| Title |
Deleveraging and green technology innovation: Evidence from Chinese listed companies |
| ID_Doc |
30154 |
| Authors |
Wang, SM; Wang, M; Feng, C |
| Title |
Deleveraging and green technology innovation: Evidence from Chinese listed companies |
| Year |
2024 |
| Published |
|
| DOI |
10.1016/j.ribaf.2024.102289 |
| Abstract |
To address the relationship between 'deleveraging' and 'green development transformation', it is necessary to seek a leverage ratio that promotes green technology innovation and avoids financial risk. Using fixed-effects models, this study empirically examines the influence of a company's leverage ratio on green technology innovation based on the annual data of Chinese listed companies from 2007 to 2022. The results show that: (1) there is an inverted U-shaped relationship between the leverage ratio and green technology innovation, with a turning point of 51.79%; (2) Short-term leverage has a more noticeable effect on green technology innovation than long-term leverage. Commercial credit promotes green technology innovation, while bank lending has been proven to damage green technology innovation; (3) There are distinct heterogeneous effects of company's leverage on green technology innovation among Chinese listed companies owing to ownership, scale, and industry; (4) Leverage affects green technology innovation through R&D investment and financial distress. |
| Author Keywords |
Leverage; Green technology innovation; Leverage structure; Company heterogeneity |
| Index Keywords |
Index Keywords |
| Document Type |
Other |
| Open Access |
Open Access |
| Source |
Social Science Citation Index (SSCI) |
| EID |
WOS:001207815900001 |
| WoS Category |
Business, Finance |
| Research Area |
Business & Economics |
| PDF |
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