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Corporate green investment is the key driver for achieving low-carbon transition and sustainable marine economy. Existing literature has identified several influencing factors of corporate green investment, but there is still limited research on the relationship between climate policy uncertainty and corporate green investment. To fill this gap, this paper innovatively explores the nonlinear impact of climate policy uncertainty on corporate green investment, simultaneously focuses on the moderating role of corporate financing constraints and analyzes the coastal characteristic heterogeneity. Using the sample of listed companies in China from 2014-2020, we find that climate policy uncertainty has an inverted U-shaped impact on corporate green investment. From the perspective of heterogeneity, the inverted U-shaped effect is more significant in coastal areas. Moderating effect test indicates that corporate financing constraints strengthen the inverted U-shaped relationship and shift the turning point of curve to the left. Additionally, we further find that climate policy uncertainty has an inverted U-shaped impact on environmental performance of companies in coastal areas through green investment. Our research will provide some potential insights for China's climate policy making and corporate green transformation, so as to contribute to sustainable marine development. [ABSTRACT FROM AUTHOR]

Understanding the impact of local government debt expansion on microeconomic entities is crucial in evaluating local government debt policies. This study explored the crowding-out effect of local government debt on firms' commercial credit financing. We found that local government debt plays a crucial role in enhancing corporate commercial credit financing by exacerbating the financing constraints faced by firms. Second, the impact of local government debt on commercial credit financing is more pronounced for firms with lower leverage and a more stable capital chain. Third, state-owned enterprises (SOEs) are more susceptible to the impact of local government debt on commercial credit financing compared to private enterprises. And the crowding-out effect of local government debt on firms' commercial credit financing is more pronounced in the regions where the credit market regulation is relatively weaker. Our findings provide valuable insights that can contribute to the reform of the local government debt management system. [ABSTRACT FROM AUTHOR]

This paper investigates the impact of stock market liberalization on entrepreneurship using non-financial firm-level data from 2007 to 2022. The results show that increased stock market liberalization promotes entrepreneurship by alleviating financial constraints, reducing corporate risk-taking, and enhancing corporate social responsibility. With a one percent increase in stock market liberalization, entrepreneurship improves by 8.60 percent. These findings remain robust even after replacing variables, changing model specifications, and addressing the endogeneity concerns. We also find the positive impact of stock market liberalization on entrepreneurship is more pronounced for firms with higher financing constraints, governance efficiency, industry competition, and eastern regions. This study underscores the significance of thoughtful financial market reforms in promoting entrepreneurship and ensuring high-quality economic development. [ABSTRACT FROM AUTHOR]

The digital transformation of enterprises has become an important driving force in promoting the high-quality development of China's economy and in-depth implementation of an innovation-driven development strategy. To this end, this study uses the panel data of China's A-share listed enterprises from 2010 to 2019 to explore the relationship among enterprise digital transformation, government subsidies, and innovation. Results indicated that digital transformation can significantly stimulate enterprise innovation. The impact mechanism test shows that the digital transformation of enterprises can increase their R&D expenditure and alleviate their financing constraints, thereby jointly promoting enterprise innovation in terms of innovation resources and financing resources. Furthermore, heterogeneity analysis indicates that digital transformation has a greater incentive effect on private enterprises, non-technology enterprises, service industries, and growth stage enterprises. By introducing special financial subsidies for digital transformation, special financial subsidies for digital transformation are shown to have a positive impact on the sensitivity of digital transformation and enterprise innovation. This effect is also played out through innovation spending and corporate finance, and the role of long-term financing is greater than that of short-term financing. Therefore, the role of digital transformation in promoting enterprise innovation must be actively played to achieve a high-quality development of the regional economy. [ABSTRACT FROM AUTHOR]

Banks are the engine of providing financial resources in the economy and have special importance for governments. Accordingly, presenting the factors and components affecting financing restrictions and changes in the corporate debt bonds yield, risk management, as well as changes in their stock prices, in terms of bank management and from a macroeconomic perspective, can be considered as the leader of the economy and government. On the other hand, the proper management of banking challenges and the improvement of factors affecting the efficiency and effectiveness of banking resources can move the economic cycle in the right direction, considering that the banks’ primary activity is to grant loans and provide them to applicants. Accordingly, the researcher addressed the effect of the ability to manage political relations and financial crises on performance improvement. Therefore, a combination of Data Envelopment Analysis (DEA) and Two-Stage least squares (2SLS) regression analysis was used. This study is descriptive research with the correlational and post-event approach. In this way, the information about 11 banks in a period of 9 years (2014- 2023) was analyzed. The results showed that the improvement of ability level and proficiency in bank management will lead to the improvement of financing constraints, changes in corporate bond yield, and the growth rate of stock and non-shared incomes. The management authority not only affects credit risks, credit risk management and liquidity risk but also does not affect the stock price drop. [ABSTRACT FROM AUTHOR]

