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
来源：
FINANCE RESEARCH LETTERS | 2024年 / 62卷
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.
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页数：8
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