evolutionary game model of an enterprise, government and bank. We analysed conditions for the existence of stable points and factors affecting the choice of stakeholder's strategy. The influence of the change in each parameter on the evolutionary stable strategy was further studied. We found that the government's reward, subsidy and taxes for enterprise's green technology innovation can increase the willingness of enterprises to implement green technology innovation, and the role of taxes is greater than that of subsidies. The preferential interest rate for green innovation is conducive to stimulating enterprises to engage in green innovation, but the increase in the cost of green credit will reduce the willingness of banks to provide green credit. With the increase in the subsidy, incentives and the cost of environmental regulation, the policy burden of the government will gradually increase, thus reducing the willingness of the government to implement environmental regulation policy. The research presented in this paper furthers work on the theoretical modelling of green credit and environmental regulation policy. [ABSTRACT FROM AUTHOR]

This paper investigates whether bank credit extended to the non-financial private business sector may be boosting regional economic growth in Mexico. For this purpose, a panel of annual data by state for the period 2005-2018 was constructed and dynamic model estimations were carried out using the Generalized Method of Moments (GMM). The results suggest that increases in the level of bank credit extended to private non-financial firms increased the state's GDP per capita growth, a result consistent with the emphasis in Mexico - and internationally - regarding the need to promote policy measures that stimulate the healthy development of a country's financial system. Furthermore, the research offers some counterfactuals to analyze the effect on a state's GDP per capita growth rate when it moves from a lower to a higher quartile within the CREDIT allocation. This analysis is therefore expected to reveal more information about the systemic efficiency of the banking system and better capture the contractual relationships between banks and their clients, something that is impossible to obtain from country-level data from international studies. [ABSTRACT FROM AUTHOR]

The green credit policy (GCP) is an institutional framework aimed at guiding enterprises towards green transformation and promoting high-quality development, which serves as a crucial tool for supporting the establishment of a green technology innovation system. In this study, utilizing the green credit guidelines as a quasi-natural experiment and constructed a continuous difference-in-difference (DID) model, examines the impact of GCP impact on enterprise green innovation and its internal mechanisms by analyzing data from Chinese A-share listed companies between 2006 and 2021. Our findings indicate that the GCP had a significant impact on enterprise green innovation, inhibiting companies from independently developing green innovation while promoting joint green innovation with other institutions; These results were robust and consistent, even after conducting several sensitivity analyses; This mechanism indicate that the commercial credit plays an important regulatory role in the process of GCP affecting green innovation of enterprises and the financing constraints act as an intermediary factor in the process of GCP affecting green innovation. Based on our research, we offer policy recommendations aimed at improving the GCP and fostering a market-oriented green technology innovation system. [ABSTRACT FROM AUTHOR]

This paper examines whether capital flow management and monetary policies effectively reduce credit growth in emerging market economies in the presence of both conventional and unconventional monetary policy actions undertaken by advanced economies. We apply a dynamic panel model with fixed effects to a sample of 21 emerging market economies from 2000 to 2020 using quarterly data and more continuous variables than in other studies rather than limiting the variability using proxies. We find that capital controls and macroprudential regulation, as tools of capital flow management policy, moderate credit growth. This effect is particularly shown in countries with tighter monetary conditions. Our main findings highlight the useful role of coordinating capital flow management and monetary policies. This role stands for both fixed and flexible exchange rate regimes. Lastly, we find capital flow management and monetary policies manage to control credit in normal periods, but their coordination is less effective during crises and high volatility periods. Robustness checks suggest that these findings are stable across alternative proxies used in the literature, thus providing additional support for the validity of our results. [ABSTRACT FROM AUTHOR]

The structural effects of monetary policy and these effects impact on credit allocation are crucial facets of monetary policy research. This study initially estimates China's monetary policy based on the GDP growth target and CPI target found in the Chinese Government's Annual Work Report. Subsequently, it quantifies the extent of credit misallocation among Chinese firms using data from listed companies from the years 2013 to 2022. Finally, we empirically investigate the repercussions of expansionary monetary policy shocks on credit misallocation, focusing on micro-firms. Empirical findings reveal that expansionary monetary policy significantly exacerbates credit misallocation, particularly in underfinanced firms. Mechanistic analysis suggests that a preference for loan size in lending behavior constitutes a major factor contributing to credit misallocation among firms. [ABSTRACT FROM AUTHOR]

