Can the green credit policy promote green innovation in enterprises? Empirical evidence from China
Abstract
The green credit policy (GCP) is an institutional framework aimed at guiding enterprises towards green transformation and promoting high-quality development, which serves as a crucial tool for supporting the establishment of a green technology innovation system. In this study, utilizing the green credit guidelines as a quasi-natural experiment and constructed a continuous difference-in-difference (DID) model, examines the impact of GCP impact on enterprise green innovation and its internal mechanisms by analyzing data from Chinese A-share listed companies between 2006 and 2021. Our findings indicate that the GCP had a significant impact on enterprise green innovation, inhibiting companies from in-dependently developing green innovation while promoting joint green innovation with other institutions; These results were robust and consistent, even after conducting several sensitiv-ity analyses; This mechanism indicate that the commercial credit plays an important regulatory role in the process of GCP affecting green innovation of enterprises and the financing constraints act as an intermediary factor in the process of GCP affecting green innovation. Based on our research, we offer policy recommendations aimed at improving the GCP and fostering a market-oriented green technology innovation system.
First published online 14 March 2024
Keyword : green credit policy, green innovation, commercial credit, financing constraints
How to Cite
Fang, X., Liu, M., & Li, G. (2024). Can the green credit policy promote green innovation in enterprises? Empirical evidence from China. Technological and Economic Development of Economy, 30(4), 899–932. https://doi.org/10.3846/tede.2024.20497
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
Abakah, E. J. A., Nasreen, S., Tiwari, A. K., & Lee, C. C. (2023). US leveraged loan and debt markets: Implications for optimal portfolio and hedging. International Review of Financial Analysis, 87, Article 102514. https://doi.org/10.1016/j.irfa.2023.102514
Acemoglu, D., Akcigit, U., Hanley, D., & Kerr, W. (2016). Transition to clean technology. Journal of Political Economy, 124(1), 52–104. https://doi.org/10.1086/684511
Aghion, P., Dechezleprêtre, A., Hemous, D., Martin, R., & Van Reenen, J. (2016). Carbon taxes, path dependency, and directed technical change: Evidence from the auto industry. Journal of Political Economy, 124(1), 1–51. https://doi.org/10.1086/684581
An, S., Li, B., Song, D., & Chen, X. (2021). Green credit financing versus trade credit financing in a supply chain with carbon emission limits. European Journal of Operational Research, 292(1), 125–142. https://doi.org/10.1016/j.ejor.2020.10.025
Baron, R. M., & Kenny, D. A. (1986). The moderator–mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations. Journal of Personality and Social Psychology, 51(6), 1173–1182. https://doi.org/10.1037/0022-3514.51.6.1173
Chapman, K., Miller, G. S., & White, H. D. (2019). Investor relations and information assimilation. The Accounting Review, 94(2), 105–131. https://doi.org/10.2308/accr-52200
Cheng, F., Wang, C., Chiao, C., Yao, S., & Fang, Z. (2021). Retail attention, retail trades, and stock price crash risk. Emerging Markets Review, 49, Article 100821. https://doi.org/10.1016/j.ememar.2021.100821
Cui, X., Wang, P., Sensoy, A., Nguyen, D. K., & Pan, Y. (2022). Green credit policy and corporate productivity: Evidence from a quasi-natural experiment in China. Technological Forecasting and Social Change, 177, Article 121516. https://doi.org/10.1016/j.techfore.2022.121516
Fan, H., Peng, Y., Wang, H., & Xu, Z. (2021). Greening through finance? Journal of Development Economics, 152, Article 102683. https://doi.org/10.1016/j.jdeveco.2021.102683
