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Does green finance promote green transformation of the real economy?
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Hua, Mingzhong, Li, Zhe , Zhang, Yudong and Wei, Xiaobei (2024) Does green finance promote green transformation of the real economy? Research in International Business and Finance, 67 (Part B). 102090. doi:10.1016/j.ribaf.2023.102090 ISSN 0275-5319.
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Official URL: http://doi.org/10.1016/j.ribaf.2023.102090
Abstract
Deepening green finance reform and promoting the green transformation of the real economy are important for sustainable development. We introduce a natural experiment, the 2017 Green Finance Reform and Innovation Pilot Zone in China, to investigate the impact of green finance reform on the green transformation of the real economy. We show that green finance policies can significantly promote the green transformation of the economy, and our results are robust to different models and specifications. The mechanism analysis shows that corporate environmental responsibility and supply chain responsibility play crucial roles in our results. The higher the degree of fulfillment of corporate environmental responsibility and supply chain responsibility, the more obvious the impact of green finance policy. The heterogeneity test shows that green finance can only promote green transformation in areas with non-state-owned enterprises and high environmental regulation intensity.
Item Type: | Journal Article | ||||||||
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Divisions: | Faculty of Science, Engineering and Medicine > Engineering > Engineering | ||||||||
SWORD Depositor: | Library Publications Router | ||||||||
Journal or Publication Title: | Research in International Business and Finance | ||||||||
Publisher: | Elsevier | ||||||||
ISSN: | 0275-5319 | ||||||||
Official Date: | January 2024 | ||||||||
Dates: |
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Volume: | 67 | ||||||||
Number: | Part B | ||||||||
Article Number: | 102090 | ||||||||
DOI: | 10.1016/j.ribaf.2023.102090 | ||||||||
Status: | Peer Reviewed | ||||||||
Publication Status: | Published | ||||||||
Access rights to Published version: | Restricted or Subscription Access |
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