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ORIGINAL RESEARCH article

Front. Mar. Sci.
Sec. Marine Affairs and Policy
Volume 11 - 2024 | doi: 10.3389/fmars.2024.1456079
This article is part of the Research Topic Challenges and Solutions in Forecasting and Decision-Making in Marine Economy and Management View all 3 articles

Impact of climate policy uncertainty on corporate green investment: Examining the moderating role of financing constraints

Provisionally accepted
Yingjie Song Yingjie Song Jie Dong Jie Dong *
  • School of Finance, Shandong Technology and Business University, Yantai, China

The final, formatted version of the article will be published soon.

    Corporate green investment is the key driver for achieving low-carbon transition and sustainable marine economy. Existing literature has identified several influencing factors of corporate green investment, but there is still limited research on the relationship between climate policy uncertainty and corporate green investment. To fill this gap, this paper innovatively explores the nonlinear impact of climate policy uncertainty on corporate green investment, simultaneously focuses on the moderating role of corporate financing constraints and the heterogeneous impact of coastal characteristic. Using the sample of listed companies in China from 2014-2020, we find that climate policy uncertainty has an inverted U-shaped impact on corporate green investment. From the perspective of heterogeneity, the inverted U-shaped effect is more significant in coastal areas. Moderating effect test indicates that corporate financing constraints strengthen the inverted U-shaped relationship and shift the turning point of curve to the left. Additionally, we further find that climate policy uncertainty has an inverted U-shaped impact on environmental performance of companies in coastal areas through green investment. Our research will provide some potential insights for China’s climate policy making and corporate green transformation, so as to contribute to sustainable marine development.

    Keywords: Climate policy uncertainty, Corporate green investment, financing constraints, coastal characteristic, environmental performance, inverted U-shaped impact

    Received: 27 Jun 2024; Accepted: 02 Aug 2024.

    Copyright: © 2024 Song and Dong. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY). The use, distribution or reproduction in other forums is permitted, provided the original author(s) or licensor are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.

    * Correspondence: Jie Dong, School of Finance, Shandong Technology and Business University, Yantai, China

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