Francis, J., & Smith, A. (1995). Agency costs and innovation some empirical evidence. Journal of Accounting and Economics, 19(2–3), 383–409. https://doi.org/10.1016/0165-4101(94)00389-M
Gao, W., & Liu, Z. (2023). Green credit and corporate ESG performance: Evidence from China. Finance Research Letters, 55(B), Article 103940. https://doi.org/10.1016/j.frl.2023.103940
He, L., Liu, R., Zhong, Z., Wang, D., & Xia, Y. (2019a). Can green financial development promote renewable energy investment efficiency? A consideration of bank credit. Renewable Energy, 143, 974–984. https://doi.org/10.1016/j.renene.2019.05.059
He, L., Zhang, L., Zhong, Z., Wang, D., & Wang, F. (2019b). Green credit, renewable energy investment and green economy development: Empirical analysis based on 150 listed companies of China. Journal of Cleaner Production, 208, 363–372. https://doi.org/10.1016/j.jclepro.2018.10.119
Houston, J. F., & Shan, H. (2022). Corporate ESG profiles and banking relationships. The Review of Financial Studies, 35(7), 3373–3417. https://doi.org/10.1093/rfs/hhab125
Hu, G., Wang, X., & Wang, Y. (2021). Can the green credit policy stimulate green innovation in heavily polluting enterprises? Evidence from a quasi-natural experiment in China. Energy Economics, 98, Article 105134. https://doi.org/10.1016/j.eneco.2021.105134
Khanna, M., Quimio, W. R. H., & Bojilova, D. (1998). Toxics release information: A policy tool for environmental protection. Journal of Environmental Economics and Management, 36(3), 243–266. https://doi.org/10.1006/jeem.1998.1048
Lee, C. C., & Lee, C. C. (2022). How does green finance affect green total factor productivity? Evidence from China. Energy Economics, 107, Article 105863. https://doi.org/10.1016/j.eneco.2022.105863
Lee, C. C., Chang, Y. F., & Wang, E. Z. (2022b). Crossing the rivers by feeling the stones: The effect of China’s green credit policy on manufacturing firms’ carbon emission intensity. Energy Economics, 116, Article 106413. https://doi.org/10.1016/j.eneco.2022.106413
Lee, C. C., Qin, S., & Li, Y. (2022a). Does industrial robot application promote green technology innovation in the manufacturing industry? Technological Forecasting and Social Change, 183, Article 121893. https://doi.org/10.1016/j.techfore.2022.121893
Lee, C. C., Wang, F., & Chang, Y. F. (2023a). Does green finance promote renewable energy? Evidence from China. Resources Policy, 82, Article 103439. https://doi.org/10.1016/j.resourpol.2023.103439
Lee, C. C., Wang, F., & Chang, Y. F. (2023b). Towards net-zero emissions: Can green bond policy promote green innovation and green space? Energy Economics, 121, Article 106675. https://doi.org/10.1016/j.eneco.2023.106675
Liu, X., Wang, E., & Cai, D. (2019). Green credit policy, property rights and debt financing: Quasi-natural experimental evidence from China. Finance Research Letters, 29, 129–135. https://doi.org/10.1016/j.frl.2019.03.014
Lu, Y., Gao, Y., Zhang, Y., & Wang, J. (2022). Can the green finance policy force the green transformation of high-polluting enterprises? A quasi-natural experiment based on “Green Credit Guidelines”. Energy Economics, 114, Article 106265. https://doi.org/10.1016/j.eneco.2022.106265
Luo, S., Yu, S., & Zhou, G. (2021). Does green credit improve the core competence of commercial banks? Based on quasi-natural experiments in China. Energy Economics, 100, Article 105335. https://doi.org/10.1016/j.eneco.2021.105335
Lv, C., Fan, J., & Lee, C. C. (2023). Can green credit policies improve corporate green production efficiency? Journal of Cleaner Production, 397, Article 136573. https://doi.org/10.1016/j.jclepro.2023.136573
Nabeeh, N. A., Abdel-Basset, M., & Soliman, G. (2021). A model for evaluating green credit rating and its impact on sustainability performance. Journal of Cleaner Production, 280, Article124299. https://doi.org/10.1016/j.jclepro.2020.124299
Porter, M. (1996). America’s green strategy. Business and the Environment: A Reader, 33.
