IDEAS home Printed from https://ideas.repec.org/a/eee/tefoso/v210y2025ics0040162524006826.html
   My bibliography  Save this article

The spatial effects of green-innovation coupling and coordinated development from the perspective of digital inclusive finance: Evidence from China

Author

Listed:
  • Zhang, Liming
  • Zhao, Yuting
  • Liu, Liang
  • Sun, Helin
  • Wang, Yue

Abstract

The coupling and coordinated development of green-innovation (GICD) is a critical strategy to overcome the harmonious cohabitation challenge between economic development and ecological environment. Using data from Chinese provinces between 2011 and 2020, we investigate the impact of digital inclusive finance on green innovation by building a green-innovation coupling and coordinated development index evaluation system with coupled and coordinated scheduling and spatial Durbin model. This study conducts empirical tests to explore the mechanisms and nonlinear relationship from the perspectives of economic development level and fiscal decentralization. The findings indicate that digital inclusive finance can improve GICD and demonstrate the existence of spatial spillover effect. Additionally, digital inclusive finance enables the enhancement of GICD through the economic development level and curbs it through fiscal decentralization, and there is a nonlinear relationship between them. This study offers a better understanding of the relationship between digital inclusive finance and the coupling and coordinated development of green-innovation. This study also provides policy recommendations to boost green innovation coordinated development regarding a distinctive digital inclusive finance framework.

