Li, Yuchen;
Meng, Jiayin;
Zhou, Ruifan;
Wang, Ying;
(2024)
Does governmental venture capital (GVC) advance green innovation? Big data evidence from China.
International Review of Economics & Finance
, 93
(Part A)
pp. 772-788.
10.1016/j.iref.2024.03.056.
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Abstract
This paper examines the impact of governmental venture capital on green innovation utilizing a unique and comprehensive dataset in China between 2009 and 2018. Our results consistently reveal significant and positive effects of GVCs on green innovation, a result derived from the analysis of 317,870 firm-year observations conducted through a difference-in-differences and propensity score matching panel approach. Moreover, GVCs investments indicate a significant but smaller effect when they invest in start-ups. Following GVC investments, companies tend to attract additional private and other governmental financing. Interestingly, GVCs structured as limited partnerships appear to stimulate more green innovation compared to corporate-venture-structured GVCs.
| Type: | Article |
|---|---|
| Title: | Does governmental venture capital (GVC) advance green innovation? Big data evidence from China |
| Open access status: | An open access version is available from UCL Discovery |
| DOI: | 10.1016/j.iref.2024.03.056 |
| Publisher version: | http://dx.doi.org/10.1016/j.iref.2024.03.056 |
| Language: | English |
| Additional information: | Copyright © 2024 The Authors. Published by Elsevier Inc. This is an open access article under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/). |
| Keywords: | Governmental venture capital (GVC); Green innovation; Patents; Certification effect; PSM method |
| UCL classification: | UCL UCL > Provost and Vice Provost Offices > UCL BEAMS UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment |
| URI: | https://discovery.ucl.ac.uk/id/eprint/10190830 |
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