Using a sample of United Kingdom (UK) non-financial firms from 2009 to 2021, this paper examines the operating performance effect of aggressive and moderate use of trade payables and bank credit. The results demonstrate a hierarchical effect of the use of short-term credit on firms operating performance. In particular, the results show that aggressive use of bank credit achieves higher operating performance, followed by moderate use of trade payables and bank credit and then aggressive use of trade payables. We further document that operating performance of firms dealing in differentiated products, lower firm size, firms with higher market power and financially stable firms' increases with aggressive and moderate use of trade payables and bank credit. Overall, the results indicate that firm operating performance is an increasing function of bank credit use and demonstrate the importance of short-term credit policies on firms' operating performance. The results are robust after using a novel approach in addressing the issue of endogeneity. [ABSTRACT FROM AUTHOR]

Credit risk consists is the expectation of losses stemming from the inability of a borrower to repay a loan. For the purpose of accurate control of credit risks, banking systems seek developing financial information portfolios upon their customers using sophisticated models which are not only restricted to collecting information on borrower's characteristics, but also, provide visibility on their respective default risk. This paper introduces a novel deep learning model to forecast the credit risk of company customers in banking systems. In particular, we develop a hybrid SVMLSTM based neural network that predicts the total turnover of a company given the historical data records of its economic and financial features within specific periods. Through an empirical investigation based on data of 13 Tunisian manufacturing and service companies, we show that our proposed model results in more accurate statistical performances compared to the standard LSTM and to the linear regression that is commonly used in the area of credit risk management. [ABSTRACT FROM AUTHOR]

In this paper, we revisit the inventory models featuring two trade credit policies as originally proposed by Hsieh, Chang, Dye, and Weng in their work published in the International Journal of Information and Management Sciences (2009, Vol. 20, pp. 191-204). Our analysis focuses on the computation of interest earned within these models, revealing certain questionable outcomes. Subsequently, we offer a revised perspective aimed at addressing the identified issues, thereby contributing to the enhancement of their significant contributions in the field. [ABSTRACT FROM AUTHOR]

Changes to access to credit can potentially cause changes to the returns to various factors—general equilibrium (GE) effects. This paper considers changes in wages, prices of goods and services, interest rates, and in the returns to forming or maintaining social ties. Such GE effects can lead to positive and/or negative indirect effects on economic agents, including those who are not directly affected by a given credit policy. Thus such effects matter for the average level and distribution of impacts resulting from credit access. In addition, GE effects have implications for research design, in that those who are indirectly affected via GE channels are generally not a valid counterfactual for those who are directly affected. [ABSTRACT FROM AUTHOR]

We use the 2012 Green Credit Guidelines as a quasi-natural experiment and data from A-share listed companies from 2008–2020 to examine the effect of green credit policy on firm productivity and its mechanism of action. The results show that the green credit policy significantly inhibits improvements in firm productivity. The inhibitory effect still holds after a series of robustness tests, such as the difference-in-differences propensity score matching method, placebo test, and change in the timing of policy shocks. The mechanism of action test reveals that credit resource allocation, financing constraints and business credit are important channels through which green credit policy can reduce firm productivity. The heterogeneity test reveals that the inhibitory effect of green credit policy on firms' productivity improvements in restrictive industries is more significant for private firms, smaller firms, and inland regions. The policy implication of the findings of this paper is mainly to improve the green credit policy guarantee mechanism and policy implementation using the market as the main body, with the goal of realizing the synergistic development of policy implementation and environmental protection and of promoting rational resource allocation. [ABSTRACT FROM AUTHOR]

