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Does governmental venture capital (GVC) advance green innovation? Big data evidence from China

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  • Li, Yuchen
  • Meng, Jiayin
  • Zhou, Ruifan
  • Wang, Ying

Abstract

This paper examines the impact of governmental venture capital on green innovation utilizing a unique and comprehensive dataset in China between 2009 and 2018. Our results consistently reveal significant and positive effects of GVCs on green innovation, a result derived from the analysis of 317,870 firm-year observations conducted through a difference-in-differences and propensity score matching panel approach. Moreover, GVCs investments indicate a significant but smaller effect when they invest in start-ups. Following GVC investments, companies tend to attract additional private and other governmental financing. Interestingly, GVCs structured as limited partnerships appear to stimulate more green innovation compared to corporate-venture-structured GVCs.

Suggested Citation

  • Li, Yuchen & Meng, Jiayin & Zhou, Ruifan & Wang, Ying, 2024. "Does governmental venture capital (GVC) advance green innovation? Big data evidence from China," International Review of Economics & Finance, Elsevier, vol. 93(PA), pages 772-788.
    • Handle: RePEc:eee:reveco:v:93:y:2024:i:pa:p:772-788
    DOI: 10.1016/j.iref.2024.03.056
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    More about this item

    Keywords

    Governmental venture capital (GVC); Green innovation; Patents; Certification effect; PSM method;
    All these keywords.

    JEL classification:

    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • Q55 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Technological Innovation

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