Abstract
Green innovation is a new path toward sustainable social development. This study provides substantial evidence of the effects of green innovation on corporate financial performance. Using a sample of Chinese A-share listed companies from 2012 to 2021, we find that green innovation significantly improves corporate financial performance. However, this positive effect only exists in high-quality green innovation. Further, our mechanism analysis indicates that high-quality green innovation effectively improves firms' financial performance through competitiveness improvement effect.
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