This paper constructs a theoretical model where brain skills and capital are complementary, and female workers have a comparative advantage in brain-intensive occupations compared with brawn-intensive occupations. Financing constraints reduce the capital intensity and the demand for brain-intensive occupations, thus reducing the demand for female workers. Using data of manufacturing firms in China from 2004 to 2007, this paper finds that financing constraints reduce the female share of employment in firms. This effect is greater in industries with higher external finance dependence. [ABSTRACT FROM AUTHOR]

Artificial intelligence (AI) is the driving force for the leapfrog development of science and technology, the optimization and upgrading of industry, as well as the overall leap in productivity. Using panel data of strategic emerging firms in Chinese A-Share Listed companies from 2012 to 2022, this study empirically examines the impact of AI on technological innovation through a two-way fixed-effects model. The study discovered that technological innovation capability can be greatly enhanced by the degree of AI present in strategic emerging industry businesses. This conclusion remains valid following a series of robustness tests. The mechanism study demonstrates how the degree of AI increases businesses' capacity for technological innovation by lowering funding constraints and boosting R&D investment. According to heterogeneity analysis, AI has varying empowering effects on different industries within strategic emerging industries. Its strongest empowering effect is observed in the western region, with the central and eastern regions seeing the weakest effects. Additionally, the promotion effect of AI is greater for state-owned enterprises than for non-state-owned enterprises. To better play the role of AI in encouraging the technical innovation of firms in strategic emerging industries, it is required to establish dedicated funds, create an AI technology innovation platform, and develop differentiated regulations. [ABSTRACT FROM AUTHOR]

Improving the level of risk-taking is an important measure for enterprises to realize sustainable development; in this context, commercial credit financing has become an important type of transaction and an indispensable short-term financing method. In this work, we use a sample of A-share-listed companies listed from 2007 to 2021 to test the impact of commercial credit financing on corporate risk-taking. Research shows that commercial credit financing has a U-shaped relationship with corporate risk-taking, i.e., when there is a low level of commercial credit financing, it has an inhibitory effect on corporate risk-taking, and when the level of commercial credit financing is high, it has a promotional effect on corporate risk-taking. The main reason for this, based on substitute financing and buyer market theories, is that commercial credit financing has a "double-edged sword" effect. Further research has found that corporate financialization, debt default risk, and ownership form all have moderating effects on this U-shaped relationship. Heterogeneity analysis results show that among enterprises with good cash flow conditions, low financing constraints, and a low supply of commercial credit, commercial credit financing has a significant U-shaped impact on enterprise risk-taking. However, among enterprises with poor cash flow conditions, high financing constraints, and a high supply of commercial credit, commercial credit financing shows a solely inhibitory effect on enterprise risk-taking. This research innovatively clarifies the dual role of commercial credit financing in corporate risk-taking from the perspective of the supply chain, and these findings are pivotal in guiding enterprises to rationally allocate commercial credit financing and make informed risk investment decisions to realize the simultaneous sustainable development of enterprises and supply chains. [ABSTRACT FROM AUTHOR]

China's 2018 environmental protection tax (EPT) reform was introduced in response to increasing concerns about environmental degradation. It aimed to use fiscal policy to enhance environmental governance while fostering economic productivity. This study employs a difference-in-differences approach to analyze panel data from publicly listed companies between 2009 and 2019. It examines the reform's influence on total factor productivity (TFP) in pollution-intensive industries, addressing both environmental and economic objectives. The results reveal that the tax reform significantly enhances TFP, acting as a robust catalyst for economic growth rather than a barrier. This effect is particularly strong in state-owned enterprises and those with less-severe financing constraints. Mechanism analysis indicates that the reform boosts TFP through the promotion of green innovations and alleviation of financing constraints. These findings provide empirical evidence at the micro-level of the reform's efficacy in promoting sustainable business practices. The study offers insights for future environmental tax policies in China and underscores the necessity of aligning environmental and economic strategies to achieve sustainable development. [ABSTRACT FROM AUTHOR]

The 28th United Nations Climate Change Conference, held in the United Arab Emirates at the end of November 2023, stated that climate action cannot be delayed and the financing and investment situation for adapting to climate change needs a qualitative leap. Vigorously developing green finance is one of the important ways to achieve this goal. The core question of this paper is: Can green finance policies promote enterprises' environmental investment? This article uses the formal implementation of the "Green Credit Guidelines" in 2012 as a quasi-natural experiment, bases on the micro data of A-share listed companies from 2004 to 2020, and adopts the difference-indifferences propensity score matching method (PSM-DID) to explore the role of green credit policy in guiding corporate environmental protection investment from multiple dimensions. The research shows that the implementation of the "Green Credit Guidelines" has promoted corporate environmental protection investment to a certain extent, and the conclusion still holds after a series of robustness tests. Heterogeneity tests found that the impact of green credit policy on corporate environmental protection investment varies significantly among different ownership enterprises and enterprises in different regions. Further research shows that the Green Credit Guidelines are regulated by macro and meso factors. From the perspective of mechanism, this paper finds out the mechanism of promoting enterprises' environmental protection investment at the micro level. At the macro level, economic policy uncertainty and monetary policy tightening affect the degree of corporate environmental protection investment. At the meso level, the government's attention to environmental protection determines the behavior of local enterprises, which in turn affects the attitude of enterprises towards environmental protection investment activities. At the micro level, the implementation of green credit on the one hand exacerbates the problem of corporate financing constraints, making companies have incentives to invest in environmental protection to alleviate this problem. On the other hand, it will also promote changes in innovation and capital factors in enterprises, directly increasing corporate environmental protection investment. This paper is helpful for the theoretical circle and management departments, so as to provide reference for the government to issue relevant policies. [ABSTRACT FROM AUTHOR]

