How does green credit policy affect total factor productivity of the manufacturing firms in China? The mediating role of debt financing and the moderating role of environmental regulation

2022 ◽  
Author(s):  
Yanchao Feng ◽  
Zhou Liang
Keyword(s):  
Environmental Regulation ◽  
Total Factor Productivity ◽  
Manufacturing Firms ◽  
Debt Financing ◽  
Factor Productivity ◽  
Credit Policy ◽  
Mediating Role ◽  
Moderating Role

scholarly journals How Does Green Credit Policy Affect Total Factor Productivity at the Corporate Level in China: The Mediating Role of Debt Financing and the Moderating Role of Financial Mismatch

2021 ◽  
Author(s):  
Yanchao Feng ◽  
Qiong Shen
Keyword(s):  
Total Factor Productivity ◽  
Debt Financing ◽  
Factor Productivity ◽  
Credit Policy ◽  
Full Sample ◽  
Mediating Role ◽  
The Impact ◽  
Moderating Role ◽  
Corporate Level

Abstract Taking the “Green Credit Guidelines” issued in 2012 as a quasi-natural experiment and employing the A-share listed enterprises scanning from 2008 to 2020 as the research sample, this study has investigated the impact of green credit policy on total factor productivity at the corporate level in China, with the consideration of the mediating role of debt financing and the moderating role of financial mismatch. The findings are as follows: (1) green credit policy has effectively and directly promoted total factor productivity at the corporate level in China; (2) the mediating role of debt financing is merely supported for the full sample and the state-owned sample; (3) the moderating role of financial mismatch is merely established via codirectionally moderating the negative impact of green credit policy on debt financing for the full sample and the eastern sample; (4) the non-state-owned enterprises’ dilemma of difficult and expensive debt financing is proved. The conclusions and policy implementations are provided in the last section to highlight the practical and theoretical significance of this study.

scholarly journals Linking Environmental Regulation and Financial Performance: The Mediating Role of Green Dynamic Capability and Sustainable Innovation

2020 ◽  
Vol 12 (3) ◽  
pp. 1007 ◽  
Author(s):  
Xinpeng Xing ◽  
Tiansen Liu ◽  
Lin Shen ◽  
Jianhua Wang
Keyword(s):  
Financial Performance ◽  
Environmental Regulation ◽  
Manufacturing Firms ◽  
Dynamic Capability ◽  
Empirical Results ◽  
Mediating Role ◽  
Sustainable Innovation ◽  
Business Politics ◽  
Exploration Exploitation

This study develops a multiple mediating model for exploring the link between environmental regulation and financial performance through green dynamic capability, sustainability exploration/exploitation innovation, based on the data from 355 Chinese manufacturing firms. Empirical results support a mediating role of green dynamic capability and sustainability exploration/exploitation in the link between environmental regulation and financial performance, respectively. What’s more, our findings indicate that environmental regulation can help improve financial performance via two multiple mediating paths, i.e., green dynamic capability and sustainability exploration innovation, as well as green dynamic capability and sustainability exploitation innovation. These key findings will help to understand how important green dynamic capability and sustainable innovation is when Chinese manufacturing firms establish a business-politics tie.

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