{"id":"https://openalex.org/W4408295350","doi":"https://doi.org/10.3390/systems13030192","title":"Does Financialization Alleviate the Funding Dilemma of Green Innovation in Heavily Polluting Firms?: Evidence from China\u2019s A-Share Listed Companies","display_name":"Does Financialization Alleviate the Funding Dilemma of Green Innovation in Heavily Polluting Firms?: Evidence from China\u2019s A-Share Listed Companies","publication_year":2025,"publication_date":"2025-03-10","ids":{"openalex":"https://openalex.org/W4408295350","doi":"https://doi.org/10.3390/systems13030192"},"language":"en","primary_location":{"id":"doi:10.3390/systems13030192","is_oa":true,"landing_page_url":"https://doi.org/10.3390/systems13030192","pdf_url":null,"source":{"id":"https://openalex.org/S4210219410","display_name":"Systems","issn_l":"2079-8954","issn":["2079-8954"],"is_oa":true,"is_in_doaj":true,"is_core":true,"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Systems","raw_type":"journal-article"},"type":"article","indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"gold","oa_url":"https://doi.org/10.3390/systems13030192","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5057505270","display_name":"Zhifeng Zhong","orcid":"https://orcid.org/0000-0003-2793-6178"},"institutions":[{"id":"https://openalex.org/I61057504","display_name":"Fujian Agriculture and Forestry University","ror":"https://ror.org/04kx2sy84","country_code":"CN","type":"education","lineage":["https://openalex.org/I61057504"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Zifeng Zhong","raw_affiliation_strings":["College of Economics and Management, Fujian Agriculture and Forestry University, Fuzhou 350002, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"College of Economics and Management, Fujian Agriculture and Forestry University, Fuzhou 350002, China","institution_ids":["https://openalex.org/I61057504"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5070218840","display_name":"Shaoxiong Wu","orcid":null},"institutions":[{"id":"https://openalex.org/I61057504","display_name":"Fujian Agriculture and Forestry University","ror":"https://ror.org/04kx2sy84","country_code":"CN","type":"education","lineage":["https://openalex.org/I61057504"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Shaoxiong Wu","raw_affiliation_strings":["College of Computer and Information Sciences, Fujian Agriculture and Forestry University, Fuzhou 350002, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"College of Computer and Information Sciences, Fujian Agriculture and Forestry University, Fuzhou 350002, China","institution_ids":["https://openalex.org/I61057504"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5100926143","display_name":"Jieying Hu","orcid":"https://orcid.org/0000-0001-6083-9439"},"institutions":[{"id":"https://openalex.org/I61057504","display_name":"Fujian Agriculture and Forestry University","ror":"https://ror.org/04kx2sy84","country_code":"CN","type":"education","lineage":["https://openalex.org/I61057504"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Jieying Hu","raw_affiliation_strings":["College of Economics and Management, Fujian Agriculture and Forestry University, Fuzhou 350002, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"College of Economics and Management, Fujian Agriculture and Forestry University, Fuzhou 350002, China","institution_ids":["https://openalex.org/I61057504"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5053192490","display_name":"Liting Fang","orcid":"https://orcid.org/0000-0003-3452-2459"},"institutions":[{"id":"https://openalex.org/I80947539","display_name":"Fuzhou University","ror":"https://ror.org/011xvna82","country_code":"CN","type":"education","lineage":["https://openalex.org/I80947539"]}],"countries":["CN"],"is_corresponding":true,"raw_author_name":"Liting Fang","raw_affiliation_strings":["School of Economics and Management, Fuzhou University, Fuzhou 350108, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"School of Economics and Management, Fuzhou University, Fuzhou 350108, China","institution_ids":["https://openalex.org/I80947539"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5101468054","display_name":"Kunming Li","orcid":"https://orcid.org/0000-0002-1291-4999"},"institutions":[{"id":"https://openalex.org/I61057504","display_name":"Fujian Agriculture and Forestry University","ror":"https://ror.org/04kx2sy84","country_code":"CN","type":"education","lineage":["https://openalex.org/I61057504"]}],"countries":["CN"],"is_corresponding":true,"raw_author_name":"Kunming Li","raw_affiliation_strings":["College of Economics and Management, Fujian Agriculture and Forestry University, Fuzhou 350002, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"College of Economics and Management, Fujian