Facing increasingly pressing environmental issues, driving green transformation through innovation has become a necessary path for the future development of companies. Empirical analysis based on the sample of listed companies in the transportation sector in China from 2011 to 2021 reveals that digital transformation in transportation companies can promote green innovation. Furthermore, the impact of digital transformation on green innovation is sustained, with the lagged effect of digital transformation having a greater influence on green innovation than the current effect. The study also discovers the presence of a mediating effect of financing constraints between digital transformation and green innovation. Further research, using the promulgation of the Digital Transportation Development Plan Outline in 2017 as a quasi-natural experiment, employs the difference-in-differences method to verify the impact of the policy on green innovation in transportation companies before and after its implementation. The results demonstrate the introduction of digital policies contributes to promoting green innovation in companies. Economic consequences research suggests that green innovation can effectively reduce carbon emissions intensity. With the goal of the "carbon peaking and carbon neutrality" strategy, actively promoting the integration of digitalization and green innovation is crucial for enhancing the sustainable development of transportation companies. [ABSTRACT FROM AUTHOR]

This article explores the relationship between green finance and corporate debt financing in China. The study finds that green finance effectively reduces corporate debt financing levels and alleviates financing constraints. The impact of green finance is particularly pronounced in state-owned enterprises, regions with lower marketization levels, superior industrial structures, and lower carbon emissions. The research provides valuable insights for policymakers and enterprises looking to reduce corporate debt financing levels and offers a new perspective on the economic consequences of green finance. [Extracted from the article]

The augmentation of transactional volume within carbon emissions trading systems (ETS) is widely acknowledged as an efficacious mechanism for ensuring the efficient distribution of resources and financial support to corporations, significantly influencing their financing limitations. Despite its relevance, this subject has garnered scant attention in scholarly discourse. This research utilizes a panel dataset comprising Chinese listed firms from 2009 to 2019, applying the difference-in-differences approach to examine the correlation between the magnitude of carbon emissions trading in regional ETS pilots and the evolution of financial constraints. Our analysis reveals that a 1% escalation in carbon transaction volume correlates with a 0.1885% reduction in the financial constraints encountered by companies. This phenomenon is particularly salient among smaller enterprises in the eastern provinces and second-tier urban centers, and those engaged in the primary and secondary sectors. Moreover, our principal results demonstrate resilience across various sensitivity analyses, encompassing common trend scrutiny and alternative methodologies like propensity score matching estimation. The research further delves into the underlying mechanisms by which carbon trading can mitigate a firm's fiscal pressures. Our examination identifies investment in intangible assets, improved carbon performance, and liquidity enhancement as key conduits. These findings carry substantial policy implications, advocating for governmental initiatives to bolster corporate engagement in ETS, thereby easing financial burdens while concurrently advancing environmental regulation and low-carbon transformation objectives. [ABSTRACT FROM AUTHOR]

Based on measuring the green transformation of heavily polluting enterprises based on the sub-dimensions of green strategy and green action, we empirically analyze whether and how bank digitization affects the green transformation of enterprises by using the data of China's A-share heavily polluting enterprises from 2010 to 2021. The findings show that 1) bank digitization has a significant positive effect on firms' green transformation; 2) bank digitization promotes firms' green transformation by alleviating firms' financing constraints and improving firms' ESG performance; 3) governmental environmental regulations and media attention positively moderates the relationship between bank digitization and firms' green transformation; and 4) bank digitization is more likely to promote the green transformation of firms that are highly digitized, non-state-owned firms, and enterprises in the eastern region; 5) the sub-dimension test shows that bank digitization has significant differences on different dimensions of green transformation. The above analysis shows that bank digitization should be deeply integrated with the green transformation of enterprises, and the former should be deeply embedded in supervising, forcing and empowering enterprises to upgrade environmental protection technology and sewage treatment, and the regulator should formulate a more detailed environmental protection disclosure program to realize the consistency "words" and "deeds" of the green transformation of enterprises. [ABSTRACT FROM AUTHOR]

