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Do SOE business groups spur green innovation? A-share evidence from China

Author

Listed:
  • Yin, Liang
  • Tan, Yujie
  • Liu, Qian
  • Gao, Peng

Abstract

Based on a 2007–2021 panel of A-share companies listed in Shanghai and Shenzhen, this study examines the effect of SOE business groups on corporate green innovation. Relative to standalone SOEs, SOE group–affiliated firms exhibit a significantly greater propensity to engage in green innovation. This conclusion is further corroborated by a series of endogeneity and robustness tests. The analysis further reveals that financing constraints and reputation channels mediate this relationship, explaining how group affiliation fosters green innovation. Collectively, the empirical findings enrich the literature on the determinants and consequences of green innovation within SOE ecosystems and offer actionable policy and managerial guidance for large SOE business groups seeking to advance high-quality green development.

Suggested Citation

  • Yin, Liang & Tan, Yujie & Liu, Qian & Gao, Peng, 2026. "Do SOE business groups spur green innovation? A-share evidence from China," Finance Research Letters, Elsevier, vol. 90(C).
    • Handle: RePEc:eee:finlet:v:90:y:2026:i:c:s1544612325026194
    DOI: 10.1016/j.frl.2025.109370
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    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics
    • M29 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Other

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