Agriculture and Forestry University, Fuzhou 350002, China","institution_ids":["https://openalex.org/I61057504"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":["https://openalex.org/A5053192490","https://openalex.org/A5101468054"],"corresponding_institution_ids":["https://openalex.org/I61057504","https://openalex.org/I80947539"],"apc_list":{"value":2400,"currency":"CHF","value_usd":2896},"apc_paid":{"value":2400,"currency":"CHF","value_usd":2896},"fwci":8.4482,"has_fulltext":false,"cited_by_count":4,"citation_normalized_percentile":{"value":0.96740294,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":94,"max":97},"biblio":{"volume":"13","issue":"3","first_page":"192","last_page":"192"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9458000063896179,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9458000063896179,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T13146","display_name":"Sustainable Finance and Green Bonds","score":0.9114000201225281,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10438","display_name":"Energy, Environment, Economic Growth","score":0.9053999781608582,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/financialization","display_name":"Financialization","score":0.9374064207077026},{"id":"https://openalex.org/keywords/dilemma","display_name":"Dilemma","score":0.8341593742370605},{"id":"https://openalex.org/keywords/china","display_name":"China","score":0.784194827079773},{"id":"https://openalex.org/keywords/business","display_name":"Business","score":0.6262167692184448},{"id":"https://openalex.org/keywords/green-innovation","display_name":"Green innovation","score":0.529853105545044},{"id":"https://openalex.org/keywords/finance","display_name":"Finance","score":0.26899129152297974},{"id":"https://openalex.org/keywords/industrial-organization","display_name":"Industrial organization","score":0.22459757328033447},{"id":"https://openalex.org/keywords/political-science","display_name":"Political science","score":0.14825695753097534}],"concepts":[{"id":"https://openalex.org/C2780837152","wikidata":"https://www.wikidata.org/wiki/Q607865","display_name":"Financialization","level":2,"score":0.9374064207077026},{"id":"https://openalex.org/C2778496695","wikidata":"https://www.wikidata.org/wiki/Q254128","display_name":"Dilemma","level":2,"score":0.8341593742370605},{"id":"https://openalex.org/C191935318","wikidata":"https://www.wikidata.org/wiki/Q148","display_name":"China","level":2,"score":0.784194827079773},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.6262167692184448},{"id":"https://openalex.org/C2993150066","wikidata":"https://www.wikidata.org/wiki/Q2491831","display_name":"Green innovation","level":2,"score":0.529853105545044},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.26899129152297974},{"id":"https://openalex.org/C40700","wikidata":"https://www.wikidata.org/wiki/Q1411783","display_name":"Industrial organization","level":1,"score":0.22459757328033447},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.14825695753097534},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C111472728","wikidata":"https://www.wikidata.org/wiki/Q9471","display_name":"Epistemology","level":1,"score":0.0},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.3390/systems13030192","is_oa":true,"landing_page_url":"https://doi.org/10.3390/systems13030192","pdf_url":null,"source":{"id":"https://openalex.org/S4210219410","display_name":"Systems","issn_l":"2079-8954","issn":["2079-8954"],"is_oa":true,"is_in_doaj":true,"is_core":true,"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Systems","raw_type":"journal-article"},{"id":"pmh:oai:doaj.org/article:2b459d78529d4ab19493821ee00b41f6","is_oa":true,"landing_page_url":"https://doaj.org/article/2b459d78529d4ab19493821ee00b41f6","pdf_url":null,"source":{"id":"https://openalex.org/S4306401280","display_name":"DOAJ (DOAJ: Directory of Open Access Journals)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-sa","license_id":"https://openalex.org/licenses/cc-by-sa","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Systems, Vol 13, Iss 3, p 192 (2025)","raw_type":"article"}],"best_oa_location":{"id":"doi:10.3390/systems13030192","is_oa":true,"landing_page_url":"https://doi.org/10.3390/systems13030192","pdf_url":null,"source":{"id":"https://openalex.org/S4210219410","display_name":"Systems","issn_l":"2079-8954","issn":["2079-8954"],"is_oa":true,"is_in_doaj":true,"is_core":true,"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Systems","raw_type":"journal-article"},"sustainable_development_goals":[],"awards":[{"id":"https://openalex.org/G4092773063","display_name":null,"funder_award_id":"22BTJ026","funder_id":"https://openalex.org/F4320335869","funder_display_name":"National Social Science Fund of