The existing research on the impact of digital inclusive finance on corporate behaviour is relatively extensive, but the research on the impact of digital inclusive finance on corporate value is ignored. To fill in this gap, this study examines the impact of digital inclusive finance on firm value from the perspective of financing constraints, utilizing data on A-share listed companies in China from 2012 to 2019. We found that digital inclusive finance helps increase corporate value. And digital inclusive finance uses digital technology to alleviate financing constraints and improve the credit supply, which in turn increases firm value. Moreover, the impact of digital inclusive finance on firm value demonstrates heterogeneity. Compared with other firms, digital inclusive finance has a greater value-enhancing effect on small-scale and private firms. Our findings suggest that increasing the level of digital inclusive finance in developing countries can help enhance firm value. [ABSTRACT FROM AUTHOR]

Developing new productivity adapted to local conditions and actively promoting the green transformation of industries is the key to improving environmental pollution control levels. Based on data from 697 listed companies in heavily polluting industries nationwide from 2012 to 2022, this paper empirically examines the impact mechanisms, paths, and heterogeneity of technological finance, technological innovation, and financing constraints on environmental pollution control levels. The study shows that technological finance significantly improves the environmental pollution control levels of heavily polluting enterprises. However, there is some greenwashing behavior in the utilization of technological finance funds. Technological innovation and financing constraints play a partial mediating role in the process of improving environmental pollution control levels through technological finance. Compared with non-state-owned enterprises, state-owned enterprises are more sensitive to the enhancement of environmental pollution control through technological finance. To improve the environmental pollution control levels of heavily polluting enterprises, those located in strictly regulated "dual control areas" are less influenced by technological finance compared to those outside these areas. This paper also attempts to explore the factors affecting the sustainable green development of heavily polluting industries and provides policy recommendations for improving the environmental pollution control levels of heavily polluting enterprises. [ABSTRACT FROM AUTHOR]

In China, where the corporate social responsibility (CSR) process is relatively underdeveloped, the government has promulgated a series of laws and regulations on CSR disclosure in recent years to promote the sustainable transformation of the economy. Using data from A-share listed Chinese firms from 2009 to 2021, this study empirically examines the relationship between CSR disclosure quality and firm investment efficiency in China. The results indicate that (1) improvements in CSR disclosure quality significantly mitigate firms' underinvestment and overinvestment, thereby enhancing investment efficiency. (2) Further analysis shows that high-quality CSR information also promotes investment efficiency by reducing agency costs and financing constraints and improving media evaluations of firms. (3) A heterogeneity analysis suggests that the positive effect of CSR disclosure on investment efficiency is stronger for firms with lower equity incentives, more severe financing constraints, and higher media attention. Our study extends the understanding of the mechanisms through which CSR disclosure affects firms' investment efficiency, potentially providing insights for research in related fields and guiding future CSR disclosure practices in other developing countries. [ABSTRACT FROM AUTHOR]

Although previous studies have extensively explored the relationship between corporate profitability and innovation, the specific impact of profitability sustainability on corporate innovation has not received sufficient attention. Furthermore, while Corporate Social Responsibility (CSR) has been recognized as significantly influencing corporate innovation, its moderating role between profitability sustainability and innovation remains underexplored. This study fills these research gaps by empirically analyzing the impact of profitability sustainability on corporate innovation and examining in detail the multiple moderating effects of CSR. This paper employs Ordinary Least Squares (OLS) and Instrumental Variables Two-Stage Least Squares (IV-2SLS) methods, using data from dairy companies listed on China's A-share and H-share markets from 2016 to 2021, to empirically analyze the impact of profitability sustainability on corporate innovation and to examine in detail the multiple moderating effects of CSR. The results indicate that profitability sustainability significantly promotes corporate innovation. CSR directly moderates this relationship, and along with other moderating variables (financing constraints, executive compensation), it plays a complex role in this interaction, potentially inhibiting the positive connection between profitability sustainability and innovation when acting alone, but significantly enhancing innovation when interacting with CSR. Heterogeneity analysis shows that non-state-owned and H-share listed dairy companies exhibit a more significant positive effect of profitability sustainability on innovation compared to state-owned and A-share listed companies. These findings highlight the key moderating role of CSR in promoting innovation within the dairy industry and offer new perspectives on how profitability sustainability can drive corporate innovation. [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]

Copyright of Journal of Shenzhen University Humanities & Social Sciences is the property of Journal of Shenzhen University (Humanities & Social Sciences) Editorial Office and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Tax incentives are an important driving force for enterprises to ease financing constraints and promote innovation. Current studies focus on the tax-reduction effect of corporate tax incentive policies, paying less attention to the tax uncertainty engendered by tax reform. This study explores whether the predictability of corporate tax burdens is a key restrictive factor in corporate innovation. It focuses on the impact of tax uncertainty arising from the tax reform process on enterprise innovation, proposing a multidimensional measurement method to identify corporate tax uncertainty. The results show that tax uncertainty significantly inhibits corporate innovation and that its influence channels operate mainly through corporate financing constraints and information transparency. Further heterogeneity analysis reveals that a better regional economic system environment, greater tax enforcement effort, and digital transformation can restrain the negative impact of tax uncertainty on enterprise innovation. These findings enrich the literature on the factors influencing corporate innovation behavior and extend the research on tax reform, providing an innovative perspective for interpreting enterprises' tax burden. Furthermore, it offers practical implications for tax reduction reforms and guidelines for enterprise innovation. [ABSTRACT FROM AUTHOR]

