IDEAS home Printed from https://ideas.repec.org/a/taf/applec/v56y2024i57p7987-8003.html
   My bibliography  Save this article

Capital market opening up and corporate green technology innovation: Evidence from China’s Stock Connect program

Author

Listed:
  • Fengrong Wang
  • Jun Ma
  • Chun Liao

Abstract

Taking the implementation of China’s Stock Connect program as a quasi-natural experiment, we use the difference-in-differences (DID) method to document the relationship between the capital market opening up and corporate green technology innovation from 2007 to 2020. The results show that the capital market opening up significantly promotes corporate green technology innovation by reducing financing constraints and raising firms’ environmental protection awareness. However, this effect is more pronounced in non-state-owned enterprises and enterprises with higher initial productivity, higher regional marketization degree, or fiercer industrial market competition. Additionally, by improving corporate green technology innovation, the capital market opening up can further promote the total factor productivity of firms. Using evidence from China, we verify from the micro level that the capital market opening up is crucial for developing economies in their sustainable development.

Suggested Citation

  • Fengrong Wang & Jun Ma & Chun Liao, 2024. "Capital market opening up and corporate green technology innovation: Evidence from China’s Stock Connect program," Applied Economics, Taylor & Francis Journals, vol. 56(57), pages 7987-8003, December.
    • Handle: RePEc:taf:applec:v:56:y:2024:i:57:p:7987-8003
    DOI: 10.1080/00036846.2023.2289918
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/00036846.2023.2289918
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/00036846.2023.2289918?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:applec:v:56:y:2024:i:57:p:7987-8003. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/RAEC20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.