.png){kind=icon}
.png){kind=icon}
Return
Indirect Effects of Government Guidance Funds on Firm Green Innovation: Strengths and Limitations of Financialized Industrial Policy in China
.png){kind=icon}
OA
AI
S
P
Z
L
DOI：10.1016/j.iref.2025.104873.png)
.png){kind=icon}
.png){kind=icon}
Share.png){kind=icon}
Save
Abstract
En 中文
As a financialized industrial policy leveraging market mechanisms to realize government objectives, China’s government guidance funds (GGFs) have the potential to promote firms’ green innovation. Using data of A-share listed firms from 2010 to 2021 and employing the PSM-DID method, this paper verifies this positive green effect in the short term. Mechanism tests show that the industrial policy status helps the GGF address the incentive problem using green-oriented political resources, driving firms to engage in policy-driven green innovation. However, this effect exhibit vulnerability for the GGF’s failure to enhance firm efficiency and to attract social capital. In such cases, the positive effect is confined to the short term. This paper reveals the role and limitations of GGF in promoting firm green innovation.
Keywords:
government guidance funds
green innovation
green-oriented political resources
AI Summary
Key information extracted from the uploaded paper, including a brief overview, abstract, background, key highlights, visual analysis, and future outlook.
Journal
IF:
5.6
Papers:
992
Citations:
1.1W
Organization
Cited Papers