Suggested Citation

  • Zhang, Liming & Zhao, Yuting & Liu, Liang & Sun, Helin & Wang, Yue, 2025. "The spatial effects of green-innovation coupling and coordinated development from the perspective of digital inclusive finance: Evidence from China," Technological Forecasting and Social Change, Elsevier, vol. 210(C).
    • Handle: RePEc:eee:tefoso:v:210:y:2025:i:c:s0040162524006826
    DOI: 10.1016/j.techfore.2024.123884
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0040162524006826
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.techfore.2024.123884?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Ernst, Holger, 2001. "Patent applications and subsequent changes of performance: evidence from time-series cross-section analyses on the firm level," Research Policy, Elsevier, vol. 30(1), pages 143-157, January.
    2. Zhong, Weiqiang & Jiang, Tingfeng, 2021. "Can internet finance alleviate the exclusiveness of traditional finance? evidence from Chinese P2P lending markets," Finance Research Letters, Elsevier, vol. 40(C).
    3. Pan, Wenrong & Xie, Tao & Wang, Zhuwang & Ma, Lisha, 2022. "Digital economy: An innovation driver for total factor productivity," Journal of Business Research, Elsevier, vol. 139(C), pages 303-311.
    4. Wang, Juxian & Ma, Mengdi & Dong, Tianyi & Zhang, Zheyuan, 2023. "Do ESG ratings promote corporate green innovation? A quasi-natural experiment based on SynTao Green Finance's ESG ratings," International Review of Financial Analysis, Elsevier, vol. 87(C).
    5. Li, Xin & Shao, Xuefeng & Chang, Tsangyao & Albu, Lucian Liviu, 2022. "Does digital finance promote the green innovation of China's listed companies?," Energy Economics, Elsevier, vol. 114(C).
    6. Ma, Dan & Zhu, Qing, 2022. "Innovation in emerging economies: Research on the digital economy driving high-quality green development," Journal of Business Research, Elsevier, vol. 145(C), pages 801-813.
    7. Hung M. Nguyen & George Onofrei & Dothang Truong & Simon Lockrey, 2020. "Customer green orientation and process innovation alignment: A configuration approach in the global manufacturing industry," Business Strategy and the Environment, Wiley Blackwell, vol. 29(6), pages 2498-2513, September.
    8. Tao, Ran & Su, Chi-Wei & Naqvi, Bushra & Rizvi, Syed Kumail Abbas, 2022. "Can Fintech development pave the way for a transition towards low-carbon economy: A global perspective," Technological Forecasting and Social Change, Elsevier, vol. 174(C).
    9. He, Kang & Chen, Wanyi & Zhang, Liguang, 2021. "Senior management's academic experience and corporate green innovation," Technological Forecasting and Social Change, Elsevier, vol. 166(C).
    10. Xiang, Xiaojian & Liu, Chuanjiang & Yang, Mian, 2022. "Who is financing corporate green innovation?," International Review of Economics & Finance, Elsevier, vol. 78(C), pages 321-337.
    11. Yi, Ming & Liu, Yafen & Sheng, Mingyue Selena & Wen, Le, 2022. "Effects of digital economy on carbon emission reduction: New evidence from China," Energy Policy, Elsevier, vol. 171(C).
    12. Stek, Pieter E. & van Geenhuizen, Marina S., 2016. "The influence of international research interaction on national innovation performance: A bibliometric approach," Technological Forecasting and Social Change, Elsevier, vol. 110(C), pages 61-70.
    13. Wang, Jianda & Dong, Kangyin & Dong, Xiucheng & Taghizadeh-Hesary, Farhad, 2022. "Assessing the digital economy and its carbon-mitigation effects: The case of China," Energy Economics, Elsevier, vol. 113(C).
    14. Li, Quan & Chen, Huimin & Chen, Yang & Xiao, Tong & Wang, Li, 2023. "Digital economy, financing constraints, and corporate innovation," Pacific-Basin Finance Journal, Elsevier, vol. 80(C).
    15. Yu, Chin-Hsien & Wu, Xiuqin & Zhang, Dayong & Chen, Shi & Zhao, Jinsong, 2021. "Demand for green finance: Resolving financing constraints on green innovation in China," Energy Policy, Elsevier, vol. 153(C).
    16. Luo, Kang & Liu, Yaobin & Chen, Pei-Fen & Zeng, Mingli, 2022. "Assessing the impact of digital economy on green development efficiency in the Yangtze River Economic Belt," Energy Economics, Elsevier, vol. 112(C).
    17. Zeng, Juying & Škare, Marinko & Lafont, Juan, 2021. "The co-integration identification of green innovation efficiency in Yangtze River Delta region," Journal of Business Research, Elsevier, vol. 134(C), pages 252-262.
    18. Wang, Jianda & Wang, Bo & Dong, Kangyin & Dong, Xiucheng, 2022. "How does the digital economy improve high-quality energy development? The case of China," Technological Forecasting and Social Change, Elsevier, vol. 184(C).
