Green Finance,Environmental Regulation,and Strategic Green Innovation
Based on the practice of economic transition in China,this paper empirically studies the impact of green finance on firms'strategic green innovation.Empirical results show that firms tend to conduct strategic green innovation to gain the support of green finance policy.Environmental regulation,such as the pollution monitoring by the Ministry of Ecology and Environment can suppress the opportunistic behavior in green inno-vation activities to some degree,and play a positive role in implementing the green finance policy.Further anal-ysis finds that higher marketization and more attention from the capital market can suppress the tendency of strategic green innovation as well,while the fierce market competition may form short-term pressure and ag-gravate the opportunistic behavior tendency in green innovation activities.Besides,economic consequences tests find that,compared to the substantive green innovation which can bring a long-term contribution to firm value,the positive impact of strategic green innovation on firm value is not sustainable.
Green financeStrategic green innovationEnvironmental regulationEconomic consequences
万方数据
维普
