Research Article
The Green Development or the Innovation Bubble: A Study on the Effects of Green Bond Issuance from the Perspective of Managerial Myopia
@INPROCEEDINGS{10.4108/eai.24-5-2024.2350049, author={Suyuan Ma and Ruofei Li and Tongbei Mou}, title={The Green Development or the Innovation Bubble: A Study on the Effects of Green Bond Issuance from the Perspective of Managerial Myopia}, proceedings={Proceedings of the 3rd International Conference on Mathematical Statistics and Economic Analysis, MSEA 2024, May 24--26, 2024, Jinan, China}, publisher={EAI}, proceedings_a={MSEA}, year={2024}, month={10}, keywords={green bonds green innovation managerial myopia}, doi={10.4108/eai.24-5-2024.2350049} }- Suyuan Ma
Ruofei Li
Tongbei Mou
Year: 2024
The Green Development or the Innovation Bubble: A Study on the Effects of Green Bond Issuance from the Perspective of Managerial Myopia
MSEA
EAI
DOI: 10.4108/eai.24-5-2024.2350049
Abstract
In the current era of advocating the vigorous development of green finance, the implementation effect of green bonds is of great significance for the environment, the financial system, and the sustainable development of companies. Based on panel data of listed companies in the Chinese A-share market from 2010 to 2022, this paper employs a multi-period difference-in-differences model for empirical research. The results indicate that: ①Issuing green bonds can significantly promote a company’s green innovation level. ②Issuing green bonds can enhance the company’s green innovation level by mitigating managerial myopia. ③The impact of issuing green bonds on the green innovation level of companies in different industries, with different ownership properties, and at different life cycles varies to some extent. This paper enriches the research on the mechanism of green bonds’ effect on a company’s green innovation capabilities, and offers suggestions for the government to improve policies related to green bonds and for companies to participate in the green bond market.