Cross-border mergers and acquisitions (CBM&As) are a significant component of foreign direct investment (FDI), which in turn is at the heart of the international business strategy of multinational enterprises (MNEs). Given that CBM&As involve both a scale and an immediacy to raising financing that greenfield investments often lack, financially constrained firms are inhibited from undertaking CBM&As. The authors go further and show that these financing constraints impact the markets where MNEs target firms for CBM&A transactions. In the presence of such financing constraints, the determination of which markets are targeted by MNEs is directly related to the supply of capital in the target market and the institutional distance between the home and host markets. Evidence in support of the hypotheses is documented using firm-level data on CBM&As from Organization for Economic Co-operation and Development (OECD) countries as well as Brazil, Russia, India, China, South Africa (BRICS) into every country globally for which data exist. The main implication of the research is that not only are financial constraints at the firm level important, but also that these constraints have a significant impact on the location of an acquisition target. [ABSTRACT FROM AUTHOR]

The effectiveness of government subsidies for electric vehicle (EV) enterprises and future improvements to subsidy policies to promote industry development have garnered widespread attention. Distinct mechanisms exist through which R&D and non-R&D subsidies impact enterprise innovation. This paper differentiates between R&D and non-R&D subsidies and uses data from listed companies and New Third Board companies in China from 2013 to 2022 to empirically analyze the effects of these two types of subsidies on the innovation of EV enterprises from the perspectives of innovation strategy and the industrial chain. The results show that both R&D and non-R&D subsidies effectively alleviate the inhibiting effects of financing constraints. R&D subsidies significantly incentivize innovation in EV enterprises, whereas the effect of non-R&D subsidies is not as pronounced. The incentivizing effect of R&D subsidies exhibits two distinct characteristics: first, R&D subsidies compel enterprises to choose an innovation strategy that prioritizes "quantity over quality"; second, R&D subsidies exert a more pronounced influence on enterprises in the upper and middle sectors of the EV industrial chain compared to downstream enterprises, which tend to engage in more strategic innovation behaviors. [ABSTRACT FROM AUTHOR]

The commercial bill, as a regulated commercial credit mode, offers better creditor protection, more financing channels, and stronger bargaining power in financing. This paper creatively constructs bills receivable index in the micro level of enterprises and examines the potential impact of billing of accounts receivable on the financing constraints faced by enterprises. This paper also explores the mechanism that causes the impact and check whether the establishment of the Shanghai Commercial Paper Exchange Corporation (SHCPE) has had positive effects. The results show that billing can alleviate the financing constraints of enterprises due to its benefits offered by the commercial bill. Furthermore, the establishment of the Shanghai Commercial Paper Exchange Corporation (SHCPE) can lead to the development of a standardized and transparent bill market, further alleviating the financing constraints. The study also reveals that billing of accounts receivable affects financing constraints mainly by enhancing the quality of debt-like assets and reducing information asymmetry between enterprises and the outside world. For enterprises with longer maturity structure, the effect of billing on the alleviation of financing constraints is more significant. [ABSTRACT FROM AUTHOR]

According to recent literature in new institutional economics and entrepreneurship, institutions, including formal and informal ones (i.e., the rules) are important. However, in a homogeneous national institutional environment, it is unclear whether and how the execution of institutions (how the rules are implemented) matters. The purpose of this research is to assess the mechanisms that local governments can use to encourage entrepreneurial investment, which determines the future growth potential of small businesses. We find that (i) improving local institutional quality in general boosts entrepreneurial investment; and (ii) more financially constrained firms are more sensitive to informal local governance, while less financially constrained firms are more sensitive to local formal institutions, using a large‐scale small and medium‐sized enterprise (SME) dataset from Vietnam from 2006 to 2019. [ABSTRACT FROM AUTHOR]

In light of China's objectives for carbon peak and carbon neutrality, there is an opportunity for fintech to leverage its technological advantages and enhance its integration with green finance (GF). This can bring about enhanced coverage and precision of financial services for green industries, facilitating the transformation towards a sustainable, greener, and low-carbon real economy. We investigate how fintech development influences the carbon emission reduction effects of GF utilizing a two-way fixed effects model with a panel dataset covering 30 provinces in China from 2011 to 2020. Our findings indicate that the negative impact of GF on carbon emissions (CE) is heightened in areas with high levels of fintech development. Furthermore, we notice regional disparities in how fintech development impacts the effectiveness of GF in reducing CE. Specifically, fintech has a statistically significant impact in the central and western regions, whereas its significance is absent in the eastern region. Lastly, our mechanism analysis reveals that fintech plays a vital role in enhancing GF's capacity to mitigate CE, which is achieved through channels of promoting green technology innovation (GTI), alleviating corporate financing constraints (FC), and optimizing energy structure (ES). These findings provide compelling evidence for the positive effect of fintech on the environment and offer justification for promoting the development of fintech and GF. [ABSTRACT FROM AUTHOR]