    19. Sun, Yang & Tang, Xinwei, 2022. "The impact of digital inclusive finance on sustainable economic growth in China," Finance Research Letters, Elsevier, vol. 50(C).
    20. Miao, Cheng-lin & Duan, Meng-meng & Zuo, Yang & Wu, Xin-yu, 2021. "Spatial heterogeneity and evolution trend of regional green innovation efficiency--an empirical study based on panel data of industrial enterprises in China's provinces," Energy Policy, Elsevier, vol. 156(C).
    21. Zhou, Zhongsheng & Li, Zhuo, 2023. "Corporate digital transformation and trade credit financing," Journal of Business Research, Elsevier, vol. 160(C).
    22. Wen Chen, 2023. "Digital economy development, corporate social responsibility and low‐carbon innovation," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(4), pages 1664-1679, July.
    23. Morshadul Hasan & Thi Le & Ariful Hoque, 2021. "How does financial literacy impact on inclusive finance?," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 7(1), pages 1-23, December.
    24. Min, Sujin & Kim, Juseong & Sawng, Yeong-Wha, 2020. "The effect of innovation network size and public R&D investment on regional innovation efficiency," Technological Forecasting and Social Change, Elsevier, vol. 155(C).
    25. Sun, Yunpeng & Guan, Weimin & Razzaq, Asif & Shahzad, Mohsin & Binh An, Nguyen, 2022. "Transition towards ecological sustainability through fiscal decentralization, renewable energy and green investment in OECD countries," Renewable Energy, Elsevier, vol. 190(C), pages 385-395.
    26. Jinlin Li & Litai Chen & Ying Chen & Jiawen He, 2022. "Digital economy, technological innovation, and green economic efficiency—Empirical evidence from 277 cities in China," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(3), pages 616-629, April.
    27. Lu, Bingbin, 2013. "Expedited patent examination for green inventions: Developing countries' policy choices," Energy Policy, Elsevier, vol. 61(C), pages 1529-1538.
    28. Swamy, Vighneswara, 2014. "Financial Inclusion, Gender Dimension, and Economic Impact on Poor Households," World Development, Elsevier, vol. 56(C), pages 1-15.
    29. Wang, Miao & Feng, Chao, 2021. "The win-win ability of environmental protection and economic development during China's transition," Technological Forecasting and Social Change, Elsevier, vol. 166(C).
    30. Ruiqian Li & Guanghua Xu & Ramakrishnan Ramanathan, 2022. "The impact of environmental investments on green innovation: An integration of factors that increase or decrease uncertainty," Business Strategy and the Environment, Wiley Blackwell, vol. 31(7), pages 3388-3405, November.
    31. Wang, Xiong & Wang, Xiao & Ren, Xiaohang & Wen, Fenghua, 2022. "Can digital financial inclusion affect CO2 emissions of China at the prefecture level? Evidence from a spatial econometric approach," Energy Economics, Elsevier, vol. 109(C).
    32. Liu, Yang & Luan, Lin & Wu, Weilong & Zhang, Zhiqiang & Hsu, Yen, 2021. "Can digital financial inclusion promote China's economic growth?," International Review of Financial Analysis, Elsevier, vol. 78(C).
    33. Dendramis, Y. & Tzavalis, E. & Adraktas, G., 2018. "Credit risk modelling under recessionary and financially distressed conditions," Journal of Banking & Finance, Elsevier, vol. 91(C), pages 160-175.
    34. Sun, Yanan & You, Xiaotong, 2023. "Do digital inclusive finance, innovation, and entrepreneurship activities stimulate vitality of the urban economy? Empirical evidence from the Yangtze River Delta, China," Technology in Society, Elsevier, vol. 72(C).
    35. Feng, Suling & Zhang, Rong & Li, Guoxiang, 2022. "Environmental decentralization, digital finance and green technology innovation," Structural Change and Economic Dynamics, Elsevier, vol. 61(C), pages 70-83.
    36. Sun, Guanglin & Li, Ting & Ai, Yongfang & Li, Qinghai, 2023. "Digital finance and corporate financial fraud," International Review of Financial Analysis, Elsevier, vol. 87(C).
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Shen, Hongshan & Qin, Mengyao & Li, Tianyi & Zhang, Xuan & Zhao, Yang, 2024. "Digital finance and industrial structure upgrading: Evidence from Chinese counties," International Review of Financial Analysis, Elsevier, vol. 95(PB).
    2. Zhang, Huaqing & Cai, Cen & Zhang, Xiangjian & Tu, Yongqian & Zhu, Qianyu, 2024. "Relationship between business environment and regional innovation level: Examining the moderating role of digital finance," International Review of Financial Analysis, Elsevier, vol. 96(PA).
    3. Zhao, Congyu & Jia, Rongwen & Dong, Kangyin, 2023. "Does financial inclusion achieve the dual dividends of narrowing carbon inequality within cities and between cities? Empirical evidence from China," Technological Forecasting and Social Change, Elsevier, vol. 195(C).
