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Financial Openness and Firm Innovation: Evidence from China

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  • Panpan Lv
  • Hu Xiong

Abstract

This paper investigates whether and how financial openness affects firm innovation. Based on the data of Chinese listed companies and provincial panel data from 2007 to 2019, we find that there is a positive relationship between financial openness and firm innovation, and this effect is more pronounced in state-owned enterprises (SOEs) or firms with concentrated-ownership. In addition, we identify that financial openness can promote firm innovation through easing financial constraints and improving absorptive capacity.

Suggested Citation

  • Panpan Lv & Hu Xiong, 2023. "Financial Openness and Firm Innovation: Evidence from China," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 59(4), pages 998-1011, March.
    • Handle: RePEc:mes:emfitr:v:59:y:2023:i:4:p:998-1011
    DOI: 10.1080/1540496X.2022.2119801
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    Cited by:

    1. Quoc Hoang Thai & Khuong Ngoc Mai, 2024. "Do Entrepreneurial Financial Support and Entrepreneurial Culture Stimulate New Venture Performance through Organizational Creativity and Firm Innovation? Empirical Findings from Ho Chi Minh City Regio," Sustainability, MDPI, vol. 16(13), pages 1-35, June.

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