We investigate the effect of corporate digitalization capabilities on green innovation among Chinese‐listed firms. Using a panel dataset of 2908 companies from 2011 to 2020, we use textual analysis and entropy weighting on corporate annual reports to construct a yearly corporate digitalization index. Our findings show that corporate digitalization promotes green innovation, as evidenced by patent applications and grants. This relationship is stronger for firms with fewer financial constraints and in provinces with strong intellectual property protection. We also find the national digital policy of the "Internet Plus" strategy has a stronger positive effect on corporate green innovation for corporations with a higher degree of digitalization. Our results are robust to various alternative measures, econometric models, and different samples. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Soochow University Philosophy & Social Sciences Edition is the property of Soochow University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Abstract Based on a microeconomic entity perspective, this paper empirically examines the effect of enterprise digitalization on resource mismatch. We found that, firstly, an increasing in enterprise digitalization reduces resource mismatch. Moreover, the results remain robust after considering endogeneity and changing the variable measurements. Secondly, enterprise digitalization can significantly reduce resource mismatch of private and large-scale enterprises and significantly contribute to reducing enterprise resource mismatch in low marketability regions and eastern regions. Thirdly, enterprise digital transformation can reduce resource mismatch by decreasing operating costs and financing constraints; Executive incentives can help reduce resource mismatch in the digital process of enterprises. Fourthly, the increase in enterprise digitalization contributes to an enhance in corporate social responsibility, and enterprise resource mismatch plays a mediating role in the relationship of enterprise digitalization development improving corporate social responsibility. Finally, in response to the findings of the study, the paper suggests countermeasures for regional and corporate countermeasures regarding digital development.

Nowadays, academics and governments are increasingly concerned about the growing size of non-financial enterprises' ownership of financial products. Taking corporations listed in the Chinese stock market as the research sample, this study investigates the impact of Economic Policy Uncertainty on corporate financialization. We find that EPU will exacerbate corporate financialization, which is robust after conducting a series of estimation tests. Further investigation reveals that financing constraints may be the primary channel by which EPU motivates corporate booming financial product holdings. The exacerbation effects are particularly prominent in firms with small size, non-SOEs, weak corporate governance, and firms at a low growth stage. Overall, our results provide a novel explanation for the behaviour of corporate financialization in emerging capital markets. [ABSTRACT FROM AUTHOR]

The technological source of green innovation has been a persistent theme in environmental economics. In more recent years, digital technology has triggered a new round of social changes and is viewed as the emerging growth engine, leading to significant improvements in productivity and innovation. However, whether digital technology can promote green innovation remains an unknown issue. This study elucidates the causal relationship between digital transformation and green enterprise innovation for Chinese companies during 2009-2019. The findings indicate that digital transformation positively affects the quantity and quality of green innovation performance. Each standard deviation increase in the degree of digital transformation increases the quantity and quality of green enterprise innovation by 2.924% and 2.124%, respectively. Additionally, digital transformation drives green innovation by alleviating financing constraints and information asymmetries and improving human capital. This effect is more pronounced among enterprises in regions with high levels of environmental investment, clean industries, and stringent environmental regulations. By highlighting the linkage between firm-level digital transformation and green innovation, this study contributes to our understanding of the positive environmental externality associated with the diffusion of digital technology and offers valuable insights for the sustainable development of emerging economies. [ABSTRACT FROM AUTHOR]

• Designed a micro-governance framework of multi-government environmental regulation (ER) synergy. • Developed a synergistic-based measure to quantify the degree of heterogeneous multi-government ER synergy. • Heterogeneous multi-government ER synergy has dissimilar impacts on corporate environmental responsibility (CER). • Financing constraints and executives' attention to CER play mediating roles in the mechanism. • The impact of multi-government ER synergy is heterogeneous among different types of firms. The United Nations Development Programme (UNDP) calls for enhanced global efforts to achieve the 17 sustainable development goals by 2030, highlighting the crucial role of corporate environmental responsibility (CER) in advancing global sustainability. As a significant participant, China is leveraging its government-led environmental regulation (ER) system, which has a multi-level and multi-sectoral structure, to effectively combat climate change. However, the effect of this ER system, especially collaborative efforts among multiple government subjects, on CER remains unknown. Thus, this paper is the first attempt to investigate the effect and underlying mechanisms of multi-government ER synergy on CER from the perspective of government subject synergy. Using a dataset of Chinese A-share listed manufacturing firms from 2010 to 2021, this study finds the following. First, multi-government ER synergy boosts CER. Direct ER synergy, stemming from joint policy-making across departments, encourages CER in end-of-pipe governance. Indirect ER synergy, arising from administrative hierarchy constraints among multi-level governments, fosters CER in front-end governance. Second, financing constraints and executives' attention to CER are two key channels through which multi-government ER synergy influences CER. Third, firms with political connections, those in heavily polluting industries, or those located in central and western regions adopt more proactive CER strategies under multi-government ER synergy. This paper expands research on government collaborative governance from the regional macro-perspective to the micro-firm level, providing valuable insights for countries worldwide, particularly emerging economies that share similar characteristics with China, to contain rapidly growing environmental challenges and advance global sustainability. [ABSTRACT FROM AUTHOR]

