Research on the Impact of Green Bonds on Corporate Green Innovation:Based on the Internal and External Perspectives of Executives' Green Perceptions and Institutional Investors
This study conducts an in-depth analysis of the impact of green bond issuance on corporate green innovation from the perspectives of executive green awareness and institutional investors'internal and external viewpoints.The results indicate that the issuance of green bonds significantly enhances the level of corporate green innovation,particularly in the application for green invention patents.Heterogeneity analysis reveals that state-owned enterprises,enterprises in heavily polluting industries,large-scale enterprises,and those located in green finance reform pilot zones are more inclined to increase green innovation activities following the issuance of green bonds.Furthermore,the proportion of shares held by long-term institutional investors positively moderates the relationship between green bonds and corporate green innovation,while executive green awareness is a key internal factor driving corporate green innovation.
Green BondsInstitutional InvestorExecutive Green Perception
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