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Corporate green innovation and stock liquidity in China

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  • Zhongfei Chen
  • Yu Xiao
  • Kangqi Jiang

Abstract

Utilising data from listed companies in China from 2007 to 2020, we first examine whether and how corporate green innovation affects stock liquidity. We demonstrate that corporate green innovation, especially green invention innovation, significantly increases stock liquidity. This promotion effect is stronger in small enterprises, enterprises in cities with serious air pollution, and enterprises in regions with strict environmental regulations. The mechanism analysis suggests that green innovation reduces information asymmetry and improves the financial performance of enterprises. Finally, we explore what types of investors prefer green innovation, and confirm that corporate green innovation is favoured by green investors.

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  • Zhongfei Chen & Yu Xiao & Kangqi Jiang, 2023. "Corporate green innovation and stock liquidity in China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(S1), pages 1381-1415, April.
    • Handle: RePEc:bla:acctfi:v:63:y:2023:i:s1:p:1381-1415
    DOI: 10.1111/acfi.13027
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