Research on Green Innovation Spillover Effects of Peers Issuing Green Bonds: Evidence from China’s Green Bond Market
Green innovation plays a crucial role in fostering economic growth alongside environmental preservation. This study investigates the relationship between the issuance of green bonds and green innovation among peer companies, utilizing green patent data. The findings reveal that the issuance of green...
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| Format: | Article |
| Language: | English |
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SAGE Publishing
2024-10-01
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| Series: | SAGE Open |
| Online Access: | https://doi.org/10.1177/21582440241289210 |
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| author | Qiankun Wang Mingsheng Chen Tingwen Liu |
| author_facet | Qiankun Wang Mingsheng Chen Tingwen Liu |
| author_sort | Qiankun Wang |
| collection | DOAJ |
| description | Green innovation plays a crucial role in fostering economic growth alongside environmental preservation. This study investigates the relationship between the issuance of green bonds and green innovation among peer companies, utilizing green patent data. The findings reveal that the issuance of green bonds significantly bolsters the level of green innovation among peer companies. Strategic innovation appears to be more pronounced than substantive innovation. The mechanism analysis indicates that the issuance of green bonds influences peer companies to engage in green innovation activities by alleviating their financing constraints and increasing their level of R&D investment. The heterogeneity analysis reveals that the impact of green bond issuance on green innovation among peer companies is particularly pronounced in capital-intensive companies and industries with high concentration. This study not only contributes evidence to the theory of “peer learning” but also provides a theoretical basis for expanding the economic benefits associated with green finance. |
| format | Article |
| id | doaj-art-058954a77bb74f35a18970e6fb4a166e |
| institution | OA Journals |
| issn | 2158-2440 |
| language | English |
| publishDate | 2024-10-01 |
| publisher | SAGE Publishing |
| record_format | Article |
| series | SAGE Open |
| spelling | doaj-art-058954a77bb74f35a18970e6fb4a166e2025-08-20T01:47:25ZengSAGE PublishingSAGE Open2158-24402024-10-011410.1177/21582440241289210Research on Green Innovation Spillover Effects of Peers Issuing Green Bonds: Evidence from China’s Green Bond MarketQiankun Wang0Mingsheng Chen1Tingwen Liu2 China University of Political Science and Law, Beijing, China China University of Political Science and Law, Beijing, China China University of Political Science and Law, Beijing, ChinaGreen innovation plays a crucial role in fostering economic growth alongside environmental preservation. This study investigates the relationship between the issuance of green bonds and green innovation among peer companies, utilizing green patent data. The findings reveal that the issuance of green bonds significantly bolsters the level of green innovation among peer companies. Strategic innovation appears to be more pronounced than substantive innovation. The mechanism analysis indicates that the issuance of green bonds influences peer companies to engage in green innovation activities by alleviating their financing constraints and increasing their level of R&D investment. The heterogeneity analysis reveals that the impact of green bond issuance on green innovation among peer companies is particularly pronounced in capital-intensive companies and industries with high concentration. This study not only contributes evidence to the theory of “peer learning” but also provides a theoretical basis for expanding the economic benefits associated with green finance.https://doi.org/10.1177/21582440241289210 |
| spellingShingle | Qiankun Wang Mingsheng Chen Tingwen Liu Research on Green Innovation Spillover Effects of Peers Issuing Green Bonds: Evidence from China’s Green Bond Market SAGE Open |
| title | Research on Green Innovation Spillover Effects of Peers Issuing Green Bonds: Evidence from China’s Green Bond Market |
| title_full | Research on Green Innovation Spillover Effects of Peers Issuing Green Bonds: Evidence from China’s Green Bond Market |
| title_fullStr | Research on Green Innovation Spillover Effects of Peers Issuing Green Bonds: Evidence from China’s Green Bond Market |
| title_full_unstemmed | Research on Green Innovation Spillover Effects of Peers Issuing Green Bonds: Evidence from China’s Green Bond Market |
| title_short | Research on Green Innovation Spillover Effects of Peers Issuing Green Bonds: Evidence from China’s Green Bond Market |
| title_sort | research on green innovation spillover effects of peers issuing green bonds evidence from china s green bond market |
| url | https://doi.org/10.1177/21582440241289210 |
| work_keys_str_mv | AT qiankunwang researchongreeninnovationspillovereffectsofpeersissuinggreenbondsevidencefromchinasgreenbondmarket AT mingshengchen researchongreeninnovationspillovereffectsofpeersissuinggreenbondsevidencefromchinasgreenbondmarket AT tingwenliu researchongreeninnovationspillovereffectsofpeersissuinggreenbondsevidencefromchinasgreenbondmarket |