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Financial–industrial integration, green technology innovation, and enterprise’s green development performance: an empirical analysis of 625 listed industrial enterprises of China

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Abstract

Based on the panel data of 625 industrial listed enterprises of China from 2012 to 2020, this paper employs the method of propensity score matching–difference in difference to investigate the effect of financial–industrial integration on the enterprise’s green development performance and the moderating role of green technology innovation on the relationship between the two is also addressed. It finds that first, financial–industrial integration has a significant promoting effect on the improvement in green development performance of enterprises, and green technology innovation has a positive moderating effect on the relationship between the two. In addition, the effect of financial–industrial integration on enterprise’s economic and social performance is not significant, and it mainly promotes enterprise’s green development by stimulating environmental performance. Moreover, the degree of financial–industrial integration has a moderate range in which the role of financial–industrial integration can be better played. Further, compared with state-owned enterprise and large-scale enterprise, financial–industrial integration is more conducive to the green development of non-state-owned enterprises and small-scale enterprises.

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Data availability

The datasets generated during and/or analyzed during the current study are available from the corresponding author on reasonable request.

Notes

  1. The median of total assets of industrial enterprises is \({6}{\text{.638989574}} \times {10}^{9}\) (unit: yuan). If the total assets are greater than \({6}{\text{.638989574}} \times {10}^{9}\), it is a large-scale enterprise; otherwise, it is a small-scale enterprise.

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Acknowledgements

The authors are grateful for the National Natural Science Foundation of China [Grant numbers 71874185], Social Science Foundation of Jiangsu Province [Grant numbers 21EYD005], and Think Tank of China University of Mining and Technology "Carbon Neutrality and Energy Strategy" [Grant numbers 2021WHCC01].

Funding

This work was supported by the National Natural Science Foundation of China [Grant numbers 71874185], Social Science Foundation of Jiangsu Province [Grant numbers 21EYD005], Think Tank of China University of Mining and Technology "Carbon Neutrality and Energy Strategy" [Grant numbers 2021WHCC01].

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Authors and Affiliations

  1. School of Economics and Management, China University of Mining and Technology, Xuzhou, Jiangsu, 221116, China

    Zi Li & Lingyun He

  2. School of Economics and Trade, Guangdong University of Foreign Studies, Guangzhou, Guangdong, 510006, China

    Zhangqi Zhong

  3. School of Business, Jiangsu Normal University, Xuzhou, Jiangsu, 221116, China

    Yufei Xia

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  1. Zi Li
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Contributions

Li Zi involved in formal analysis, investigation, writing—original draft. He Lingyun took part in conceptualization, methodology, software. Zhong Zhangqi took part in software, visualization. Xa Yufei involved in validation, writing—review and editing.

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Correspondence to Lingyun He.

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Li, Z., He, L., Zhong, Z. et al. Financial–industrial integration, green technology innovation, and enterprise’s green development performance: an empirical analysis of 625 listed industrial enterprises of China. Environ Dev Sustain 26, 4029–4054 (2024). https://doi.org/10.1007/s10668-022-02869-4

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