Impacts of green finance on green innovation: A spatial and nonlinear perspective

Huang, Yongming; Chen, Chen; Lei, Lijun; Zhang, Yaping

doi:10.1016/j.jclepro.2022.132548

Cited by 168 publications

(84 citation statements)

References 46 publications

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“…This is mainly because green energy technologies can spread to neighboring areas through such mechanisms as human mobility, investment, and industrial transfer. The positive spatial lag coefficient indicates that the spatial knowledge spillover will narrow the gap of GETI between areas, which is beneficial to the overall improvement of GETI [73]. As for the core independent variable, the coefficient of environmental regulation is positive, and the coefficient of the square term of environmental regulation is negative, and both are significant at 1% level.…”

Section: Baseline Resultsmentioning

confidence: 96%

The Impact of Environmental Regulation on Green Energy Technology Innovation—Evidence from China

2022

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Green energy technology innovation (GETI) is a crucial path to achieve sustainable development. However, few studies have examined the determinants of GETI, especially from the perspective of environmental regulation. To fill this gap, this study investigates the impact of environmental regulation on GETI using the panel data of 30 provinces in Mainland China from 2001 to 2018. We first measure GETI by the latest IPC codes and patent data, and then adopt a dynamic spatial Durbin model (DSDM) to examine the relationship between environmental regulation and GETI. The main conclusions are summarized as follows: (1) There is a significant inverted U-shaped relationship between environmental regulation and GETI; (2) heterogeneity analysis shows that the inverted U-shaped correlation not only exists between environmental regulations and different types of GETI, but also exists between environmental regulations and GETI in different regions. Moreover, the results also show that the spatial spillover effect and path-dependent effect exist in all cases. The findings can provide reference for policymakers to formulate more precise environmental policies. That is, environmental policies in a province should be formulated based on its position on the inverted U-shaped curve. More specifically, when it is on the left side of the inflection point, it is reasonable to strengthen environmental policies, and when it is on the right side of the inflection point, appropriate relaxation of environmental policies should be considered.

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Section: Baseline Resultsmentioning

confidence: 96%

The Impact of Environmental Regulation on Green Energy Technology Innovation—Evidence from China

2022

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“…This paper studies the formation process of government subsidy strategy on enterprise innovation strategy selection by developing a dynamic game model of enterprise innovation strategy induced by a change in government subsidy strategy. Furthermore, this paper compensates the shortcomings of previous studies, which are mostly reflected in the fact that the majority of previous studies are empirical studies based on quantitative data (Howell, 2017;Bai et al, 2019;Du and Li, 2019;Lin and Luan, 2020a,b;Huang et al, 2022). Empirical studies only offer data results, so they analyze existing views primarily through data and frequently lack a clear understanding of how objective patterns are formed.…”

Section: Theoretical Contributionmentioning

confidence: 97%

“…As a result, while direct government subsidies benefit enterprises in the short term, they may inevitably impede their long-term growth (Luo et al, 2021 ; Yan et al, 2022 ). Due to the two-fold spillover problem associated with innovation, companies distribute subsidies differently between non-innovation and innovation, with the favorable effect of subsidies on non-green innovation being bigger than the good effect on innovation (Frankovic et al, 2020 ; Banal-Estañol et al, 2022 ; Huang et al, 2022 ). Furthermore, non-tax subsidies are used by the government to advance social policy goals at the expense of commercial profits.…”

Section: Literature Reviewmentioning

confidence: 99%

‘Guidance' or ‘Misleading'? The government subsidy and the choice of enterprise innovation strategy

Ding

Wang²,

Liu³

et al. 2022

Front. Psychol.

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Government subsidies have a direct impact on firms' innovation strategies. The game relationship between the government, the subsidized firm and its competitors under different subsidy strategies affects firms' innovation behavior and thus innovation performance. This paper uses a dynamic evolutionary game theory approach based on cost-benefit differences to analyse the mechanisms by which government subsidy strategies affect firms' innovation strategies. It is found that the marginal benefits of a firm's innovation strategy will directly affect the game outcome, indicating that the choice of innovation strategy depends on the maximization of individual firm's interests. At the same time, a firm's innovation strategy is influenced by the firm's own innovation ability and competitors' innovation strategy, and there are two game equilibria. Government subsidies have a positive contribution to the innovation strategy choice of subsidized firms, but have a crowding-out effect on non-subsidized competing firms. The strength of the penalty (the efficiency of the implementation of government subsidies), the marginal revenue of the subsidized firms' rational use of government subsidies and the competitors' strategic choices will directly affect the game outcome.

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“…Green innovation is considered as one of the top solutions in the 21st century, which seeks to achieve the dual objectives of ecological preservation and low-carbon economic growth (Tolliver et al, 2021). Green finance plays an important role in resolving financing constraints and provides policy support in green innovation (Huang et al, 2022). Green bonds as financial innovation plays a crucial role in financing green innovations.…”

Section: XVIIImentioning

confidence: 99%

Institutional Investors and Public Authority Ownership Impact on Green Bonds Issue: Evidence from France

Ballouk¹,

Mefteh‐Wali²,

Tabbah³

et al. 2023

Journal of Innovation Economics &Amp; Management

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Impacts of green finance on green innovation: A spatial and nonlinear perspective

Cited by 168 publications

References 46 publications

The Impact of Environmental Regulation on Green Energy Technology Innovation—Evidence from China

The Impact of Environmental Regulation on Green Energy Technology Innovation—Evidence from China

‘Guidance' or ‘Misleading'? The government subsidy and the choice of enterprise innovation strategy

Institutional Investors and Public Authority Ownership Impact on Green Bonds Issue: Evidence from France

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