IDEAS home Printed from https://ideas.repec.org/a/eee/finlet/v75y2025ics1544612325001357.html
   My bibliography  Save this article

Government-led green supply chain demonstration and corporate maturity mismatch: Evidence from China

Author

Listed:
  • Liu, Muyan
  • Shen, Lu
  • Yan, Yuehan

Abstract

This paper employs a difference-in-differences methodology to examine the impact of government-led green supply chain management (GSCM) certification on corporate maturity mismatch. The results demonstrate that GSCM certification significantly alleviates maturity mismatch. The effect is more pronounced for non-state-owned firms, firms with low-quality environmental information disclosure and those subject to weak environmental regulations. Mechanism analysis indicates that enhanced access to long-term loans and extended debt maturity structures are the primary channels through which GSCM certification mitigates maturity mismatch. These findings highlight the critical role of government-led green certification initiatives in addressing corporate maturity mismatch and reducing credit discrimination.

Suggested Citation

  • Liu, Muyan & Shen, Lu & Yan, Yuehan, 2025. "Government-led green supply chain demonstration and corporate maturity mismatch: Evidence from China," Finance Research Letters, Elsevier, vol. 75(C).
    • Handle: RePEc:eee:finlet:v:75:y:2025:i:c:s1544612325001357
    DOI: 10.1016/j.frl.2025.106870
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S1544612325001357
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.frl.2025.106870?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Fatemi, Ali & Glaum, Martin & Kaiser, Stefanie, 2018. "ESG performance and firm value: The moderating role of disclosure," Global Finance Journal, Elsevier, vol. 38(C), pages 45-64.
    2. Zhiyong Li & Ying Tang & Jingya Wu & Junfeng Zhang & Qi Lv, 2020. "The Interest Costs of Green Bonds: Credit Ratings, Corporate Social Responsibility, and Certification," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 56(12), pages 2679-2692, September.
    3. Zhang, Fan & Lai, Xiaobing & Guo, Chong, 2024. "ESG disclosure and investment-financing maturity mismatch: Evidence from China," Research in International Business and Finance, Elsevier, vol. 70(PA).
    4. Murillo Campello & Erasmo Giambona & John R. Graham & Campbell R. Harvey, 2011. "Liquidity Management and Corporate Investment During a Financial Crisis," The Review of Financial Studies, Society for Financial Studies, vol. 24(6), pages 1944-1979.
    5. Yongwei Ye & Feng Yun & Lei Zhang, 2024. "Public enforcement and corporate maturity mismatch," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 45(6), pages 3818-3833, September.
    6. Raj Chetty & Adam Looney & Kory Kroft, 2009. "Salience and Taxation: Theory and Evidence," American Economic Review, American Economic Association, vol. 99(4), pages 1145-1177, September.
    7. Han, Xun & Ma, Sichao & Peng, Yuchao & Xie, Xinyan, 2022. "Central bank communication, corporate maturity mismatch and innovation," International Review of Financial Analysis, Elsevier, vol. 84(C).
    8. Gao, Xing & Lai, Xiaobing & Huang, Ting & Lai, Huisu, 2024. "Does social dishonesty accelerate corporate maturity mismatch of investment and financing?," Finance Research Letters, Elsevier, vol. 64(C).
    9. Matthias Kahl & Anil Shivdasani & Yihui Wang, 2015. "Short-Term Debt as Bridge Financing: Evidence from the Commercial Paper Market," Journal of Finance, American Finance Association, vol. 70(1), pages 211-255, February.
    10. Wei, Xiahai & Jiang, Feng & Su, Yaqin, 2024. "More green, less labor gains? Green factory and labor income share in China," Energy Economics, Elsevier, vol. 133(C).
    11. Ullah, Barkat, 2020. "Signaling value of quality certification: Financing under asymmetric information," Journal of Multinational Financial Management, Elsevier, vol. 55(C).
    12. Wu, Tao & Zhang, Li-Guo & Ge, Teng, 2019. "Managing financing risk in capacity investment under green supply chain competition," Technological Forecasting and Social Change, Elsevier, vol. 143(C), pages 37-44.
    13. Wang, Yizhong & Wang, Ting & Chen, Lifang, 2021. "Maturity mismatches of Chinese listed firms," Pacific-Basin Finance Journal, Elsevier, vol. 70(C).