Reghezza, A., Altunbas, Y., Marques-Ibanez, D., d’Acri, C. R., & Spaggiari, M. (2022). Do banks fuel climate change? Journal of Financial Stability, 62, Article 101049. https://doi.org/10.1016/j.jfs.2022.101049
Scholtens, B., & Dam, L. (2007). Banking on the Equator. Are banks that adopted the Equator Principles different from non-adopters? World Development, 35(8), 1307–1328. https://doi.org/10.1016/j.worlddev.2006.10.013
Stucki, T., Woerter, M., Arvanitis, S., Peneder, M., & Rammer, C. (2018). How different policy instruments affect green product innovation: A differentiated perspective. Energy Policy, 114, 245–261. https://doi.org/10.1016/j.enpol.2017.11.049
Su, C. W., Li, W., Umar, M., & Lobonţ, O. R. (2022a). Can green credit reduce the emissions of pollutants? Economic Analysis and Policy, 74, 205–219. https://doi.org/10.1016/j.eap.2022.01.016
Su, C. W., Umar, M., & Gao, R. (2022b). Save the environment, get financing! How China is protecting the environment with green credit policies? Journal of Environmental Management, 323, Article 116178. https://doi.org/10.1016/j.jenvman.2022.116178
Sun, C., & Zeng, Y. (2023). Does the green credit policy affect the carbon emissions of heavily polluting enterprises? Energy Policy, 180, Article 113679. https://doi.org/10.1016/j.enpol.2023.113679
Sun, H., Edziah, B. K., Kporsu, A. K., Sarkodie, S. A., & Taghizadeh-Hesary, F. (2021). Energy efficiency: The role of technological innovation and knowledge spillover. Technological Forecasting and Social Change, 167, Article 120659. https://doi.org/10.1016/j.techfore.2021.120659
Taghizadeh-Hesary, F., & Yoshino, N. (2019). The way to induce private participation in green finance and investment. Finance Research Letters, 31, 98–103. https://doi.org/10.1016/j.frl.2019.04.016
Tan, X., Xiao, Z., Liu, Y., Taghizadeh-Hesary, F., Wang, B., & Dong, H. (2022a). The effect of green credit policy on energy efficiency: Evidence from China. Technological Forecasting and Social Change, 183, Article 121924. https://doi.org/10.1016/j.techfore.2022.121924
Tan, X., Yan, Y., & Dong, Y. (2022b). Peer effect in green credit induced green innovation: An empirical study from China’s Green Credit Guidelines. Resources Policy, 76, Article 102619. https://doi.org/10.1016/j.resourpol.2022.102619
Tiwari, A. K., Abakah, E. J. A., Adewuyi, A. O., & Lee, C. C. (2022). Quantile risk spillovers between energy and agricultural commodity markets: Evidence from pre and during COVID-19 outbreak. Energy Economics, 113, Article 106235. https://doi.org/10.1016/j.eneco.2022.106235
Tombe, T., & Winter, J. (2015). Environmental policy and misallocation: The productivity effect of intensity standards. Journal of Environmental Economics and Management, 72, 137–163. https://doi.org/10.1016/j.jeem.2015.06.002
Wang, C. W., Lee, C. C., & Wu, L. T. (2023). The relationship between cash flow uncertainty and extreme risk: International evidence. Pacific-Basin Finance Journal, 77, Article 101927. https://doi.org/10.1016/j.pacfin.2022.101927
Wang, H., Qi, S., Zhou, C., Zhou, J., & Huang, X. (2022). Green credit policy, government behavior and green innovation quality of enterprises. Journal of Cleaner Production, 331, Article 129834. https://doi.org/10.1016/j.jclepro.2021.129834
Wang, Y., Lei, X., Long, R., & Zhao, J. (2020). Green credit, financial constraint, and capital investment: Evidence from China’s energy-intensive enterprises. Environmental Management, 66(6), 1059–1071. https://doi.org/10.1007/s00267-020-01346-w
Wang, Z., & Wang, X. (2022). Research on the impact of green finance on energy efficiency in different regions of China based on the DEA-Tobit model. Resources Policy, 77, Article 102695. https://doi.org/10.1016/j.resourpol.2022.102695
Wen, H., Lee, C. C., & Zhou, F. (2021). Green credit policy, credit allocation efficiency and upgrade of energy-intensive enterprises. Energy Economics, 94, Article 105099. https://doi.org/10.1016/j.eneco.2021.105099
