Will green innovation strategies trigger debt default risk? Evidence from listed companies in China

被引:5
|
作者
Wang, Xiaoqi [1 ]
Guo, Yida [2 ]
Fu, Shaozheng [3 ]
机构
[1] Tianjin Univ Technol, Sch Management, Tianjin, Peoples R China
[2] Tianjin Univ Technol, Sch Management, Ind Engn, Tianjin, Peoples R China
[3] Tianjin Univ Finance & Econ, Sch Accountancy, Tianjin, Peoples R China
关键词
Green innovation; Corporate debt default risk; Over-investment; Management shareholding;
D O I
10.1016/j.frl.2024.105216
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
This paper empirically examines the effects of green innovation on corporate debt default risk using data from Chinese A-share listed companies spanning the years 2013 to 2021. The findings indicate that the adoption of a green innovation strategy by enterprises can elevate the risk of debt default. This heightened risk is attributed to over-investment behavior within greeninnovating enterprises, which subsequently triggers corporate debt default risk. Notably, this effect is more pronounced in state-owned enterprises and markets characterized by high concentration. Management shareholding may be an effective preventive measure for mitigating corporate debt default risk in the context of green innovation strategies.
引用
收藏
页数:8
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