    14. Zhiyong Li & Ying Tang & Jingya Wu & Junfeng Zhang & Qi Lv, 2020. "The Interest Costs of Green Bonds: Credit Ratings, Corporate Social Responsibility, and Certification," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 56(12), pages 2679-2692, September.
    15. Li, Bo & Cheng, Yue & Tian, Guangning, 2024. "Bank competition and firm asset- debt maturity mismatch: Evidence from the SMEs in China," Research in International Business and Finance, Elsevier, vol. 69(C).
    16. Li, Weihao & Hu, Hongbing & Hong, Zekun, 2024. "Green finance policy, ESG rating, and cost of debt——Evidence from China," International Review of Financial Analysis, Elsevier, vol. 92(C).
    17. Xiao Chi Wang & Wei Hao & Jiali Fang & Ji (George) Wu & Liping Zou, 2024. "Trust and corporate debt maturity mismatch: Evidence from China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 64(2), pages 2147-2172, June.
    18. Xingqiang Du & Jianying Weng & Quan Zeng & Yingying Chang & Hongmei Pei, 2017. "Do Lenders Applaud Corporate Environmental Performance? Evidence from Chinese Private-Owned Firms," Journal of Business Ethics, Springer, vol. 143(1), pages 179-207, June.
    19. Ma, Sichao & Peng, Yuchao & Wu, Wanting & Zhu, Feifei, 2022. "Bank liquidity hoarding and corporate maturity mismatch: Evidence from China," Research in International Business and Finance, Elsevier, vol. 63(C).
    20. Javadi, Siamak & Masum, Abdullah-Al, 2021. "The impact of climate change on the cost of bank loans," Journal of Corporate Finance, Elsevier, vol. 69(C).
    21. Devine, Avis & McCollum, Meagan & Orlova, Svetlana, 2022. "Cleaning up corruption and the climate: The role of green building certifications," Finance Research Letters, Elsevier, vol. 47(PA).
    22. Bai, Min & Cai, Jifu & Qin, Yafeng, 2021. "Ownership discrimination and private firms financing in China," Research in International Business and Finance, Elsevier, vol. 57(C).
    23. Sudheer Chava, 2014. "Environmental Externalities and Cost of Capital," Management Science, INFORMS, vol. 60(9), pages 2223-2247, September.
    24. Ying Zhang & Hongfei Ruan & Guiyao Tang & Li Tong, 2021. "Power of sustainable development: Does environmental management system certification affect a firm's access to finance?," Business Strategy and the Environment, Wiley Blackwell, vol. 30(8), pages 3772-3788, December.
    25. Fan, Joseph P. H. & Titman, Sheridan & Twite, Garry, 2012. "An International Comparison of Capital Structure and Debt Maturity Choices," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 47(1), pages 23-56, February.
    26. Shi, Xinzheng & Xu, Zhufeng, 2018. "Environmental regulation and firm exports: Evidence from the eleventh Five-Year Plan in China," Journal of Environmental Economics and Management, Elsevier, vol. 89(C), pages 187-200.
    27. Henriques, Irene & Sadorsky, Perry, 1996. "The Determinants of an Environmentally Responsive Firm: An Empirical Approach," Journal of Environmental Economics and Management, Elsevier, vol. 30(3), pages 381-395, May.
    28. Andrea Moro & Matthias Fink & Daniela Maresch, 2015. "Reduction In Information Asymmetry And Credit Access For Small And Medium-Sized Enterprises," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 38(1), pages 121-143, March.
    29. Liu, Yang & Pham, Ha & Mai, Yong, 2024. "Green investment policy and maturity mismatch of investment and financing in China's heavily polluting enterprises," International Review of Economics & Finance, Elsevier, vol. 93(PB), pages 1145-1158.
    30. Gu, Leilei & Peng, Yuchao & Vigne, Samuel A. & Wang, Yizhi, 2023. "Hidden costs of non-green performance? The impact of air pollution awareness on loan rates for Chinese firms," Journal of Economic Behavior & Organization, Elsevier, vol. 213(C), pages 233-250.
    31. Iñaki Heras‐Saizarbitoria & Olivier Boiral & Alberto Díaz de Junguitu, 2020. "Environmental management certification and environmental performance: Greening or greenwashing?," Business Strategy and the Environment, Wiley Blackwell, vol. 29(6), pages 2829-2841, September.
    32. Hu, Yan & Che, Dexin & Wu, Fei & Chang, Xi, 2023. "Corporate maturity mismatch and enterprise digital transformation: Evidence from China," Finance Research Letters, Elsevier, vol. 53(C).