China"}],"funders":[{"id":"https://openalex.org/F4320335869","display_name":"National Social Science Fund of China","ror":null}],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":58,"referenced_works":["https://openalex.org/W123517829","https://openalex.org/W1933529014","https://openalex.org/W1978653045","https://openalex.org/W1979212112","https://openalex.org/W1979625776","https://openalex.org/W1986728120","https://openalex.org/W2016944773","https://openalex.org/W2052196323","https://openalex.org/W2064887724","https://openalex.org/W2066480890","https://openalex.org/W2074928461","https://openalex.org/W2076751891","https://openalex.org/W2090841340","https://openalex.org/W2096570145","https://openalex.org/W2097628222","https://openalex.org/W2118898434","https://openalex.org/W2124597406","https://openalex.org/W2135838785","https://openalex.org/W2144180884","https://openalex.org/W2164196847","https://openalex.org/W2174122385","https://openalex.org/W2507361762","https://openalex.org/W2602498544","https://openalex.org/W2752617332","https://openalex.org/W2793602401","https://openalex.org/W2794925690","https://openalex.org/W2898556434","https://openalex.org/W2951901227","https://openalex.org/W2981571149","https://openalex.org/W2981848495","https://openalex.org/W2983863553","https://openalex.org/W3012159943","https://openalex.org/W3096505630","https://openalex.org/W3098920038","https://openalex.org/W3117093897","https://openalex.org/W3121239293","https://openalex.org/W3122374802","https://openalex.org/W3123352605","https://openalex.org/W3124114405","https://openalex.org/W3128589092","https://openalex.org/W3135692177","https://openalex.org/W3155799705","https://openalex.org/W3158288936","https://openalex.org/W3210276580","https://openalex.org/W3211683470","https://openalex.org/W4200555625","https://openalex.org/W4205281990","https://openalex.org/W4206688767","https://openalex.org/W4220907321","https://openalex.org/W4229028056","https://openalex.org/W4250432939","https://openalex.org/W4286780516","https://openalex.org/W4290999193","https://openalex.org/W4309575384","https://openalex.org/W4394695462","https://openalex.org/W6769833710","https://openalex.org/W6788496168","https://openalex.org/W6807091881"],"related_works":["https://openalex.org/W4391375266","https://openalex.org/W4256658654","https://openalex.org/W2189577881","https://openalex.org/W1992564363","https://openalex.org/W1978990861","https://openalex.org/W2492554475","https://openalex.org/W2012358520","https://openalex.org/W2891336287","https://openalex.org/W2734447690","https://openalex.org/W4385661603"],"abstract_inverted_index":{"Green":[0],"innovation":[1,31,143],"in":[2,32,97,153],"heavily":[3],"polluting":[4],"firms":[5,104],"is":[6,54],"crucial":[7],"for":[8,149],"sustainable":[9,151],"development,":[10],"yet":[11],"financial":[12],"constraints":[13],"remain":[14],"a":[15,21,47],"major":[16],"barrier.":[17],"This":[18,52],"study":[19,114],"employs":[20],"Spatial":[22],"Durbin":[23],"Model":[24],"to":[25,46],"analyze":[26],"how":[27],"financialization":[28,41,67,140],"influences":[29],"green":[30,50,120,142],"China\u2019s":[33],"A-share":[34],"listed":[35],"firms.":[36],"The":[37],"results":[38],"indicate":[39],"that":[40,66],"intensifies":[42],"financing":[43],"constraints,":[44],"leading":[45],"suppression":[48],"of":[49,135,139],"innovation.":[51],"effect":[53],"primarily":[55],"driven":[56],"by":[57],"the":[58,63,76,86,113,136],"\u201ccrowding-out":[59],"effect\u201d,":[60],"which":[61],"outweighs":[62],"\u201creservoir":[64],"effect\u201d":[65],"may":[68],"provide.":[69],"Additionally,":[70],"industry-wide":[71],"peer":[72],"effects":[73,96],"further":[74],"spread":[75],"negative":[77,95],"impact,":[78],"while":[79],"agency":[80],"conflicts":[81],"and":[82,99,102,126,144],"managerial":[83,107],"incentives":[84],"exacerbate":[85],"problem.":[87],"Regional":[88],"disparities":[89],"are":[90],"also":[91],"observed,":[92],"with":[93,105],"stronger":[94],"eastern":[98],"central":[100],"regions":[101],"among":[103],"high":[106],"compensation.":[108],"To":[109],"address":[110],"these":[111],"issues,":[112],"recommends":[115],"strengthening":[116],"policy":[117,147],"guidance,":[118],"expanding":[119],"finance":[121],"mechanisms,":[122],"promoting":[123],"industry":[124],"collaboration,":[125],"improving":[127],"corporate":[128],"governance.":[129],"These":[130],"findings":[131],"enhance":[132],"our":[133],"understanding":[134],"dual":[137],"impact":[138],"on":[141],"provide":[145],"actionable":[146],"recommendations":[148],"achieving":[150],"development":[152],"high-pollution":[154],"industries.":[155]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2025,"cited_by_count":3}],"updated_date":"2026-08-21T09:56:20.448147","created_date":"2025-10-10T00:00:00"}
