Abstract
ABSTRACT This paper investigates whether and how financial openness affects firm innovation. Based on the data of Chinese listed companies and provincial panel data from 2007 to 2019, we find that there is a positive relationship between financial openness and firm innovation, and this effect is more pronounced in state-owned enterprises (SOEs) or firms with concentrated-ownership. In addition, we identify that financial openness can promote firm innovation through easing financial constraints and improving absorptive capacity.
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