The Governance Challenge of"Talk Big,Do Little"in Green Development amidst Corporate Financialization as China Pursues Dual Carbon Goals—Insights from China's National Comprehensive Financial Reform Pilot Zones
Corporate financialization emerges as a significant factor in the quality of econom-ic development in the context of China's pursuit of dual carbon goals.This study utilized data from A-share listed companies on the Shanghai and Shenzhen stock markets from 2007 to 2021 to empirically investigate the impact of corporate financialization on the governance challenge of"talk big,do little"within green development and explored the underlying mechanisms.The re-sults indicate that when corporate financialization increases,companies are more inclined to en-gage in"talk big,do little"practices.They proclaim numerous green initiatives in annual reports while exhibiting subpar actual green governance performance,a strategy predominantly driven by reputation management that adversely affects genuine productivity levels.A further analysis shows that corporate financialization skews firms'investment decisions,amplifies corporate risk,and di-minishes corporate responsibility scores,thereby exacerbating the"talk big,do little"dilemma in green development.Encouragingly,national comprehensive financial reform pilot zones have been instrumental in mitigating such behaviors,underlining the zones'effectiveness in curbing the neg-ative impact of corporate financialization on green development.This study not only exposes the detrimental effects of corporate financialization on green development but also examines these is-sues at a deeper level,offering pivotal policy recommendations to foster green transformation in the real economy.
corporate financializationstrategic disclosure of green informationgreen govern-ancenational comprehensive financial reform pilot zones
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