The impact of financial development on enterprise green innovation under low carbon pilot city.

Autor: Du J; School of Accountancy, Shandong University of Finance and Economics, Jinan, China.; Zhuhai Fudan Imnovation Institute, Hengqin, China., Han Y; School of Accountancy, Shandong University of Finance and Economics, Jinan, China.; Zhuhai Fudan Imnovation Institute, Hengqin, China., Cui X; School of Economics, Southwestern University of Finance and Economics, Chengdu, China.
Jazyk: angličtina
Zdroj: PloS one [PLoS One] 2024 Jun 25; Vol. 19 (6), pp. e0301909. Date of Electronic Publication: 2024 Jun 25 (Print Publication: 2024).
DOI: 10.1371/journal.pone.0301909
Abstrakt: Low-carbon pilot city (LCPC) plays a pivotal role in stimulating green innovation among enterprises. However, relying solely on policy often proves less effective, necessitating support from financial development. Yet, current research frequently overlooks the impact of financial development on LCPC policy. Drawing on economic, management, and organizational psychology theories, we investigate the influence of the financial development level on enterprise green innovation in LCPC, utilizing data from listed companies between 2010 and 2018. The main finding is that LCPC facilitates institutional-level green innovation. Concurrently, financial development augments the effectiveness of LCPC policy, further expediting green innovation activities among enterprises in these pilot cities. Heterogeneity analyses reveal that financial development significantly promotes green innovation, particularly among state-owned enterprises, those with myopic management, non-high technology industries, and businesses in the southern region within LCPC. Mechanism tests identify enterprises' financing constraints and R&D investment levels as key pathways through which financial development fosters green economic development in LCPC. This study provides micro-level evidence from China elucidating the effects of environmental policies and offers practical implications for the low-carbon transformation of the manufacturing sector amid peak emissions and carbon-neutral targets. Additionally, it provides valuable guidance for other emerging economies seeking enhanced resource and environmental protection through the implementation of energy-saving and emission-reduction fiscal policy.
Competing Interests: The authors have declared that no competing interests exist.
(Copyright: © 2024 Du et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)
Databáze: MEDLINE
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