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Can the regional rule of law environment improve firms' innovation efficiency? Evidence on the moderating role of financial synergy

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  • Shi, Humin
  • Zhu, Yingping

Abstract

Using A-share listed companies in China from 2012 to 2023 as the sample, this paper systematically examines the impact of the rule of law environment on firms' innovation efficiency. The empirical results indicate that the regional rule of law environment significantly enhances firms' innovation efficiency; financial synergy plays a moderating role in the effect of the regional rule of law environment on innovation efficiency; the impact of the regional rule of law environment on innovation efficiency exhibits heterogeneity across the eastern, central, and western regions; the impact also differs between state-owned enterprises (SOEs) and private enterprises (PEs); and heterogeneity is likewise observed between high-tech and non-high-tech firms.

Suggested Citation

  • Shi, Humin & Zhu, Yingping, 2025. "Can the regional rule of law environment improve firms' innovation efficiency? Evidence on the moderating role of financial synergy," Finance Research Letters, Elsevier, vol. 86(PE).
    • Handle: RePEc:eee:finlet:v:86:y:2025:i:pe:s1544612325019348
    DOI: 10.1016/j.frl.2025.108680
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