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Green finance policies, resource allocation, and corporate social responsibility

Author

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  • Liu, Yanqiong
  • Li, Xiaoling

Abstract

This paper utilizes data from Chinese A-share listed companies from 2010 to 2019, using the Green Finance Innovation Pilot Zone as a quasi-natural experiment to deeply explore the impact of this policy on corporate social responsibility, and analyzes the effects of the policy from the perspectives of financing scale and financing costs. The findings indicate that the establishment of Green Finance Innovation Pilot Zones significantly promotes corporate social responsibility and affects the allocation of financial resources through mechanisms such as increasing financing costs and reducing financing scales. Under the strict regulation of the external green finance environment, companies' willingness and ability to undertake social responsibilities have significantly improved; this effect is particularly notable among secondary industry firms and high-tech enterprises.

Suggested Citation

  • Liu, Yanqiong & Li, Xiaoling, 2025. "Green finance policies, resource allocation, and corporate social responsibility," Finance Research Letters, Elsevier, vol. 71(C).
    • Handle: RePEc:eee:finlet:v:71:y:2025:i:c:s1544612324014211
    DOI: 10.1016/j.frl.2024.106392
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    More about this item

    Keywords

    Policy effects; Green finance innovation experimental zone; Financial resource allocation; Corporate social responsibility;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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