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Green innovation's impact on corporate financing: New insights from BRICS economies

Author

Listed:
  • Li, Lu
  • Zhou, Shiqi
  • Xu, Wei
  • Dai, Jiapeng

Abstract

Enterprises are increasingly adopting green innovation strategies to reduce their environmental footprint and enhance their competitive positioning. However, how this shift towards sustainability influences corporate financing is less known in the literature. Therefore, this study aims to investigate the impact of green innovation on corporate financing in BRICS countries. Using data from 2010 to 2022 and system GMM for analysis, it finds that green innovation positively influences corporate financing. This highlights the growing importance of sustainable practices in shaping financial decisions. The study adds to the literature on the link between environmental sustainability and corporate finance, emphasizing sustainability's role in corporate financial strategies.

Suggested Citation

  • Li, Lu & Zhou, Shiqi & Xu, Wei & Dai, Jiapeng, 2024. "Green innovation's impact on corporate financing: New insights from BRICS economies," Finance Research Letters, Elsevier, vol. 62(PB).
    • Handle: RePEc:eee:finlet:v:62:y:2024:i:pb:s1544612324002022
    DOI: 10.1016/j.frl.2024.105172
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    More about this item

    Keywords

    BRICS; Corporate financing; Debt financing; Equity financing; Green innovation;
    All these keywords.

    JEL classification:

    • Q55 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Technological Innovation
    • 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
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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