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Stock Market Liberalization and Corporate Green Innovation: Evidence from China
Corporate green innovation is an effective way to achieve energy conservation and emission reduction. Enterprises’ willingness to pursue green innovation is increasingly affected by external factors. By using a quasi-natural experiment of China’s Stock Connect program, we investigate the impact of s...
Autores principales: | , , |
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Formato: | Online Artículo Texto |
Lenguaje: | English |
Publicado: |
MDPI
2021
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Materias: | |
Acceso en línea: | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8037855/ https://www.ncbi.nlm.nih.gov/pubmed/33806099 http://dx.doi.org/10.3390/ijerph18073412 |
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author | Zhang, Yuming Zhang, Juanjuan Cheng, Zhang |
author_facet | Zhang, Yuming Zhang, Juanjuan Cheng, Zhang |
author_sort | Zhang, Yuming |
collection | PubMed |
description | Corporate green innovation is an effective way to achieve energy conservation and emission reduction. Enterprises’ willingness to pursue green innovation is increasingly affected by external factors. By using a quasi-natural experiment of China’s Stock Connect program, we investigate the impact of stock market liberalization on corporate green innovation. We find that stock market liberalization increases enterprises’ green innovation, especially for state-owned enterprises. We also find that stock market liberalization plays a stronger role in promoting the green invention patents of enterprises whose managers have overseas experience and enterprises in areas with a higher degree of openness. Our mechanism analysis suggests that stock market liberalization attracts the attention of securities analysts and increases managers’ focus on environmental protection, thereby promoting corporate green innovation. Our findings show that stock market liberalization plays an important role in the governance of firms’ non-financial behavior, which has important theoretical and practical implications. |
format | Online Article Text |
id | pubmed-8037855 |
institution | National Center for Biotechnology Information |
language | English |
publishDate | 2021 |
publisher | MDPI |
record_format | MEDLINE/PubMed |
spelling | pubmed-80378552021-04-12 Stock Market Liberalization and Corporate Green Innovation: Evidence from China Zhang, Yuming Zhang, Juanjuan Cheng, Zhang Int J Environ Res Public Health Article Corporate green innovation is an effective way to achieve energy conservation and emission reduction. Enterprises’ willingness to pursue green innovation is increasingly affected by external factors. By using a quasi-natural experiment of China’s Stock Connect program, we investigate the impact of stock market liberalization on corporate green innovation. We find that stock market liberalization increases enterprises’ green innovation, especially for state-owned enterprises. We also find that stock market liberalization plays a stronger role in promoting the green invention patents of enterprises whose managers have overseas experience and enterprises in areas with a higher degree of openness. Our mechanism analysis suggests that stock market liberalization attracts the attention of securities analysts and increases managers’ focus on environmental protection, thereby promoting corporate green innovation. Our findings show that stock market liberalization plays an important role in the governance of firms’ non-financial behavior, which has important theoretical and practical implications. MDPI 2021-03-25 /pmc/articles/PMC8037855/ /pubmed/33806099 http://dx.doi.org/10.3390/ijerph18073412 Text en © 2021 by the authors. https://creativecommons.org/licenses/by/4.0/Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (http://creativecommons.org/licenses/by/4.0/ (https://creativecommons.org/licenses/by/4.0/) ). |
spellingShingle | Article Zhang, Yuming Zhang, Juanjuan Cheng, Zhang Stock Market Liberalization and Corporate Green Innovation: Evidence from China |
title | Stock Market Liberalization and Corporate Green Innovation: Evidence from China |
title_full | Stock Market Liberalization and Corporate Green Innovation: Evidence from China |
title_fullStr | Stock Market Liberalization and Corporate Green Innovation: Evidence from China |
title_full_unstemmed | Stock Market Liberalization and Corporate Green Innovation: Evidence from China |
title_short | Stock Market Liberalization and Corporate Green Innovation: Evidence from China |
title_sort | stock market liberalization and corporate green innovation: evidence from china |
topic | Article |
url | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8037855/ https://www.ncbi.nlm.nih.gov/pubmed/33806099 http://dx.doi.org/10.3390/ijerph18073412 |
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