This paper investigates the impact of China's environmental regulations, with a focus on the green credit policy, on green innovation in pursuit of the "carbon peak and carbon neutrality" goal. Given the implementation of the 2012 Green Credit Guidelines, this paper employs the Difference-in-Difference Method (DID) and conducts a quasi-natural experiment to empirically examine the interactions among the central government, local governments, and high-pollution and high-emission enterprises by exploring the impact of green credit policies on green innovation of these enterprises. Relying on 4503 samples of 237 high-pollution and high-emission enterprises listed in the main board in China from 2003 to 2021, this study reveals that the green credit policy can improve green innovation of these enterprises. Specifically, this study explores the detailed mechanism through which the green credit policy enables these enterprises to increase their market concentration and then the monopoly profits, which in turn promotes their green innovative productivity. In addition, this paper also reveals how local governments' political and financial incentives may serve as positive and negative moderating factors, respectively, within the impact mechanism. This study has valuable implications for how to effectively formulate and implement environmental regulations by balancing the interests of the central government, local governments and enterprises. [ABSTRACT FROM AUTHOR]

The significance of product freshness is heightened by the health-conscious market and the current circumstances. The quality of the product declines with time. In this case, the retailer implements a strategy of gradually reducing the selling price over time to mitigate the effects of product degradation. As a consequence, demand keeps growing over time. The demand for a product depends upon both its freshness and the price at which it is sold. In this research, a suggested retailer-customer supply chain for a fresh produce item is examined. The retailer implements a partial credit policy for the customer in order to increase the retailer's order volume. The credit amount and credit period are found to be time-dependent in an increasing way. The optimal choice is determined by maximizing the total profit derived from the system. An optimization technique called particle swarm is developed, evaluated, and employed for the search process. According to the findings of this study, even if a merchant extends the credit term while a fresh product's quality declines, overall profit will not improve since buyers would not jeopardize their health. A few examples are used to illustrate the concept. [ABSTRACT FROM AUTHOR]

This study examines the effect of the 2012 introduction of the "Green Credit Guidelines" on the Environmental, Social, and Governance (ESG) performance of polluting enterprises listed on the Chinese A-share market from 2009 to 2019. Using a quasi-natural experiment framework, we employ a difference-in-differences model to evaluate the effectiveness of this green credit policy. Our analysis suggests that the green credit policy significantly hinders the ESG performance of polluting enterprises due to the "crowding out effect." Further investigation reveals that a notable decrease in green innovation, especially in its quality, impedes ESG improvements for these enterprises. Notably, the negative effects are more pronounced for non-state-owned enterprises. Our study provides valuable insights into the dual effects of the green credit policy, highlighting its potential to restrict financing options for polluting enterprises but crowd out resources allocated for environmental projects. To address these challenges, we propose practical strategies aimed at transforming the dual effects into dual benefits, optimizing both economic and environmental effects, and enhancing the overall effectiveness of the policy. [ABSTRACT FROM AUTHOR]

A reasonable leverage ratio is conducive to the sustainable development of the enterprise. During the green transformation stage of China's economic structure, improving the relevant credit policies to support green development has become an urgent need for the relevant government departments in China. This study first systematically analyzes the influence of excessive debt on green technology innovation (GTI) using the data of China A-share listed companies from 2007 to 2020. The empirical results showed that the excessive debt of enterprises significantly restricted their GTI. Excessive debt had a significant negative impact on the GTI of non-state owned enterprises (non-SOEs) and enterprises that did not implement the ISO 14001 environmental management system (EMS) certification. However, its impact on SOEs and enterprises adopted the ISO 14001 EMS was insignificant. The excessive debt mainly inhibited enterprise innovation by affecting the R&D investment of enterprises and raising the debt cost of enterprises. This study supplemented the relevant studies on the economic consequences of corporate debt deviation with different enterprises. [ABSTRACT FROM AUTHOR]

This paper uses a double-difference model to test the impact of green credit policy on the default risk of heavy polluters based on the data of China listed companies from 2008 to 2021. It is found that green credit policy can significantly reduce the default risk of heavy polluters, and the reduction effect is more significant in state-owned enterprises. Further mechanism tests show that green credit policy reduces default risk by guiding heavily polluting firms to reduce financial leverage. Government environmental regulation and corporate green innovation capacity affect the role of green credit policy on corporate default risk. With the strengthening of regional environmental regulations and the enhancement of corporate green innovation capabilities, the effect of green credit policies in diminishing the default risk for companies with high pollution levels is increasingly evident. This study not only enriches the literature on green credit but also demonstrates the effectiveness of directing banks and various financial entities to allocate resources reasonably, guiding heavily polluting enterprises to control risks, and steadily achieving green transformation. These findings hold significant implications for decision-making in designing environmental policy and management strategies. [ABSTRACT FROM AUTHOR]