Xing, C., Zhang, Y., & Tripe, D. (2021). Green credit policy and corporate access to bank loans in China: The role of environmental disclosure and green innovation. International Review of Financial Analysis, 77, Article 101838. https://doi.org/10.1016/j.irfa.2021.101838
Xu, X., & Li, J. (2020). Asymmetric impacts of the policy and development of green credit on the debt financing cost and maturity of different types of enterprises in China. Journal of Cleaner Production, 264, Article 121574. https://doi.org/10.1016/j.jclepro.2020.121574
Yao, S., Pan, Y., Sensoy, A., Uddin, G. S., & Cheng, F. (2021). Green credit policy and firm performance: What we learn from China. Energy Economics, 101, Article 105415. https://doi.org/10.1016/j.eneco.2021.105415
Yin, W., Zhu, Z., Kirkulak-Uludag, B., & Zhu, Y. (2021). The determinants of green credit and its impact on the performance of Chinese banks. Journal of Cleaner Production, 286, Article 124991. https://doi.org/10.1016/j.jclepro.2020.124991
Zhang, A., Deng, R., & Wu, Y. (2022a). Does the green credit policy reduce the carbon emission intensity of heavily polluting industries? Evidence from China’s industrial sectors. Journal of Environmental Management, 311, Article 114815. https://doi.org/10.1016/j.jenvman.2022.114815
Zhang, K., Li, Y., Qi, Y., & Shao, S. (2021b). Can green credit policy improve environmental quality? Evidence from China. Journal of Environmental Management, 298, Article 113445. https://doi.org/10.1016/j.jenvman.2021.113445
Zhang, S., Wu, Z., He, Y., & Hao, Y. (2022b). How does the green credit policy affect the technological innovation of enterprises? Evidence from China. Energy Economics, 113, Article 106236. https://doi.org/10.1016/j.eneco.2022.106236
Zhang, S., Wu, Z., Wang, Y., & Hao, Y. (2021a). Fostering green development with green finance: An empirical study on the environmental effect of green credit policy in China. Journal of Environmental Management, 296, Article 113159. https://doi.org/10.1016/j.jenvman.2021.113159
Zhou, F., Wen, H., & Lee, C. C. (2022). Broadband infrastructure and export growth. Telecommunications Policy, 46(5), Article 102347. https://doi.org/10.1016/j.telpol.2022.102347
Acemoglu, D., Akcigit, U., Hanley, D., & Kerr, W. (2016). Transition to clean technology. Journal of Political Economy, 124(1), 52–104. https://doi.org/10.1086/684511
Aghion, P., Dechezleprêtre, A., Hemous, D., Martin, R., & Van Reenen, J. (2016). Carbon taxes, path dependency, and directed technical change: Evidence from the auto industry. Journal of Political Economy, 124(1), 1–51. https://doi.org/10.1086/684581
An, S., Li, B., Song, D., & Chen, X. (2021). Green credit financing versus trade credit financing in a supply chain with carbon emission limits. European Journal of Operational Research, 292(1), 125–142. https://doi.org/10.1016/j.ejor.2020.10.025
Baron, R. M., & Kenny, D. A. (1986). The moderator–mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations. Journal of Personality and Social Psychology, 51(6), 1173–1182. https://doi.org/10.1037/0022-3514.51.6.1173
Chapman, K., Miller, G. S., & White, H. D. (2019). Investor relations and information assimilation. The Accounting Review, 94(2), 105–131. https://doi.org/10.2308/accr-52200
Cheng, F., Wang, C., Chiao, C., Yao, S., & Fang, Z. (2021). Retail attention, retail trades, and stock price crash risk. Emerging Markets Review, 49, Article 100821. https://doi.org/10.1016/j.ememar.2021.100821
Cui, X., Wang, P., Sensoy, A., Nguyen, D. K., & Pan, Y. (2022). Green credit policy and corporate productivity: Evidence from a quasi-natural experiment in China. Technological Forecasting and Social Change, 177, Article 121516. https://doi.org/10.1016/j.techfore.2022.121516
Fan, H., Peng, Y., Wang, H., & Xu, Z. (2021). Greening through finance? Journal of Development Economics, 152, Article 102683. https://doi.org/10.1016/j.jdeveco.2021.102683