    33. Jason Hickel, 2019. "The contradiction of the sustainable development goals: Growth versus ecology on a finite planet," Sustainable Development, John Wiley & Sons, Ltd., vol. 27(5), pages 873-884, September.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Kangqi Jiang & Jie Zhang & Mengling Zhou & Zhongfei Chen, 2025. "ESG disagreement and corporate debt maturity: evidence from China," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 11(1), pages 1-39, December.
    2. Li, Dongdong & Gui, Mingxia & Ma, Rui & Feng, Yiwen, 2024. "Public data accessibility and corporate maturity mismatch: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 86(C).
    3. Gao, Xing & Lai, Xiaobing & Huang, Ting & Lai, Huisu, 2024. "Does social dishonesty accelerate corporate maturity mismatch of investment and financing?," Finance Research Letters, Elsevier, vol. 64(C).
    4. Li, WeiWei & Huang, Ruilei & Gan, Zhongxin & Jiang, Zhiyan, 2024. "Do state-affiliated corporate shareholders matter for asset-liability maturity mismatch?," Finance Research Letters, Elsevier, vol. 60(C).
    5. Hu, Yan & Che, Dexin & Wu, Fei & Chang, Xi, 2023. "Corporate maturity mismatch and enterprise digital transformation: Evidence from China," Finance Research Letters, Elsevier, vol. 53(C).
    6. Du, Yifei & Li, Wen & Tang, Xuesong, 2024. "Supply chain digitization and corporate maturity mismatch: Evidence from a quasi-natural experiment," Pacific-Basin Finance Journal, Elsevier, vol. 87(C).
    7. Liu, Taixing & Yin, Zhichao & Fan, Miaomiao & Korkmaz, Aslihan Gizem & Yue, Pengpeng, 2024. "Green Credit Policy and asset-debt maturity mismatch in highly polluting enterprises: Evidence from China," Economic Analysis and Policy, Elsevier, vol. 83(C), pages 946-965.
    8. Wen, Xi & Li, Wanli & Shen, Zhixuan, 2024. "Local government debt and corporate asset-debt maturity mismatches: Evidence from China," China Economic Review, Elsevier, vol. 88(C).
    9. Zhang, Fan & Lai, Xiaobing & Guo, Chong, 2024. "ESG disclosure and investment-financing maturity mismatch: Evidence from China," Research in International Business and Finance, Elsevier, vol. 70(PA).
    10. Hu, Mingsheng & Li, Bowen, 2024. "Potential risks in the easy market access: A perspective from corporate asset-debt maturity mismatch," Research in International Business and Finance, Elsevier, vol. 70(PA).
    11. Li, Jingxin & Ye, Yong & Li, Jingxuan, 2024. "Performance feedback and corporate maturity mismatch: Evidence from China," Research in International Business and Finance, Elsevier, vol. 67(PB).
    12. Li, Bo & Cheng, Yue & Tian, Guangning, 2024. "Bank competition and firm asset- debt maturity mismatch: Evidence from the SMEs in China," Research in International Business and Finance, Elsevier, vol. 69(C).
    13. Chen, Lirong & Mu, Ruirui & Dai, Yanwen & Huang, Xuanhao, 2024. "Private enterprise identity and short-term debt for long-term investment: Evidence from China," Finance Research Letters, Elsevier, vol. 67(PB).
    14. Yan, Kai & Zhang, Ziyi & Yang, Lisi & Cao, Yuqiang & Shan, Yaowen, 2024. "Capital generates green: Evidence from China's national innovation system policy," International Review of Financial Analysis, Elsevier, vol. 91(C).
    15. Ma, Sichao & Peng, Yuchao & Wu, Wanting & Zhu, Feifei, 2022. "Bank liquidity hoarding and corporate maturity mismatch: Evidence from China," Research in International Business and Finance, Elsevier, vol. 63(C).
    16. Hossain, Ashrafee T. & Masum, Abdullah-Al, 2022. "Does corporate social responsibility help mitigate firm-level climate change risk?," Finance Research Letters, Elsevier, vol. 47(PB).
    17. Li, WeiWei & Huang, Chia-Hsing, 2024. "Multiple large shareholders and asset-liability maturity mismatches," Finance Research Letters, Elsevier, vol. 65(C).
    18. Song, Yunling & Xu, Chengying & Wu, Hao, 2024. "Common institutional ownership and corporate maturity mismatch," Finance Research Letters, Elsevier, vol. 69(PA).
    19. Chen, Lirong & Gao, Feiyang & Guo, Tongtong & Huang, Xuanhao, 2023. "Mixed ownership reform and the short-term debt for long-term investment of non-state-owned enterprises: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 90(C).
    20. Peng, Wei & Xiong, Langyu, 2022. "Managing financing costs and fostering green transition: The role of green financial policy in China," Economic Analysis and Policy, Elsevier, vol. 76(C), pages 820-836.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:finlet:v:75:y:2025:i:c:s1544612325001357. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/frl .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.