Under the context of carbon peak and carbon neutrality, new energy vehicle (NEV) is considered as ultimate objective in development of automotive industry. To facilitate sustainable growth of automotive market and ensure a smooth transition for fuel vehicle (FV) enterprises, this paper constructs a tripartite evolutionary game model based on tripartite Hoteling model, which involving NEV enterprises, FV enterprises and governments. The herd effect and time-delay effect are considered to improve the tripartite evolutionary game. Results indicate that: (1) Fund feedback to NEV enterprises will counterintuitively decrease probability of active assistance from NEV enterprises. (2) Governments' willingness for strict involvement positively correlates with supervision costs but negatively correlates with additional benefits. (3) Time delay in funds leads to weak effect of high default penalties in promoting active assistance of NEV enterprises in early stage, but opposite situation appears in later stage. (4) Higher NEV production proportion counterintuitively stimulates FV enterprises to give up transition. (5) High rewards drive diffusion of herd effect, further increasing competition among vehicle enterprises leading to FV enterprises giving up transition. (6) Herd effect and time-delay effect increase dependence of FV enterprises on funds results in higher sensitivity of credit trading price compared to credit ratio requirement. [Display omitted] • Consider transition of FV enterprises to a tripartite evolutionary game model. • A tripartite evolutionary game model is integrated with tripartite Hoteling model. • Consider adaptive punishments for FV enterprises during the transition process. • Check impacts of two players on strategy choice of a third player at the same time. • Consider the herd effect and time-delay effect to improve the evolutionary game. [ABSTRACT FROM AUTHOR]

Employing the "Green Credit Guidelines" implemented in 2012 as the basis for a quasi-natural experiment, this study applies the method of Difference-in-Differences(DID) to investigate the influence of the Green Credit Policy on both the quantity and quality of enterprise innovation. The outcomes of our analysis reveal that the policy has significantly boosted both the quantity and quality of innovation among enterprises identified as heavy polluters. It is noteworthy that the policy's positive impact on innovation quantity surpasses its positive effect on innovation quality. This substantiates that the Green Credit Policy effectively generates incentivizing outcomes for innovation among the heavy polluters, thereby verifying Porter's hypothesis within the domain of green credit in China. Furthermore, we find that the positive impact is more significant for enterprises with lower innovation capabilities, large-scale enterprises, state-owned enterprises, and those situated in both the Eastern and Western regions. Through these findings, this study illuminates a novel perspective on the interplay between the Green Credit Policy and enterprise innovation dynamics in China. [ABSTRACT FROM AUTHOR]

Human activities have an increasingly serious impact on our natural surroundings. Hence, cutting-edge sustainable technologies are essential for both governmental agencies and the corporate sector as a pivotal means to safeguard the environment. This study aims to shed light on the function that corporate social responsibility (CSR) plays in enterprises by examining the relationship between green credit policy (GCP) and green innovation (GI). This research examines a total of 5,819 panels of Chinese listed businesses' data spanning from 2009 to 2021. The differences-in-differences (DID) model was used to assess hypotheses. The empirical results suggest that GCP has facilitated the adoption of GI by firms. GI in heavily polluting firms was elevated by 15% relative to the control group. The presence of CSR serves as a mediating and moderating factor in the relationship between GCP and the implementation of GI initiatives within firms. Lastly, based on the empirical results, relevant suggestions for optimizing GCP are proposed to achieve better environmental protection results. [ABSTRACT FROM AUTHOR]

