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Do environmental regulations and financial constraints stimulate corporate technological innovation? Evidence from China

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  • He, Yiqing
  • Ding, Xin
  • Yang, Chuchu

Abstract

Does China achieve the Porter effect which states a win-win development of economy and environment? Besides environmental regulations (ER), financing is a critical factor affecting corporate technological innovation (TI). This study develops an integrated model to empirically investigate the interrelationship between ER, financial constraints (FC), and TI. The model is tested to make use of the Driscoll–Kraay standard error estimation and various regression models, based on detailed Chinese listed firm-level data covering the period from 2011 to 2017. Our baseline results show that ER have produced a crowding out effect of R&D input and inhibited patent outputs; as a consequence, the “weak” version of the Porter hypothesis is not underpinned in A-share stocks listed firms. Further tests indicate that FC have a mediating effect on the relationship between ER and TI. The moderating effect of FC between ER and TI is mixed. The effect of ER on TI is affected by the threshold effect of FC—the lower FC can better support the innovation compensation effect or alleviate the crowding out effect of ER. Thus, our findings offer new ideas for supporting financing mechanism of environmental governance to stimulate R&D innovation of listed companies.

Suggested Citation

  • He, Yiqing & Ding, Xin & Yang, Chuchu, 2021. "Do environmental regulations and financial constraints stimulate corporate technological innovation? Evidence from China," Journal of Asian Economics, Elsevier, vol. 72(C).
    • Handle: RePEc:eee:asieco:v:72:y:2021:i:c:s1049007820301457
    DOI: 10.1016/j.asieco.2020.101265
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    Keywords

    Environmental regulations; Financial constraints; Corporate technological innovation; Mediator and moderator; Threshold model;
    All these keywords.

    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • M11 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Production Management

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