IDEAS home Printed from https://ideas.repec.org/a/eee/finlet/v61y2024ics1544612324000710.html
   My bibliography  Save this article

Corporate transaction costs and corporate green total factor productivity

Author

Listed:
  • Zhang, Shijun
  • Zhang, Meng
  • Meng, Shouwei

Abstract

Enhanced corporate green total factor productivity reflects a shift in business focus towards sustainable growth and lighter environmental impact, contributing to societal prosperity. This paper constructs an empirical econometric model to examine the relationship between corporate transaction costs and green total factor productivity. The results show that excessive corporate transaction costs significantly inhibit the improvement of green total factor productivity. Heterogeneity analysis indicates that the inhibitory effect of corporate transaction costs on the improvement of green total factor productivity is more pronounced in non-state-owned enterprises and firms with higher financing constraints.

Suggested Citation

  • Zhang, Shijun & Zhang, Meng & Meng, Shouwei, 2024. "Corporate transaction costs and corporate green total factor productivity," Finance Research Letters, Elsevier, vol. 61(C).
  • Handle: RePEc:eee:finlet:v:61:y:2024:i:c:s1544612324000710
    DOI: 10.1016/j.frl.2024.105041
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S1544612324000710
    Download Restriction: Full text for ScienceDirect subscribers only

