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Government venture capital funds and corporate green innovation performance: ex ante environmental responsibility moderation effect analysis

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  • Wang, Jiayan
  • Dong, Haihui
  • Shi, Huayi

Abstract

We manually collect data from Chinese government venture capital (GVC) funds and employ the Multi-time Point Difference-In-Differences (MTDID) model to analyze changes in corporate green innovation performance with the support of GVC funds. Additionally, we build a criterion to evaluate managers’ ex ante environmental responsibility and examine the moderating role of ex ante environmental responsibility awareness in influencing the relationship between GVC funds and green innovation. The findings reveal that GVC fund participation significantly improves corporate green innovation performance, which is achieved by relaxing financing constraints and increasing R&D investment. Enterprises led by managers who exhibit strong environmental responsibility are more likely to engage in green innovation after receiving GVC fund support.

Suggested Citation

  • Wang, Jiayan & Dong, Haihui & Shi, Huayi, 2026. "Government venture capital funds and corporate green innovation performance: ex ante environmental responsibility moderation effect analysis," Finance Research Letters, Elsevier, vol. 89(C).
    • Handle: RePEc:eee:finlet:v:89:y:2026:i:c:s1544612325024407
    DOI: 10.1016/j.frl.2025.109191
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