This article studies the accounting and analysis of accounts receivable, particularly trade credit, as a key financial management tool within the global competitive environment. The authors explore theoretical and practical aspects of managing accounts receivable and methods to assess its impact on financial stability. Emphasis is placed on the theoretical justification for non-standard practices in accounting and analyzing trade credit as a separate asset, aiding in better risk identification of bad debts that affect enterprise viability. The study highlights that accounting entries for income registration result in constant receivables within assets, necessitating proper management strategies. Customer receivables, often from trade credit, require a dedicated debt management and collection policy to minimize operational risks. The authors point out that national and international accounting standards do not classify trade credit as a separate asset, complicating financial risk management and analysis. Effective management methods, including data collection on customer creditworthiness, are critical for financial stability. The article underscores the importance of systematizing empirical studies to support theoretical development in accounting and analyzing accounts receivable. Effective trade credit management is vital for enterprise competitiveness. The study employs dialectical and deductive approaches to draw logical conclusions on the relationship between receivable management and financial stability. The authors review Ukrainian and international legislation to identify legal aspects of receivables management. A high proportion of bills of exchange in receivables indicates customer credit risk, necessitating an effective credit policy. Recommendations include analyzing customer creditworthiness and using modern financial risk assessment methods. This article proposes approaches to accounting and analyzing accounts receivable, enhancing the scientific theory of financial management and improving the application of theoretical knowledge in modern economic management. [ABSTRACT FROM AUTHOR]

Promoting green and low-carbon development has become the consensus of the policymakers and the academic, with green transformation of enterprises being the top priority. This paper adopts the difference-in-difference model to investigate the effect of green credit policy on green transition in China, by utilizing the "Green Credit Guidelines" (2012 Guidelines) policy as a quasi-natural experiment. Using panel data from publicly listed companies in China, an empirical investigation is conducted, we explain the dependent variable from two dimensions: economic performance and environmental performance, leading to the following results. First, the green credit policy affects the economic performance and environmental performance of treated firms positively, and the robust tests confirm the reliability of this primary conclusion. Second, the indirect impact of green credit policy on green transition can be explained through two mediating mechanism channels including internal capacity building and external market attention. In addition, the proposal of "Dual Carbon Targets" makes the impact a slight change. Finally, heterogeneous test also shows that the implementation effect of green credit policy is better in non-state-owned enterprises with high political relevance. These findings are providing valuable insights to promote green transition by designing more effective green credit policies. • We identify the effect of green credit policy on green transition. • We employ multiple econometric models to ensure the robustness. • We provide the empirical evidence for heterogeneity. • We investigate the intermediary channels from two ways. [ABSTRACT FROM AUTHOR]

The development of new energy vehicles (NEVs) is one of the effective ways to alleviate carbon emissions, environmental pollution, and energy scarcity in the transportation sector. The Chinese government has innovatively proposed the "dual credit policy," but it is still a hot topic whether it can promote the NEVs' technological innovation. In this study, we construct game models and obtain the technological innovation strategies for NEVs under the dual credit policy, considering that the NEV supply chain contains one manufacturer and N suppliers. Further, we construct bargaining game models and study how to encourage manufacturers and suppliers to enhance technological innovation, realize supply chain coordination, and give the alliance strategy to maximize suppliers' profit. We found that the dual credit policy can effectively stimulate technological innovation, and the higher the credit price or technological innovation credit factor, the higher the technical level of NEVs. The findings could guide the government to adjust and revise the policy. Second, we found that the bargaining games could coordinate the NEV supply chain so that decentralized enterprises can achieve optimal technological innovation under centralized decision-making. Third, we found that suppliers can improve their profits by choosing a suitable alliance strategy under the manufacturer's different negotiating power. [ABSTRACT FROM AUTHOR]

The evolution of the automobile market is a macro-expression of the behavior of automakers' production decisions. This study examines the competitive environment between new energy vehicles (NEVs) and conventional fuel vehicles (CFVs) and develops a game-theoretical model incorporating consumer utility, automaker profit, and the competitive density of NEVs and CFVs. It aims to assess how consumers' preferences for vehicle range and smart features influence automakers' strategic decisions and the broader market evolution under the Dual Credit Policy. The findings indicate: (1) A low NEV credit price facilitates NEV market size growth, but this growth rate diminishes beyond a certain price threshold; (2) The lower the consumer's range preference, the higher NEV credit price can accelerate the development of new energy vehicles to their saturation value. However, when consumers in the market prioritize smart features, increasing the NEV credit price does not significantly influence the growth of NEV market size. (3) Higher consumer preferences for both range and smart features, combined with increased NEV credit prices, can synergistically accelerate the speed of the NEV market to reach the saturation value and also raise the saturation value of the scale of NEVs. And higher consumer range preference combined with increased NEV credit prices has a more significant effect on the promotion of NEV market size than the combined effect of higher consumer smart preference and increased NEV credit prices. The actual data of China's automobile market is used in the simulation of this model. The model and its simulation results effectively explain and reveal the evolutionary impacts of consumers' range and smart feature preference on the promotion of China's NEVs under the Dual Credit Policy to provide effective technological and theoretical support for the promotion of the sustainable development of China's NEV industry. [ABSTRACT FROM AUTHOR]