Francis, J., & Smith, A. (1995). Agency costs and innovation some empirical evidence. Journal of Accounting and Economics, 19(2–3), 383–409. https://doi.org/10.1016/0165-4101(94)00389-M
Gao, W., & Liu, Z. (2023). Green credit and corporate ESG performance: Evidence from China. Finance Research Letters, 55(B), Article 103940. https://doi.org/10.1016/j.frl.2023.103940
He, L., Liu, R., Zhong, Z., Wang, D., & Xia, Y. (2019a). Can green financial development promote renewable energy investment efficiency? A consideration of bank credit. Renewable Energy, 143, 974–984. https://doi.org/10.1016/j.renene.2019.05.059
He, L., Zhang, L., Zhong, Z., Wang, D., & Wang, F. (2019b). Green credit, renewable energy investment and green economy development: Empirical analysis based on 150 listed companies of China. Journal of Cleaner Production, 208, 363–372. https://doi.org/10.1016/j.jclepro.2018.10.119
Houston, J. F., & Shan, H. (2022). Corporate ESG profiles and banking relationships. The Review of Financial Studies, 35(7), 3373–3417. https://doi.org/10.1093/rfs/hhab125
Hu, G., Wang, X., & Wang, Y. (2021). Can the green credit policy stimulate green innovation in heavily polluting enterprises? Evidence from a quasi-natural experiment in China. Energy Economics, 98, Article 105134. https://doi.org/10.1016/j.eneco.2021.105134
Khanna, M., Quimio, W. R. H., & Bojilova, D. (1998). Toxics release information: A policy tool for environmental protection. Journal of Environmental Economics and Management, 36(3), 243–266. https://doi.org/10.1006/jeem.1998.1048
Lee, C. C., & Lee, C. C. (2022). How does green finance affect green total factor productivity? Evidence from China. Energy Economics, 107, Article 105863. https://doi.org/10.1016/j.eneco.2022.105863
Lee, C. C., Chang, Y. F., & Wang, E. Z. (2022b). Crossing the rivers by feeling the stones: The effect of China’s green credit policy on manufacturing firms’ carbon emission intensity. Energy Economics, 116, Article 106413. https://doi.org/10.1016/j.eneco.2022.106413
Lee, C. C., Qin, S., & Li, Y. (2022a). Does industrial robot application promote green technology innovation in the manufacturing industry? Technological Forecasting and Social Change, 183, Article 121893. https://doi.org/10.1016/j.techfore.2022.121893
Lee, C. C., Wang, F., & Chang, Y. F. (2023a). Does green finance promote renewable energy? Evidence from China. Resources Policy, 82, Article 103439. https://doi.org/10.1016/j.resourpol.2023.103439
Lee, C. C., Wang, F., & Chang, Y. F. (2023b). Towards net-zero emissions: Can green bond policy promote green innovation and green space? Energy Economics, 121, Article 106675. https://doi.org/10.1016/j.eneco.2023.106675
Liu, X., Wang, E., & Cai, D. (2019). Green credit policy, property rights and debt financing: Quasi-natural experimental evidence from China. Finance Research Letters, 29, 129–135. https://doi.org/10.1016/j.frl.2019.03.014
Lu, Y., Gao, Y., Zhang, Y., & Wang, J. (2022). Can the green finance policy force the green transformation of high-polluting enterprises? A quasi-natural experiment based on “Green Credit Guidelines”. Energy Economics, 114, Article 106265. https://doi.org/10.1016/j.eneco.2022.106265
Luo, S., Yu, S., & Zhou, G. (2021). Does green credit improve the core competence of commercial banks? Based on quasi-natural experiments in China. Energy Economics, 100, Article 105335. https://doi.org/10.1016/j.eneco.2021.105335
Lv, C., Fan, J., & Lee, C. C. (2023). Can green credit policies improve corporate green production efficiency? Journal of Cleaner Production, 397, Article 136573. https://doi.org/10.1016/j.jclepro.2023.136573
Nabeeh, N. A., Abdel-Basset, M., & Soliman, G. (2021). A model for evaluating green credit rating and its impact on sustainability performance. Journal of Cleaner Production, 280, Article124299. https://doi.org/10.1016/j.jclepro.2020.124299
Porter, M. (1996). America’s green strategy. Business and the Environment: A Reader, 33.
