Greening through finance?

Will Green Finance Contribute to a Green Recovery? Evidence From Green Financial Pilot Zone in China

“…More related studies are commenced with the real effect of green finance and the supportive policies promoting the development of green finance: Alexander (7), Campiglio (8), Thoma and Hilke (9), Monnin (10), and Campigli et al (11) discuss the supportive policies from the aspects of fiscal and taxation policies, macroprudential supervision and bank capital supervision, and more. Through theoretical and empirical tests, Fan et al (6) found that enterprises with higher pollution levels could obtain fewer credit resources, and their output would also decrease with the introduction of green credit policies. Some other studies have proposed to incorporate green finance factors into traditional macro models (12)(13)(14) and thereby develop dynamic stochastic general equilibrium models (15)(16)(17) and integrated assessment models (18) used for interdisciplinary studies of economy, finance, and environment.…”

“…To further test the robustness of the benchmark regression of the first group of control experiments, this paper uses the tendency score matching method to match the characteristic variables of the enterprises in the control group and those in the control group to overcome the influence of sample selection bias and then carries out PSM-DID test. The corresponding regression results are shown in column (6) of Table 3. The regression results are consistent with the benchmark regression results, which is in line with expectations.…”

“…With the promotion of policies and practices, green finance has gradually become a hot topic for scholars to study. Existing academic studies have achieved many research results in terms of the definition of green finance (1-5), impact effect (6), and relevant policy tools to support the development of green finance (7)(8)(9)(10)(11). However, the existing research focuses on the macroimpact of green finance on economic and social development and the meso-impact on industries, while there is relatively little research on the impact on micro-enterprises, which needs further exploration.…”

Can retail investors induce corporate green innovation? -Evidence from Baidu Search Index

“…So far, scholars have paid more and more attention to discussing the determinants of corporate green innovation, including environmental regulation ( Brunnermeier and Cohen, 2003 ; Acemoglu et al., 2016 ; Stucki et al., 2018 ; Borsatto and Amui, 2019 ; Huang et al., 2019 ; Petroni et al., 2019 ; Fan et al., 2021 ), bank-firm relationship ( Falcone, 2018 ), social trust ( Pan et al., 2021 ), stakeholders ( Abbas and Sagsan, 2019 ; Zhang and Zhu, 2019 ; Chen and Liu, 2020 ), corporate governance ( Gauthier and Genet, 2014 ), technological capability ( Chen, 2008 ; Horbach, 2008 ; He and Jiang, 2019 ), etc. It can be seen that most of the existing literature focuses on the impact of formal institutional constraints generally faced by enterprises on green innovation.…”

Green Credit Policy and Corporate Stock Price Crash Risk: Evidence From China

“…From the perspective of corporate behavior, Liu et al (2021) find that “green” commitment lowers a firm’s stock price crash risk. In terms of green credit regulation, Fan et al (2021) discover that GCP has a significantly positive impact on the loan interest rates, loan size and financing costs of non-heavy-polluting firms, but a significantly negative impact on heavy-polluting firms. However, there is no systematic analysis on the relationship between GCP and stock price crash risk in the existing literature.…”