{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,5,30]],"date-time":"2026-05-30T04:05:19Z","timestamp":1780113919993,"version":"3.54.0"},"reference-count":106,"publisher":"MDPI AG","issue":"3","license":[{"start":{"date-parts":[[2025,2,27]],"date-time":"2025-02-27T00:00:00Z","timestamp":1740614400000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"DOI":"10.13039\/501100001809","name":"National Natural Science Foundation of China","doi-asserted-by":"publisher","award":["71672046"],"award-info":[{"award-number":["71672046"]}],"id":[{"id":"10.13039\/501100001809","id-type":"DOI","asserted-by":"publisher"}]},{"DOI":"10.13039\/501100001809","name":"National Natural Science Foundation of China","doi-asserted-by":"publisher","award":["72172042"],"award-info":[{"award-number":["72172042"]}],"id":[{"id":"10.13039\/501100001809","id-type":"DOI","asserted-by":"publisher"}]}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Systems"],"abstract":"<jats:p>The capital market is important to promoting the comprehensive green transformation of social development and facilitating the flow of social resources toward green innovation and low-carbon technologies. Mainland Chinese enterprises cross-listed in the Hong Kong stock market (AH cross-listed enterprises) provide a good experimental object for investigating the role of capital-market integration in promoting corporate green innovation behavior. This paper investigates the impact of Chinese AH cross-listing on corporate green innovation. Using the entropy balancing matching and difference-in-differences model (EB-DID model), we empirically analyze a sample of 13,538 valid firm-year observations (including 1206 AH-share ones) from Chinese listed firms between 2005 and 2023. Our research findings show that AH cross-listing promotes Chinese firms\u2019 green innovation. Moreover, this effect is heterogeneous among firms with different financial constraint levels, external finance dependence, internal control quality, and audit quality. Finally, AH cross-listing spurs corporate green innovation by reducing equity capital costs and optimizing information disclosure quality. Our results are robust to alternative measurements of green innovation, alternative matching methods, alternative regression models, and various controls for endogeneity issues. The study reveals a new determinant of corporate green innovation and expands the boundaries of cross-listing\u2019s microeconomic consequences.<\/jats:p>","DOI":"10.3390\/systems13030163","type":"journal-article","created":{"date-parts":[[2025,2,27]],"date-time":"2025-02-27T03:37:57Z","timestamp":1740627477000},"page":"163","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":1,"title":["Cross-Listing and Corporate Green Innovation: Evidence from Chinese AH Cross-Listed Firms"],"prefix":"10.3390","volume":"13","author":[{"ORCID":"https:\/\/orcid.org\/0000-0003-3020-6467","authenticated-orcid":false,"given":"Can","family":"Li","sequence":"first","affiliation":[{"name":"School of Economics and Management, Harbin Institute of Technology, Harbin 150001, China"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Fusheng","family":"Wang","sequence":"additional","affiliation":[{"name":"School of Economics and Management, Harbin Institute of Technology, Harbin 150001, China"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"1968","published-online":{"date-parts":[[2025,2,27]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","first-page":"105992","DOI":"10.1016\/j.eneco.2022.105992","article-title":"How natural disasters affect energy innovation? The perspective of environmental sustainability","volume":"109","author":"Zhao","year":"2022","journal-title":"Energy Econ."},{"key":"ref_2","doi-asserted-by":"crossref","unstructured":"Oltra-Badenes, R., Guerola-Navarro, V., Gil-G\u00f3mez, J.A., and Botella-Carrubi, D. (2023). Design and implementation of teaching-learning activities focused on improving the knowledge, the awareness and the perception of the relationship between the SDGs and the future profession of university students. Sustainability, 15.","DOI":"10.3390\/su15065324"},{"key":"ref_3","doi-asserted-by":"crossref","first-page":"121550","DOI":"10.1016\/j.jclepro.2020.121550","article-title":"Does technological innovation reduce CO2 emissions? Cross-country evidence","volume":"263","author":"Chen","year":"2020","journal-title":"J. Clean. Prod."