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The Chinese central government established eight pilot zones in five provinces for green finance reform and innovations (GFRI) in 2017. The pilot zones promote green finance development and explore the propagable and reproducible experiences regarding mechanisms and institutions. Adopting a sample of China's listed companies from 2012 to 2021, this paper constructed a quasi-natural experiment and investigated the GFRI policy's effect on firms' total factor productivity (TFP) using the difference-in-differences (DID) method to verify the implementation effect of the GFRI policy. Furthermore, heterogeneity analysis and mechanism analysis were conducted to identify the guidance effect and deep mechanisms of the GFRI policy. The empirical results demonstrated that firms' TFP in pilot zones increased substantially after implementing the GFRI pilot policy, confirming that the policy had a strong incentive effect. The corresponding promoting effect was particularly significant for non-state-owned companies, the eastern and central regions, and firms in the growth stage. Further mechanism analysis revealed that the GFRI pilot policy can stimulated firms' TFP by promoting technological innovation and improving resource allocation efficiency. This paper's empirical findings are essential in improving relevant policies and expanding the pilot zones. [ABSTRACT FROM AUTHOR]

Due to uncoordinated economic progress, China's regional gap concerning energy efficiency (EE) is noticeable. However, industrial structure adjustments can be reorganized as a promising way to prioritize the green and low-carbon transition. Aiming to understand how regional EE can be achieved through industrial structure adjustment, this study empirically investigates the role of industrial structure adjustment in increasing interprovincial EE from a technology innovation perspective. Unlike previous studies, the primary analytical framework is anchored on a spatio-temporal domain. Specifically, we observe that industrial structure rationalization and industrial structure adjustment not only directly influence local EE but also indirectly exert a positive effect on EE improvements in adjacent provinces. The same implications are also valid when addressing the EE-ICT nexus. Further mechanism analysis shows that technology innovation positively moderates industrial structure adjustment to EE enhancements, with regional heterogeneity being all-important. We find that the non-linear effect of industrial structure adjustment on EE is conditioned by technology innovation. Increasing R&D input intensity could significantly change the impacts of industrial structure adjustments on EE efficiency. [ABSTRACT FROM AUTHOR]

Corruption affects corporate investment and diverts resources away from growth-improving factors, including R&D activities and human capital, thereby lowering productivity. Using a time-varying difference-in-differences approach, we identified the causal effect of China's anti-corruption campaign on corporate productivity during 2011–2021. The findings uncovered that China's anti-corruption campaign increased corporate productivity by approximately 18.43%. Results from heterogeneity analysis showed that the promoting effect was particularly significant in non-state-owned firms, firms without political ties, and firms in areas with weak legal systems. Additional mechanism analysis revealed that firm productivity could be significantly boosted by improving resource allocation efficiency and advancing technological innovation. • Anti-corruption campaign significantly affects corporate productivity. • The impacts of anti-corruption campaign on corporate productivity exist heterogeneity. • Anti-corruption campaign affects corporate productivity by improving resource allocation efficiency. • Anti-corruption campaign affects corporate productivity by advancing technological innovation. [ABSTRACT FROM AUTHOR]