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      Green credit policy and corporate productivity: Evidence from a quasi-natural experiment in China

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      Embargo Lift Date: 2024-02-01
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      Author(s)
      Cui, X.
      Wang, P.
      Şensoy, Ahmet
      Nguyen, D. K.
      Pan, Y.
      Date
      2022-02-01
      Source Title
      Technological Forecasting and Social Change
      Print ISSN
      0040-1625
      Electronic ISSN
      1873-5509
      Publisher
      Elsevier Inc.
      Volume
      177
      Pages
      121516- 1 - 121516- 19
      Language
      English
      Type
      Article
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      Abstract
      Taking the implementation of the “Green Credit Guidelines” in China in 2012 as an exogenous shock, we adopt the difference-in-differences (DIDs) method to explore the influence of the green credit policy on total factor productivity (TFP). We show evidence of a significant and positive correlation between green credit and corporate total factor productivity, and this result is robust to a series of robustness tests. In addition, the improvement is particularly evident for non-SOEs, small-scale firms, firms with weak external supervision, and firms in developed areas of eastern China. Moreover, the green credit policy mainly affects corporate total factor productivity through promoting technological innovation and enhancing resource allocation efficiency. Overall, green credit promotes the win-win development of the environment and the economy.
      Keywords
      Green credit policy
      Total factor productivity
      Technological innovation
      Resource allocation efficiency
      Permalink
      http://hdl.handle.net/11693/111415
      Published Version (Please cite this version)
      https://doi.org/10.1016/j.techfore.2022.121516
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      • Department of Management 639
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