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Impact of capital market openness on corporate green technology innovation: evidence from the Shanghai-Hong Kong Stock Connect program.
- Source :
- Economic Research-Ekonomska Istrazivanja; 2023, Vol. 36 Issue 3, p1-23, 23p
- Publication Year :
- 2023
-
Abstract
- This paper explores the impact of capital market openness on corporate green technology innovation using the Difference in Differences model (DID) and a quasi-natural experiment with the Shanghai-Hong Kong Stock Exchange using A-share listed corporations data from 2011 to 2020. The findings indicate that capital market openness has a significant promotion effect on corporate green technology innovation. This effect is consistent using Propensity Score Matching-Difference in Differences model (PSM-DID), counterfactual and placebo tests. Moreover, capital market openness can indirectly stimulate corporate green technology innovation by increasing corporate R&D investment and improving corporate management. Notably, the promotion effect of capital market openness on green technology innovation of SOEs and small-scale corporations is stronger. [ABSTRACT FROM AUTHOR]
Details
- Language :
- English
- ISSN :
- 1331677X
- Volume :
- 36
- Issue :
- 3
- Database :
- Complementary Index
- Journal :
- Economic Research-Ekonomska Istrazivanja
- Publication Type :
- Academic Journal
- Accession number :
- 176695407
- Full Text :
- https://doi.org/10.1080/1331677X.2023.2190798