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Green innovation: the role of government subsidies under the system of digital finance -based on a zero-inflated negative binomial model

Author

Listed:
  • Linjie Feng

    (Fuzhou University of International Studies and Trade)

  • Huangxin Chen

    (Macao Polytechnic University)

  • Yuriy Bilan

    (Czech University of Life Sciences Prague)

  • Salahuddin Khan

    (King Saud University)

  • Weipeng Zhan

    (Fujian University of Technology)

Abstract

Green innovation is inevitable for improving the environment and achieving sustainable economic development. Using panel data of 3,076 enterprises listed on the Shenzhen and Shanghai stock from 2012 to 2021, the research employs the zero-inflated negative binomial (ZINB) regression to examine the impacts of government subsidies on corporate green innovation and the moderating effect of digital finance. Moreover, this paper investigates the impacts of ownership structure and industry heterogeneity. We find reliable evidence indicating a positive U-shape correlation between government subsidies and corporate green innovation. Moreover, the overall U-shape curve is elevated under the moderation of digital finance. Further analysis indicates that government subsidies significantly enhance the green innovation of non-state-owned and industrial enterprises. The findings herein provide new guidance for the government to stimulate corporate green innovation, balancing environmental quality and high-quality economic development.

Suggested Citation

  • Linjie Feng & Huangxin Chen & Yuriy Bilan & Salahuddin Khan & Weipeng Zhan, 2024. "Green innovation: the role of government subsidies under the system of digital finance -based on a zero-inflated negative binomial model," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 26(11), pages 29621-29642, November.
    • Handle: RePEc:spr:endesu:v:26:y:2024:i:11:d:10.1007_s10668-024-04856-3
    DOI: 10.1007/s10668-024-04856-3
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