},{"key":"ref_4","doi-asserted-by":"crossref","first-page":"105863","DOI":"10.1016\/j.eneco.2022.105863","article-title":"How does green finance affect green total factor productivity? Evidence from China","volume":"107","author":"Lee","year":"2022","journal-title":"Energy Econ."},{"key":"ref_5","doi-asserted-by":"crossref","first-page":"27087","DOI":"10.1007\/s11356-019-05808-5","article-title":"Effects of environmental regulation on the upgrading of Chinese manufacturing industry","volume":"26","author":"Hu","year":"2019","journal-title":"Environ. Sci. Pollut. Res."},{"key":"ref_6","doi-asserted-by":"crossref","first-page":"63751","DOI":"10.1007\/s11356-020-11379-7","article-title":"Green innovation and environmental regulations: A systematic review of international academic works","volume":"28","author":"Borsatto","year":"2021","journal-title":"Environ. Sci. Pollut. Res."},{"key":"ref_7","doi-asserted-by":"crossref","first-page":"76","DOI":"10.2112\/JCR-SI110-019.1","article-title":"Policy effects and suggestions on green technology innovation of marine enterprises in China","volume":"110","author":"Li","year":"2020","journal-title":"J. Coast. Res."},{"key":"ref_8","doi-asserted-by":"crossref","first-page":"4399","DOI":"10.1080\/1540496X.2022.2083953","article-title":"Effects of digital finance on green innovation considering information asymmetry: An empirical study based on Chinese listed firms","volume":"58","author":"Kong","year":"2022","journal-title":"Emerg. Mark. Financ. Trade"},{"key":"ref_9","doi-asserted-by":"crossref","first-page":"101232","DOI":"10.1016\/j.jcorpfin.2017.07.003","article-title":"Cross-listing and corporate malfeasance: Evidence from P-chip firms","volume":"63","author":"Filip","year":"2020","journal-title":"J. Corp. Financ."},{"key":"ref_10","doi-asserted-by":"crossref","first-page":"127","DOI":"10.1016\/j.ijforecast.2006.09.002","article-title":"Institutional and individual sentiment: Smart money and noise trader risk?","volume":"23","author":"Schmeling","year":"2007","journal-title":"Int. J. Forecast."},{"key":"ref_11","doi-asserted-by":"crossref","first-page":"195","DOI":"10.1111\/jpim.12652","article-title":"The effects of institutional investors on firms\u2019 green innovation","volume":"40","author":"Zhao","year":"2023","journal-title":"J. Prod. Innov. Manag."},{"key":"ref_12","doi-asserted-by":"crossref","first-page":"100471","DOI":"10.1016\/j.adiac.2020.100471","article-title":"Peer R&D disclosure and corporate innovation: Evidence from American depositary receipt firms","volume":"49","author":"Gordon","year":"2020","journal-title":"Adv. Account."},{"key":"ref_13","doi-asserted-by":"crossref","first-page":"365","DOI":"10.1111\/1467-8454.12251","article-title":"Cross-listing on the Hong Kong Exchange and Chinese firm innovation: New evidence","volume":"61","author":"Ma","year":"2021","journal-title":"Aust. Econ. Pap."},{"key":"ref_14","doi-asserted-by":"crossref","first-page":"95","DOI":"10.1016\/j.jbankfin.2015.08.006","article-title":"Are foreign IPOs really foreign? Price efficiency and information asymmetry of Chinese foreign IPOs","volume":"63","author":"Gilbert","year":"2016","journal-title":"J. Bank. Financ."},{"key":"ref_15","doi-asserted-by":"crossref","first-page":"1460","DOI":"10.1016\/j.jbankfin.2012.05.013","article-title":"Overseas listing as a policy tool: Evidence from China\u2019s H-shares","volume":"37","author":"Sun","year":"2013","journal-title":"J. Bank. Financ."},{"key":"ref_16","doi-asserted-by":"crossref","first-page":"1113","DOI":"10.1086\/250042","article-title":"Law and finance","volume":"106","author":"Shleifer","year":"1998","journal-title":"J. Political Econ."},{"key":"ref_17","doi-asserted-by":"crossref","first-page":"209","DOI":"10.1016\/j.jfineco.2012.01.001","article-title":"Do foreigners facilitate information transmission in emerging markets?","volume":"105","author":"Bae","year":"2012","journal-title":"J. Financ. Econ."