Journal
INTERNATIONAL JOURNAL OF ENVIRONMENTAL RESEARCH AND PUBLIC HEALTH
Volume 19, Issue 18, Pages -Publisher
MDPI
DOI: 10.3390/ijerph191811355
Keywords
financial deepening; carbon emissions; green innovation; China
Funding
- Science and Technology Program of Guangzhou [202102020926]
- Humanities and Social Sciences Project from the Ministry of Education of China [20YJCZH144]
- Guangdong Basic and Applied Basic Research Foundation [2019A1515010884]
- Guangdong Province through the Pearl River Talents Plan [20170133]
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This study extends the limited evidence of the China context by establishing a panel fixed-effect model and finds that financial deepening contributes to carbon reductions, especially through stimulating green innovation.
This study extends the limited evidence of the China context by establishing a panel fixed-effect model to identify the nexus between financial deepening and carbon emissions. Using newly compiled city-level (287 prefecture-level and above cities) and enterprise-level (resource enterprises listed on the Chinese A-shares) datasets from 2007 to 2019, this study quantitatively evaluated finance deepening and analysed the impact of financial deepening on carbon emissions in China, with a particular consideration of green innovation. Our results document that financial deepening contributes to carbon reductions, as shown by the considerably decreased carbon dioxide (CO2) emissions. Both the city-level and enterprise-level estimates argue that financial deepening has a promoting effect on green innovation. Stimulating green innovation is identified as an important mechanism through which financial deepening can contribute to carbon reductions. Policy implications are presented based on the empirical results.
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