Does governmental venture capital (GVC) advance green innovation? Big data evidence from China
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.
JEL Classification: G24, M13, O38, L26, Q55
History
Refereed
- Yes
Volume
93Publication title
International Review of Economics and FinanceISSN
1873-8036External DOI
Publisher
ElsevierFile version
- Published version
Affiliated with
- School of Medicine Outputs