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Winning stakeholder support: Value creation through green-process innovation

Author

Listed:
  • Liu, Ting
  • Wang, Lihong

Abstract

Using a sample of Chinese listed firms in the manufacturing industry during 2009–2020, this study manually collects data on green-process innovation and explores its impact on corporate value. The empirical results show that green-process innovation positively affects corporate value. Moreover, the mediation analysis reveals that the positive impact of green-process innovation on corporate value stems from its effects on profitability, trade credit, labor productivity, and government recognition. Next, a cross-sectional analysis suggests that this value effect is more significant for firms located in areas with a more developed green credit market.

Suggested Citation

  • Liu, Ting & Wang, Lihong, 2024. "Winning stakeholder support: Value creation through green-process innovation," Finance Research Letters, Elsevier, vol. 67(PB).
    • Handle: RePEc:eee:finlet:v:67:y:2024:i:pb:s1544612324009759
    DOI: 10.1016/j.frl.2024.105945
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    More about this item

    Keywords

    Green-process innovation; Firm value; Trust; Stakeholders; Green credit;
    All these keywords.

    JEL classification:

    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
    • Q55 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Technological Innovation
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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