Corporate Financialization and Green Innovation
DOI:
https://doi.org/10.54097/zmq4fa18Keywords:
Corporate Financialization, Green Innovation, External Supervision, Analyst Focus, Institutional Investor OwnershipAbstract
With the national focus on green and sustainable development, green innovation has gradually become the focus of attention for many enterprises. However, green innovation has a high degree of risk and uncertainty, and often requires a large amount of capital investment during green innovation. In the current period, due to the intensification of the phenomenon of enterprise financialization, there is a strange lack of funds in the real investment field, which will inevitably have an impact on green innovation. This paper takes listed companies in the manufacturing industry in Shanghai and Shenzhen A-shares from 2008 to 2022 as the research object to empirically test the impact of corporate financialization on green innovation. On this basis, this paper further focuses on the role played by external supervision between the two. The findings show that corporate financialization can significantly inhibit corporate green innovation, but external supervision can significantly mitigate the negative impact between the two.
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