Abstract
Previous studies have reported mixed results on the effect of the green credit policy on firms’ behaviors. Investment decision making is one of the most important elements of firms’ behaviors, but few studies have discussed the relationship between the green credit policy and firms’ investment decisions. Therefore, this paper explores the effect of green credit policy on firms’ investment decisions. Using Chinese listed firms from 2008 to 2020, we found that the green credit policy tended to reduce pollutant-emitting firms’ investment level but increases pollutant-emitting firms’ investment efficiency; this effect was more pronounced in state-owned firms, firms with high-quality corporate governance, and those with a higher analyst following. This paper contributes to the literature on the economic consequences of the green credit policy and can help commercial banks and other financial institutions allocate green credits more effectively.
Funder
Youth Project of Beijing Social Science Foundation
Subject
Management, Monitoring, Policy and Law,Renewable Energy, Sustainability and the Environment,Geography, Planning and Development,Building and Construction
Cited by
1 articles.
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