Effects of Digital Finance on Green Innovation considering Information Asymmetry: An Empirical Study Based on Chinese Listed Firms

Kong, Tao; Sun, Renji; Sun, Guanglin; Song, Youtao

doi:10.1080/1540496x.2022.2083953

Cited by 108 publications

(38 citation statements)

References 30 publications

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“…Meanwhile, few studies analyze green innovation behavior from the perspective of motivation, and most existing studies consider green innovation as a whole, and assume that green innovation is of high quality (Kong et al, 2022;Ren et al, 2023), but ignore the possible symbolic green innovation behavior of enterprises. In this article, we classify green innovation into substantive and strategic green innovation according to the different motives of innovation to further understand the relationship between EID and green innovation precisely.…”

Section: Introductionmentioning

confidence: 99%

“…First, it reveals the impact of EID on green innovation from the corporate perspective, which makes up for the shortcoming that most previous EID and green innovation‐related studies have focused on regional EID (Ding et al, 2022; Li, Xue, et al, 2022) but ignored corporate EID. Meanwhile, few studies analyze green innovation behavior from the perspective of motivation, and most existing studies consider green innovation as a whole, and assume that green innovation is of high quality (Kong et al, 2022; Ren et al, 2023), but ignore the possible symbolic green innovation behavior of enterprises. In this article, we classify green innovation into substantive and strategic green innovation according to the different motives of innovation to further understand the relationship between EID and green innovation precisely.…”

Section: Introductionmentioning

confidence: 99%

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Corporate environmental information disclosure and green innovation: The moderating effect of CEO visibility

Liu

Zhang

Cho

2023

Corp Soc Responsibility Env

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This study investigates the effect of corporate environmental information disclosure (EID) on green innovation in China's heavily polluting industries during 2009–2020 and the moderating effect of Chief Executive Officer (CEO) visibility. The results show that: (1) corporate EID increases green innovation, and CEO visibility strengthens the positive impact of corporate EID on green innovation. (2) The green innovation fostered by EID comes from the leverage effect, not from the crowding‐out effect at the expense of other existing innovations; EID stimulates green innovation by alleviating financing constraints and increasing R&D expenditures. (3) Corporate EID has a greater impact on substantive green innovation than on strategic green innovation, and hard EID makes a more significant contribution to green innovation than soft EID does. (4) State‐owned, large, and established enterprises benefit more from the promotion effect of EID on green innovation as well as the positive moderating effect of CEO visibility.

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Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Corporate environmental information disclosure and green innovation: The moderating effect of CEO visibility

Liu

Zhang

Cho

2023

Corp Soc Responsibility Env

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“…However, there are also differences in the nature of property rights among SMEs as, when compared to state-owned enterprises (SOEs), non-SOEs have poorer financing capacity, fewer available investment opportunities and a weaker ability to grasp quality investment opportunities. Chinese financial institutions discriminate against non-SOEs in credit rationing [ 30 ], and credit resources are preferentially allocated to SOEs with close ties and guarantee to the government [ 31 ]. A side proof is that China’s anticorruption can mitigate above mentioned distortions in the credit market [ 32 ].…”

Section: Theoretical Analysis and Research Hypothesismentioning

confidence: 99%

Can SMEs benefit equally from supportive policies in China?

Zhang

Wang

2023

PLoS ONE

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This paper applies quantitative and narrative approaches to fiscal and financial policies of Chinese small and medium enterprises (SMEs) in order to study the support effect of macro policies on micro enterprises. As the first researchers to focus on the firm heterogeneity of SMEs’ policy effects, we show that the “flood irrigation” supportive policies for SMEs have not achieved the expected “help the weaker” effect. Non-state-owned SMEs and small(micro) enterprises have a low sense of policy gain, which is contrary to some “positive” research conclusions from China. The mechanism study found that “ownership” and “scale” discrimination suffered by non-state-owned and small(micro) enterprises in the financing process are key. We suggest the supportive policies for SMEs should shift from “flood” to “precise drip” irrigation. The policy benefits of non-state-owned, small and micro enterprises need to be emphasized. More targeted policies need to be studied and provided. Our findings shed new light on the formulation of supportive policies for SMEs.

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“…However, high-tech enterprises with low energy consumption and the technological innovation on which they depend are characterized by high investment, long research periods, and uncertainty [ 21 ], coupled with information asymmetry [ 22 ]. Here, commercial banks affirm loans for technological innovations as riskier when evaluating.…”

Section: Theoretical Analysismentioning

confidence: 99%

“…Through investing in high-quality innovative industries, finance is considered one of the most important factors in promoting sustainable economic development [ 28 ]. The excellent information collection and processing capability of digital finance can provide better play to the functions of filtering and screening information as well as evaluating risks, so that it can help mitigate information asymmetry [ 22 ]. Relying on digital technologies such as cloud computing, big data, and mobile Internet, the risk control, information processing, and monitoring systems that digital financial platforms depend on could efficiently and accurately mine and collect the credit and investigation data of funding demanders.…”

Section: Theoretical Analysismentioning

confidence: 99%

Can Digital Finance Promote Peak Carbon Dioxide Emissions? Evidence from China

Guo

Tian

et al. 2022

IJERPH

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This paper uses Chinese provincial panel data from 2011 to 2019, measures CO2 emissions of provinces in China using the IPCC method, and explores the impact of digital finance on CO2 emissions through the SAR model and SDM. Empirical study shows that digital finance significantly reduces CO2 emissions. Digital finance reduces CO2 emissions by promoting energy industrial structure transformation and spreads to surrounding areas through spillover effects, contributes to increasing green patents granted and thus reduces regional CO2 emissions, advances the green technological progress and therefore inhibits CO2 emissions, but reduces the green technological progress in surrounding areas and increases CO2 emissions due to the siphon effect. With the development of digital finance itself, the higher the level of financial regulation, green development and the green finance index, the better the effect of digital finance on CO2 emission reduction. Additionally, digital finance significantly reduces CO2 emissions in the south of China.

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Effects of Digital Finance on Green Innovation considering Information Asymmetry: An Empirical Study Based on Chinese Listed Firms

Cited by 108 publications

References 30 publications

Corporate environmental information disclosure and green innovation: The moderating effect of CEO visibility

Corporate environmental information disclosure and green innovation: The moderating effect of CEO visibility

Can SMEs benefit equally from supportive policies in China?

Can Digital Finance Promote Peak Carbon Dioxide Emissions? Evidence from China

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