Reghezza, A., Altunbas, Y., Marques-Ibanez, D., d’Acri, C. R., & Spaggiari, M. (2022). Do banks fuel climate change? Journal of Financial Stability, 62, Article 101049. https://doi.org/10.1016/j.jfs.2022.101049
Scholtens, B., & Dam, L. (2007). Banking on the Equator. Are banks that adopted the Equator Principles different from non-adopters? World Development, 35(8), 1307–1328. https://doi.org/10.1016/j.worlddev.2006.10.013
Stucki, T., Woerter, M., Arvanitis, S., Peneder, M., & Rammer, C. (2018). How different policy instruments affect green product innovation: A differentiated perspective. Energy Policy, 114, 245–261. https://doi.org/10.1016/j.enpol.2017.11.049
Su, C. W., Li, W., Umar, M., & Lobonţ, O. R. (2022a). Can green credit reduce the emissions of pollutants? Economic Analysis and Policy, 74, 205–219. https://doi.org/10.1016/j.eap.2022.01.016
Su, C. W., Umar, M., & Gao, R. (2022b). Save the environment, get financing! How China is protecting the environment with green credit policies? Journal of Environmental Management, 323, Article 116178. https://doi.org/10.1016/j.jenvman.2022.116178
Sun, C., & Zeng, Y. (2023). Does the green credit policy affect the carbon emissions of heavily polluting enterprises? Energy Policy, 180, Article 113679. https://doi.org/10.1016/j.enpol.2023.113679
Sun, H., Edziah, B. K., Kporsu, A. K., Sarkodie, S. A., & Taghizadeh-Hesary, F. (2021). Energy efficiency: The role of technological innovation and knowledge spillover. Technological Forecasting and Social Change, 167, Article 120659. https://doi.org/10.1016/j.techfore.2021.120659
Taghizadeh-Hesary, F., & Yoshino, N. (2019). The way to induce private participation in green finance and investment. Finance Research Letters, 31, 98–103. https://doi.org/10.1016/j.frl.2019.04.016
Tan, X., Xiao, Z., Liu, Y., Taghizadeh-Hesary, F., Wang, B., & Dong, H. (2022a). The effect of green credit policy on energy efficiency: Evidence from China. Technological Forecasting and Social Change, 183, Article 121924. https://doi.org/10.1016/j.techfore.2022.121924
Tan, X., Yan, Y., & Dong, Y. (2022b). Peer effect in green credit induced green innovation: An empirical study from China’s Green Credit Guidelines. Resources Policy, 76, Article 102619. https://doi.org/10.1016/j.resourpol.2022.102619
Tiwari, A. K., Abakah, E. J. A., Adewuyi, A. O., & Lee, C. C. (2022). Quantile risk spillovers between energy and agricultural commodity markets: Evidence from pre and during COVID-19 outbreak. Energy Economics, 113, Article 106235. https://doi.org/10.1016/j.eneco.2022.106235
Tombe, T., & Winter, J. (2015). Environmental policy and misallocation: The productivity effect of intensity standards. Journal of Environmental Economics and Management, 72, 137–163. https://doi.org/10.1016/j.jeem.2015.06.002
Wang, C. W., Lee, C. C., & Wu, L. T. (2023). The relationship between cash flow uncertainty and extreme risk: International evidence. Pacific-Basin Finance Journal, 77, Article 101927. https://doi.org/10.1016/j.pacfin.2022.101927