    File URL: https://libkey.io/10.1016/j.frl.2024.105041?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. Daron Acemoglu & Philippe Aghion & Leonardo Bursztyn & David Hemous, 2012. "The Environment and Directed Technical Change," American Economic Review, American Economic Association, vol. 102(1), pages 131-166, February.
    2. Paul Lanoie & Michel Patry & Richard Lajeunesse, 2008. "Environmental regulation and productivity: testing the porter hypothesis," Journal of Productivity Analysis, Springer, vol. 30(2), pages 121-128, October.
    3. Huang, Hongyun & Mbanyele, William & Wang, Fengrong & Song, Malin & Wang, Yuzhang, 2022. "Climbing the quality ladder of green innovation: Does green finance matter?," Technological Forecasting and Social Change, Elsevier, vol. 184(C).
    4. Fukuyama, Hirofumi & Weber, William L., 2009. "A directional slacks-based measure of technical inefficiency," Socio-Economic Planning Sciences, Elsevier, vol. 43(4), pages 274-287, December.
    5. Zakamulin, Valeriy & Giner, Javier, 2023. "Optimal trend-following with transaction costs," International Review of Financial Analysis, Elsevier, vol. 90(C).
    6. Meiling Wang & Silu Pang & Ikram Hmani & Ilham Hmani & Cunfang Li & Zhengxia He, 2021. "Towards sustainable development: How does technological innovation drive the increase in green total factor productivity?," Sustainable Development, John Wiley & Sons, Ltd., vol. 29(1), pages 217-227, January.
    7. Pittman, Russell W, 1983. "Multilateral Productivity Comparisons with Undesirable Outputs," Economic Journal, Royal Economic Society, vol. 93(372), pages 883-891, December.
    8. Tone, Kaoru, 2001. "A slacks-based measure of efficiency in data envelopment analysis," European Journal of Operational Research, Elsevier, vol. 130(3), pages 498-509, May.
    9. Steven N. Kaplan & Luigi Zingales, 1997. "Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 112(1), pages 169-215.
    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. Ran Wang & Rong Wang, 2023. "Exploring Financial Agglomeration and the Impact of Environmental Regulation on the Efficiency of the Green Economy: Fresh Evidence from 30 Regions in China," Sustainability, MDPI, vol. 15(9), pages 1-18, April.
    2. Ruomeng Zhou & Yunsheng Zhang, 2023. "Measurement of Urban Green Total Factor Productivity and Analysis of Its Temporal and Spatial Evolution in China," Sustainability, MDPI, vol. 15(12), pages 1-32, June.
    3. Gang Tian & Jian Shi & Licheng Sun & Xingle Long & Benhai Guo, 2017. "Dynamic changes in the energy–carbon performance of Chinese transportation sector: a meta-frontier non-radial directional distance function approach," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 89(2), pages 585-607, November.
    4. Xie, Ronghui & Teo, Thompson S.H., 2022. "Green technology innovation, environmental externality, and the cleaner upgrading of industrial structure in China — Considering the moderating effect of environmental regulation," Technological Forecasting and Social Change, Elsevier, vol. 184(C).
    5. Hua Tao & Min Tao & Rong Wang, 2022. "Do Education Human Capital and Environmental Regulation Drive the Growth Efficiency of the Green Economy in China?," Sustainability, MDPI, vol. 14(24), pages 1-20, December.
    6. Wu, Ge & Baležentis, Tomas & Sun, Chuanwang & Xu, Shuhua, 2019. "Source control or end-of-pipe control: Mitigating air pollution at the regional level from the perspective of the Total Factor Productivity change decomposition," Energy Policy, Elsevier, vol. 129(C), pages 1227-1239.
    7. Liu, Zuankuo & Xin, Li, 2019. "Has China's Belt and Road Initiative promoted its green total factor productivity?——Evidence from primary provinces along the route," Energy Policy, Elsevier, vol. 129(C), pages 360-369.
    8. Ruomei Xu & Yanrui Wu & Chen Chen, 2022. "Agricultural green efficiency and productivity incorporating waste recycling," Australian Economic Papers, Wiley Blackwell, vol. 61(3), pages 635-660, September.
    9. Xinfei Li & Chang Xu & Baodong Cheng & Jingyang Duan & Yueming Li, 2021. "Does Environmental Regulation Improve the Green Total Factor Productivity of Chinese Cities? A Threshold Effect Analysis Based on the Economic Development Level," IJERPH, MDPI, vol. 18(9), pages 1-21, April.
    10. Junwei Zhao & Yuxiang Zhang & Anhang Chen & Huiqin Zhang, 2022. "Analysis on the Spatio-Temporal Evolution Characteristics of the Impact of China’s Digitalization Process on Green Total Factor Productivity," IJERPH, MDPI, vol. 19(22), pages 1-21, November.
    11. Tianqun Xu & Ping Gao & Qian Yu & Debin Fang, 2017. "An Improved Eco-Efficiency Analysis Framework Based on Slacks-Based Measure Method," Sustainability, MDPI, vol. 9(6), pages 1-21, June.
    12. Yanli Ji & Jie Xue & Kaiyang Zhong, 2022. "Does Environmental Regulation Promote Industrial Green Technology Progress? Empirical Evidence from China with a Heterogeneity Analysis," IJERPH, MDPI, vol. 19(1), pages 1-23, January.
    13. Gómez-Calvet, Roberto & Conesa, David & Gómez-Calvet, Ana Rosa & Tortosa-Ausina, Emili, 2014. "Energy efficiency in the European Union: What can be learned from the joint application of directional distance functions and slacks-based measures?," Applied Energy, Elsevier, vol. 132(C), pages 137-154.
    14. Zhang, Fengtai & Xiao, Yuedong & Gao, Lei & Ma, Dalai & Su, Ruiqi & Yang, Qing, 2022. "How agricultural water use efficiency varies in China—A spatial-temporal analysis considering unexpected outputs," Agricultural Water Management, Elsevier, vol. 260(C).
    15. Chunhua Xin & Xiufeng Lai, 2022. "Does the Environmental Information Disclosure Promote the High-Quality Development of China’s Resource-Based Cities?," Sustainability, MDPI, vol. 14(11), pages 1-26, May.
    16. Johan Brolund & Robert Lundmark, 2017. "Effect of Environmental Regulation Stringency on the Pulp and Paper Industry," Sustainability, MDPI, vol. 9(12), pages 1-16, December.
    17. Maogang Tang & Silu Cheng & Wenqing Guo & Weibiao Ma & Fengxia Hu, 2023. "Relationship between carbon emission trading schemes and companies’ total factor productivity: evidence from listed companies in China," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 25(10), pages 11735-11767, October.
    18. He, Xiaoping, 2015. "Regional differences in China's CO2 abatement cost," Energy Policy, Elsevier, vol. 80(C), pages 145-152.
    19. Zhang, Ning & Zhao, Yu & Wang, Na, 2022. "Is China's energy policy effective for power plants? Evidence from the 12th Five-Year Plan energy saving targets," Energy Economics, Elsevier, vol. 112(C).
    20. Hongzhong Fan & Shuang Tao & Shujahat Haider Hashmi, 2021. "Does the Construction of a Water Ecological Civilization City Improve Green Total Factor Productivity? Evidence from a Quasi-Natural Experiment in China," IJERPH, MDPI, vol. 18(22), pages 1-19, November.

    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:finlet:v:61:y:2024:i:c:s1544612324000710. 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.elsevier.com/locate/frl .

    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.