    4. Lyu, Yanwei & Zhang, Jinning & Wang, Wenqiang & Li, Yutao & Geng, Yong, 2024. "Toward low carbon development through digital economy: A new perspective of factor market distortion," Technological Forecasting and Social Change, Elsevier, vol. 208(C).
    5. Yi, Jiahui & Dai, Sheng & Li, Lin & Cheng, Jinhua, 2024. "How does digital economy development affect renewable energy innovation?," Renewable and Sustainable Energy Reviews, Elsevier, vol. 192(C).
    6. Liao, Hongji & Zhang, Jiarui & Gong, Runze & Zhang, Wen, 2025. "The mitigating effect of digital inclusive finance development on urban environmental pollution: Insights from innovation capacity and financing constraints," International Review of Financial Analysis, Elsevier, vol. 97(C).
    7. Dian, Jie & Song, Tian & Li, Shenglan, 2024. "Facilitating or inhibiting? Spatial effects of the digital economy affecting urban green technology innovation," Energy Economics, Elsevier, vol. 129(C).
    8. Qiao, Penghua & Liu, Siting & Fung, Hung-Gay & Wang, Chen, 2024. "Corporate green innovation in a digital economy," International Review of Economics & Finance, Elsevier, vol. 92(C), pages 870-883.
    9. Hasan, Morshadul & Hoque, Ariful & Abedin, Mohammad Zoynul & Gasbarro, Dominic, 2024. "FinTech and sustainable development: A systematic thematic analysis using human- and machine-generated processing," International Review of Financial Analysis, Elsevier, vol. 95(PC).
    10. Deheng Xiao & Can Zhang & Yongjian Huang, 2024. "Digital economy policy and enterprise digital transformation: Evidence from innovation and structural effect," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 45(4), pages 2348-2359, June.
    11. Liang, Yingying & Qin, Jindong & Ishizaka, Alessio, 2025. "Assessment of digital economy development with the new multicriteria sorting method: DCMSort," Omega, Elsevier, vol. 132(C).
    12. Xiujin Guo & Zhengming Wang, 2024. "How does the digital economy affect the green development of China’s industry?," PLOS ONE, Public Library of Science, vol. 19(9), pages 1-21, September.
    13. Ling, Shixian & Gao, Hongfu & Yuan, Di, 2024. "Catalytic role of the digital economy in fostering corporate green technology innovation: a mechanism for sustainability transformation in China," Economic Analysis and Policy, Elsevier, vol. 84(C), pages 278-292.
    14. Xie, Chunyu & Ye, Linlin & Zhong, Nan & Wan, Wenjun, 2024. "Impact of digital finance on corporate green innovation: Exploring role of land resource misallocation in China," Resources Policy, Elsevier, vol. 91(C).
    15. Huang, Junbing & Wang, Yajun & Luan, Bingjiang & Zou, Hong & Wang, Jun, 2023. "The energy intensity reduction effect of developing digital economy: Theory and empirical evidence from China," Energy Economics, Elsevier, vol. 128(C).
    16. Ran, Qiying & Yang, Xiaodong & Yan, Hongchuan & Xu, Yang & Cao, Jianhong, 2023. "Natural resource consumption and industrial green transformation: Does the digital economy matter?," Resources Policy, Elsevier, vol. 81(C).
    17. Zhao, Ruizeng & An, Yuchen & Tu, Hanyun & Song, Jiashan, 2024. "China's economic growth and low-carbon development under the background of resource curse: A new perspective based on digital finance," International Review of Economics & Finance, Elsevier, vol. 96(PA).
    18. Zhao, Xiaoyang & Weng, Zongyuan, 2024. "Digital dividend or divide: The digital economy and urban entrepreneurial activity," Socio-Economic Planning Sciences, Elsevier, vol. 93(C).
    19. Jiayi Li & Shujun Ye & Shujuan Wang, 2023. "Spatial Network Analysis on the Coupling Coordination of Digital Finance and Technological Innovation," Sustainability, MDPI, vol. 15(8), pages 1-22, April.
    20. Guo, Xiaoxu & Wang, Yihan, 2025. "Effects of digital finance on enterprise total factor productivity: Evidence from the perspective of innovation level," Finance Research Letters, Elsevier, vol. 72(C).

    More about this item

    Keywords

    Digital inclusive finance; Coupling and coordinated development of green-innovation; Coupled coordinated scheduling model; Spatial Durbin model;
    All these keywords.

    JEL classification:

    • R12 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Size and Spatial Distributions of Regional Economic Activity; Interregional Trade (economic geography)
    • Q55 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Technological Innovation
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:tefoso:v:210:y:2025:i:c:s0040162524006826. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.sciencedirect.com/science/journal/00401625 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.