Wang, H., Qi, S., Zhou, C., Zhou, J., & Huang, X. (2022). Green credit policy, government behavior and green innovation quality of enterprises. Journal of Cleaner Production, 331, Article 129834. https://doi.org/10.1016/j.jclepro.2021.129834
Wang, Y., Lei, X., Long, R., & Zhao, J. (2020). Green credit, financial constraint, and capital investment: Evidence from China’s energy-intensive enterprises. Environmental Management, 66(6), 1059–1071. https://doi.org/10.1007/s00267-020-01346-w
Wang, Z., & Wang, X. (2022). Research on the impact of green finance on energy efficiency in different regions of China based on the DEA-Tobit model. Resources Policy, 77, Article 102695. https://doi.org/10.1016/j.resourpol.2022.102695
Wen, H., Lee, C. C., & Zhou, F. (2021). Green credit policy, credit allocation efficiency and upgrade of energy-intensive enterprises. Energy Economics, 94, Article 105099. https://doi.org/10.1016/j.eneco.2021.105099
Xing, C., Zhang, Y., & Tripe, D. (2021). Green credit policy and corporate access to bank loans in China: The role of environmental disclosure and green innovation. International Review of Financial Analysis, 77, Article 101838. https://doi.org/10.1016/j.irfa.2021.101838
Xu, X., & Li, J. (2020). Asymmetric impacts of the policy and development of green credit on the debt financing cost and maturity of different types of enterprises in China. Journal of Cleaner Production, 264, Article 121574. https://doi.org/10.1016/j.jclepro.2020.121574
Yao, S., Pan, Y., Sensoy, A., Uddin, G. S., & Cheng, F. (2021). Green credit policy and firm performance: What we learn from China. Energy Economics, 101, Article 105415. https://doi.org/10.1016/j.eneco.2021.105415
Yin, W., Zhu, Z., Kirkulak-Uludag, B., & Zhu, Y. (2021). The determinants of green credit and its impact on the performance of Chinese banks. Journal of Cleaner Production, 286, Article 124991. https://doi.org/10.1016/j.jclepro.2020.124991
Zhang, A., Deng, R., & Wu, Y. (2022a). Does the green credit policy reduce the carbon emission intensity of heavily polluting industries? Evidence from China’s industrial sectors. Journal of Environmental Management, 311, Article 114815. https://doi.org/10.1016/j.jenvman.2022.114815
Zhang, K., Li, Y., Qi, Y., & Shao, S. (2021b). Can green credit policy improve environmental quality? Evidence from China. Journal of Environmental Management, 298, Article 113445. https://doi.org/10.1016/j.jenvman.2021.113445
Zhang, S., Wu, Z., He, Y., & Hao, Y. (2022b). How does the green credit policy affect the technological innovation of enterprises? Evidence from China. Energy Economics, 113, Article 106236. https://doi.org/10.1016/j.eneco.2022.106236
Zhang, S., Wu, Z., Wang, Y., & Hao, Y. (2021a). Fostering green development with green finance: An empirical study on the environmental effect of green credit policy in China. Journal of Environmental Management, 296, Article 113159. https://doi.org/10.1016/j.jenvman.2021.113159
Zhou, F., Wen, H., & Lee, C. C. (2022). Broadband infrastructure and export growth. Telecommunications Policy, 46(5), Article 102347. https://doi.org/10.1016/j.telpol.2022.102347