This paper aims to explore the impact of corporate financialization (CF) on green innovation (GI) and further disclose the moderating role of CEO’s individual characteristics in such relationship from the perspective of corporate governance.
This paper uses empirical research methods to study the impact of CF on GI based on the evidence from China capital market.
The findings indicate that: CF has a significant inhibiting effect on GI; female CEOs weaken the inhibiting effect of CF on GI compared to male CEOs; and CEO’s financial background positively moderates the inhibiting effect of CF on GI.
This paper, first, supplements the research literature on the economic consequences of CF and influencing factors of GI in non-financial firms. Then, it opens up the internal impact mechanism of CF on GI, which is moderated by the individual characteristics of corporate CEOs. Finally, it provides important reference for how to suppress CF of non-financial firms, cultivate CEOs that meet the needs of corporate development and promote GI development of enterprises through empirical evidence from China.
