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Financial efficiency, green innovation and green total factor productivity

Author

Listed:
  • Xiao, Biyun
  • Li, Haibo

Abstract

This study explores the relationship between financial efficiency and green total factor productivity (GTFP), revealing that financial efficiency enhances GTFP, with green innovation serving as a key facilitator. The effect of financial efficiency on GTFP varies by region and industry, showing a stronger influence in the western regions and within heavily polluting sectors. Robustness and endogeneity tests validate these results. This study offers valuable insights into improving enterprise GTFP, promoting green growth, and recommending financial market reforms to boost efficiency and green innovation.

Suggested Citation

  • Xiao, Biyun & Li, Haibo, 2025. "Financial efficiency, green innovation and green total factor productivity," Finance Research Letters, Elsevier, vol. 76(C).
    • Handle: RePEc:eee:finlet:v:76:y:2025:i:c:s1544612325002697
    DOI: 10.1016/j.frl.2025.107005
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