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Credit from suppliers is an important source of finance for firms. It can sustain firms' financial flexibility even in periods of downturn. In this study, using a large database of 90,763 Italian firms in the 2015–2021 period, we investigated how local financial development affects the trade-credit policies of SMEs and how this effect is conditioned by the degree of judicial enforcement. Given that trade credit can be a substitute for bank financing, we find that firms make more use of trade credit in developed financial markets. Moreover, we highlight the finding that a higher degree of judicial enforcement, which reinforces the role of contracts in the market, amplifies this effect. Finally, we observe that the COVID-19 crisis has reduced both the positive effect of local financial development and the positive moderating effect of enforcement in the use of trade credit. [ABSTRACT FROM AUTHOR]

The green credit policy serves as a crucial instrument for achieving the dual objectives of optimal resource allocation and green development. It plays a pivotal role in curbing inefficient investments in innovation by enterprises. This research employs the PSM-DID method to effectively explore the practical effects of the green credit policy on the innovation inefficiency investments of heavily polluting enterprises in China. Examining the impact from the perspectives of environmental regulation and financial constraints, the study utilizes panel data from listed companies on the Shanghai and Shenzhen A-shares markets spanning from 2010 to 2020. The following conclusions are drawn: (1) Green credit policy has proven effective in inhibiting the inefficient investment in innovation by heavily polluting enterprises when compared to non-heavily polluting enterprises. (2) Moreover, this effect is more pronounced in state-owned enterprises and regions with less financial development. (3) Mechanism testing reveals that the green credit policy can discourage corporate over-investment by influencing financing constraints and can alleviate under-investment through commercial credit. [ABSTRACT FROM AUTHOR]

In the context of ecological environment construction, how to create a new development pattern in which environment and economy are coordinated has become an important goal of the Chinese government. From the perspective of the symbiotic development of resource-based industries and non-resource industries, this study discusses the path of green credit optimization of energy consumption structure by using the space Durbin model, based on the panel data from 30 Chinese provinces from 2006 to 2019. The study results are as follows: Both green credit and energy consumption structure have a significant positive spatial correlation. Furthermore, the energy consumption structure of local and adjacent areas is significantly optimized by green credit. Additionally, for non-resource-based regions, although green credit has no spatial spillover, it can significantly improve the local energy consumption structure, while green credit in resource-based regions significantly inhibits the optimization of the energy consumption structure in local and adjacent regions. Finally, from the perspective of the symbiotic development of resource-based industries and non-resource industries, although green credit can significantly improve the local energy consumption structure, it will inhibit the optimization of the energy consumption structure in adjacent areas. Therefore, government departments not only need to implement green credit policies according to local conditions but also actively guide exchanges and cooperation between resource-based industries and non-resource industries. This move promotes the symbiotic development of resource-based industries and non-resource industries and simultaneously improves the utilization efficiency of green credit, and optimizes the energy consumption structure. [ABSTRACT FROM AUTHOR]

Environmental issues nowadays are becoming the world’s attention. Banks are now transforming their business activities as well as minimizing them on the environment. This concept is called the green banking concept. However, in Indonesia, there is no adequate regulation yet on the implementation of green banking, especially in banking credit governance. On the other hand, China has a green credit policy which has now become a guideline to ensure that loan applications and investments are considering environmental management and protection. The objective of this policy issuance is to encourage green credit among financial institutions in China. [ABSTRACT FROM AUTHOR]