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Cross-industry knowledge spillovers through shared analyst coverage: Evidence from green technologies

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  • He, Yali
  • Jiang, Tianqi
  • Suo, Yuanlu
  • Wang, Zhao

Abstract

Prior literature suggests that shared analysts facilitate interfirm knowledge spillovers. Based on this premise, this study examines whether shared analyst coverage enables non-green firms to acquire knowledge from green firms, thus promoting their green technological innovation. Using green patent data from Chinese listed firms, we find that cross-industry knowledge spillovers through shared analyst coverage significantly enhance green innovation in non-green firms. Further analysis shows that, in addition to the information effect, shared analysts enhance managerial green cognition and alleviate financing constraints for non-green firms. Cross-sectional results reveal that the influence of shared analysts on green innovation is stronger for state-owned enterprises and firms located in eastern regions but weaker for firms in heavily polluting industries. Overall, our findings suggest that specialized knowledge can spill over across industries through shared analyst coverage.

Suggested Citation

  • He, Yali & Jiang, Tianqi & Suo, Yuanlu & Wang, Zhao, 2025. "Cross-industry knowledge spillovers through shared analyst coverage: Evidence from green technologies," Pacific-Basin Finance Journal, Elsevier, vol. 91(C).
    • Handle: RePEc:eee:pacfin:v:91:y:2025:i:c:s0927538x25001088
    DOI: 10.1016/j.pacfin.2025.102771
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    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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