Green development ideas are gradually being incorporated into macroprudential policy frameworks, which can be of great significance for enterprises' green development. Most studies focus on the macroeconomic impact of macroprudential policies (MPPs). However, the extent to which MPPs affect corporate green innovation (GI) at the corporate level remains unclear. Based on 12,280 firm-year records from China's A-Share Listed Companies spanning 2011–2020, combined with Environmental Kuznets Curve (EKC) hypothesis, we discover a firm tendency to promote GI under loosening MPPs, which is then curtailed after reaching a certain threshold. The impact is primarily channelled through public environmental concerns and financing constraints, as evidenced by an inverted U-shaped relationship. Additionally, MPPs are more likely to influence corporate GI in regions with high green finance development. Furthermore, we observed a consistent superiority of strategic over substantive GI, with green process innovation being the least impacted. Our results highlight the importance of rational design of MPPs not only at the macro level but also as a priority at the corporate level, as such a policy loosening and tightening will affect the GI activities of corporations. [ABSTRACT FROM AUTHOR]

Purpose: Low-carbon and green technologies are crucial for achieving industrial structure upgrades and significant leaps forward in the development of energy enterprises. Therefore, this paper examines the correlation between carbon emission reduction and financial performance in energy firms. Design/Methodology/Approach: A two-way fixed-effects model is developed using data from 33 Chinese energy-listed companies between 2015 and 2020. Findings: The benchmark regression results show that improving a company's carbon emission reduction performance leads to better financial performance. Moreover, assuming corporate responsibility for reducing emissions can boost companies' reputations and foster better relationships with stakeholders. The trustworthiness of the standard regression outcome is validated through alternative independent variables, reducing time frames, and incorporating previously omitted factors. The results of heterogeneity analyses show that reducing carbon emissions has the same effect on financial performance across all regional characteristics and equity subgroups. Furthermore, the internal transmission mechanism analysis reveals that female leadership positively moderates the effect, while financing constraints negatively moderate the relationship between carbon emission reduction performance and financial performance. Conclusion: Under the national green development strategy of achieving carbon neutrality and carbon peaking, the carbon information disclosure system should be improved by the government; enterprises should implement innovative methods for low-carbon economic management and operation; and regulators should establish effective green regulations, incentives, and constraints. This paper offers a comprehensive guide for energy companies and their stakeholders to reduce carbon emissions, thereby achieving sustainability. [ABSTRACT FROM AUTHOR]

As the concept of environmental, social, and governance (ESG) coincides with the direction of enterprises' sustainable development goals, this study measures sustainable entrepreneurship at the enterprise level by extending ESG measures. A time-varying measure was constructed using state-space models, and the entropy weight method was applied to obtain the final index. We selected annual data of 318 A-share listed companies for 2011–2020 and established a two-way fixed-effects model of time and individuals by applying the constructed sustainable entrepreneurship index. This study examines the impact of sustainable entrepreneurship on corporate value and discusses the moderating effects of financing constraints and government subsidies. The empirical results reveal the following aspects. First, sustainable entrepreneurship has a significant positive effect on corporate value. Second, the greater the degree of financing constraints faced by enterprises, the weaker the role of sustainable entrepreneurship in promoting corporate value. Third, the greater the government subsidies received by enterprises, the stronger the promotion. [ABSTRACT FROM AUTHOR]

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Environmental innovation is an important practical exploration for enterprises to realize a win‐win situation between economic and environmental benefits. In order to explore the environmental innovation effect of enterprise digital transformation, we empirically examine the impact of enterprise digital transformation on environmental innovation based on the micro data of listed enterprises from 2009 to 2020. We find that enterprise digital transformation has a significantly positive effect on environmental innovation, and our finding still holds after considering various robustness tests. The mechanism test indicates that alleviating financing constraints and improving human capital structure serve as critical channels. In addition, the impact of firms' digital transformation on environmental innovation shows some variability with geographic location, industry factor intensity, and pollution level. Our findings provide new insights and policy implications for enterprises to balance development efficiency and environmental innovation. [ABSTRACT FROM AUTHOR]

