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How do analyst attention and green credit promote corporate green innovation?

Author

Listed:
  • Dou, Weijian
  • Zhang, Han
  • Miao, Bowen
  • Wang, Bin

Abstract

This study uses data from China's A-share listed companies spanning 2008–2022 to examine analyst attention on corporate green innovation through a fixed-effects model and investigates green credit on corporate green innovation using a difference-in-differences model. The results show that both analyst attention and green credit significantly promote corporate green innovation. Robustness tests strongly support these findings. Mediation analysis reveals that these effects are partially achieved by enhancing R&D intensity and the quality of information disclosure. Furthermore, heterogeneity analysis indicates that the effects vary under different conditions of market competition and financing constraints. Specifically, the positive impacts of analyst attention and green credit are more pronounced in environments characterized by higher market competition and lower financing constraints. This study highlights the synergistic role of capital markets and green policies in driving corporate green transitions, providing theoretical support and empirical evidence for optimizing related policies.

Suggested Citation

  • Dou, Weijian & Zhang, Han & Miao, Bowen & Wang, Bin, 2025. "How do analyst attention and green credit promote corporate green innovation?," International Review of Economics & Finance, Elsevier, vol. 99(C).
    • Handle: RePEc:eee:reveco:v:99:y:2025:i:c:s105905602500200x
    DOI: 10.1016/j.iref.2025.104037
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    More about this item

    Keywords

    Analyst attention; Green credit; Green innovation; Information disclosure; Corporate environmental performance;
    All these keywords.

    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • Q52 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Pollution Control Adoption and Costs; Distributional Effects; Employment Effects
    • Q55 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Technological Innovation

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