The establishment of government investment funds serves as a crucial measure for governments at all levels to leverage their certification role and financial resources in attracting social capital to support enterprise development. This paper empirically examines the guiding certification effect and governance supervision effect of government investment funds on enterprise value enhancement, utilising panel data from listed companies and government investment fund investment event data spanning the period from 2011 to 2021. The research findings reveal that government investment funds significantly enhance the value of recipient enterprises. By leveraging their guidance and certification effects and governance supervision effects, these funds alleviate financing constraints, actively participate in corporate governance, and ultimately enhance corporate value. The impact of government investment funds is negatively moderated by the age and size of the enterprise, indicating that the "invest in early-stage and small businesses" investment strategy yields better results in promoting value enhancement. Furthermore, heterogeneity analysis demonstrates that government investment funds have a more pronounced impact on the value of non-heavily polluting industries, enterprises located in the eastern and southern regions of China, and non-state-owned enterprises. This article expands the research scope of government investment funds at the micro level, providing empirical evidence and theoretical support for optimising government investment funding policies and fostering the development of a modern capital market with distinctive Chinese characteristics. [ABSTRACT FROM AUTHOR]

This study explores the impact of market-based environmental regulations on green technological innovation and the differential regulatory effects of corporate social responsibility (CSR) on different levels of green technological innovation. By analyzing data from 746 Chinese A-share listed companies from the period of 2008–2021, this paper examines the effect of market-based environmental regulations on corporate green technology innovation. The research findings are as follows: (1) Market-based environmental regulations have a significant promoting effect on green technology innovation in enterprises. (2) CSR amplifies the positive influence of market-based environmental on green technological innovation, but it has a greater impact on strategic innovations, like utility model patents, rather than substantial ones, like invention patents. Corporate may use CSR to superficially meet regulatory pressures and stakeholder expectations, focusing more on short-term compliance than on long-term sustainable innovation. Companies might utilize CSR as a superficial means to appease regulatory demands, concentrating on immediate compliance rather than fostering enduring innovation. (3) Market-based environmental regulations facilitate green technological innovation by alleviating enterprise financing constraints and improving the efficiency of innovation resource allocation. (4) The promotion effect of market-based environmental regulations on green technological innovation is particularly evident in state-owned enterprises, heavily polluted industries, and regions with high regulatory levels. The research contribution is to provide valuable insights into the implementation of market-based environmental regulations and firms' green technological innovation. Specifically, it elucidates the nuanced regulatory effects of corporate social responsibility, presenting a fresh lens through which to reconsider the intricate mechanism of CSR's role as a conduit between environmental policy and innovative practices. [ABSTRACT FROM AUTHOR]

In recent years, there has been growing recognition that the stability of the top management team (TMT) significantly impacts the operation and management of companies. However, few studies have focused on the impact of TMT stability on innovation sustainability. Therefore, based on the upper echelon theory and the faultline theory, this paper takes China's A-share listed companies from 2010 to 2022 as a sample to explore the impact of TMT stability on corporate innovation sustainability, as well as the moderating effect of executive faultlines on this impact. The results indicate that TMT stability is positively correlated with corporate innovation sustainability, whereas the executive faultlines significantly weaken this correlation. The mechanism test reveals that a stable senior management team can reduce an enterprise's operational risk through the management functions of executives, alleviate the financing constraints serving as a stability signal sent by the company to investors and creditors, and thus promote the sustainability of innovation. Heterogeneity analysis demonstrates that the influence of TMT stability on corporate innovation sustainability is more pronounced in companies with a high percentage of executive shareholdings, non-state ownership, and CEOs possessing technical expertise. This paper combines the overall stability of the executive team with the differentiation of its internal subgroups, broadens the research perspective of the upper echelon theory, and serves as a valuable reference for the development of corporate executive teams. [ABSTRACT FROM AUTHOR]

While the impact of financial liberalization on local economies and financial sectors has been extensively discussed, limited evidence exists regarding its effects on corporate environmental performance. We investigate the impact of financial liberalization on corporate environmental performance using a unique and comprehensive dataset that includes firm-level pollution emissions. The results indicate that the entry of foreign banks significantly enhances corporate environmental performance, as demonstrated by a reduction in SO2 emission intensity. These findings are robust and supported by various approaches. Mechanism analysis suggests that the entry of foreign banks can alleviate financing constraints and improve end-of-pipe governance. However, there is no evidence suggesting that enterprises reduce pollution emissions through technological upgrades. Further analysis reveals that private and foreign-owned firms experience more substantial environmental benefits compared to state-owned firms. Government actions significantly influence the emission reduction effects of foreign banks. Strengthening environmental goals by local governments enhances emission reduction effects; while, a weakening of these effects is observed when economic growth goals take precedence. This paper provides empirical evidence and policy insights for the continued expansion of financial liberalization, considering its environmental benefits. [ABSTRACT FROM AUTHOR]