},{"key":"ref_18","doi-asserted-by":"crossref","first-page":"347","DOI":"10.1016\/j.jcorpfin.2014.10.008","article-title":"Cross-listing, firm-specific information, and corporate governance: Evidence from Chinese A-shares and H-shares","volume":"32","author":"Li","year":"2015","journal-title":"J. Corp. Financ."},{"key":"ref_19","doi-asserted-by":"crossref","first-page":"151","DOI":"10.1111\/j.1540-6261.1987.tb02556.x","article-title":"Asset pricing and dual listing on foreign capital markets: A note","volume":"42","author":"Alexander","year":"1987","journal-title":"J. Financ."},{"key":"ref_20","doi-asserted-by":"crossref","first-page":"577","DOI":"10.2307\/2676256","article-title":"Market segmentation and the cost of the capital in international equity markets","volume":"35","author":"Errunza","year":"2000","journal-title":"J. Financ. Quant. Anal."},{"key":"ref_21","doi-asserted-by":"crossref","first-page":"105","DOI":"10.1111\/j.1540-6261.1985.tb04939.x","article-title":"International asset pricing under mild segmentation: Theory and test","volume":"40","author":"Errunza","year":"1985","journal-title":"J. Financ."},{"key":"ref_22","doi-asserted-by":"crossref","first-page":"101290","DOI":"10.1016\/j.intfin.2021.101290","article-title":"Financial constraints and cross-listing","volume":"71","author":"Chen","year":"2021","journal-title":"J. Int. Financ. Mark. Inst. Money"},{"key":"ref_23","doi-asserted-by":"crossref","first-page":"385","DOI":"10.1007\/s11142-017-9424-0","article-title":"Equity cross-listings in the US and the price of debt","volume":"23","author":"Ball","year":"2018","journal-title":"Rev. Account. Stud."},{"key":"ref_24","doi-asserted-by":"crossref","first-page":"132","DOI":"10.1016\/j.jbusres.2019.09.055","article-title":"The impact of cross-delisting from the US on firms\u2019 financial constraints","volume":"108","author":"Loureiro","year":"2020","journal-title":"J. Bus. Res."},{"key":"ref_25","doi-asserted-by":"crossref","first-page":"483","DOI":"10.1111\/j.1540-6261.1987.tb04565.x","article-title":"A simple model of capital market equilibrium with incomplete information","volume":"42","author":"Merton","year":"1987","journal-title":"J. Financ."},{"key":"ref_26","doi-asserted-by":"crossref","first-page":"923","DOI":"10.1111\/j.1540-6261.1981.tb04893.x","article-title":"On the effects of barriers to international investment","volume":"36","author":"Stulz","year":"1981","journal-title":"J. Financ."},{"key":"ref_27","doi-asserted-by":"crossref","first-page":"213","DOI":"10.1111\/1468-036X.00153","article-title":"European managerial perceptions of the net benefits of foreign stock listings","volume":"7","author":"Bancel","year":"2001","journal-title":"Eur. Financ. Manag."},{"key":"ref_28","doi-asserted-by":"crossref","first-page":"317","DOI":"10.1111\/1475-679X.00106","article-title":"ADRs, analysts, and accuracy: Does cross listing in the United States improve a firm\u2019s information environment and increase market value?","volume":"41","author":"Lang","year":"2003","journal-title":"J. Account. Res."},{"key":"ref_29","doi-asserted-by":"crossref","first-page":"1281","DOI":"10.1111\/j.1468-5957.2007.02021.x","article-title":"Cross-listing, bonding hypothesis and corporate governance","volume":"34","author":"Charitou","year":"2007","journal-title":"J. Bus. Financ. Account."},{"key":"ref_30","doi-asserted-by":"crossref","first-page":"499","DOI":"10.1111\/fima.12076","article-title":"Investor protection, investment efficiency and value: The case of cross-listed firms","volume":"44","author":"Ghosh","year":"2015","journal-title":"Financ. Manag."},{"key":"ref_31","doi-asserted-by":"crossref","first-page":"101207","DOI":"10.1016\/j.jwb.2021.101207","article-title":"Emerging market internationalizing firms: Learning through internationalization to achieve entrepreneurial orientation","volume":"56","author":"Purkayastha","year":"2021","journal-title":"J. World Bus."},{"key":"ref_32","doi-asserted-by":"crossref","first-page":"655","DOI":"10.1002\/gsj.1330","article-title":"Finance and the multinational company: Building bridges between finance and global strategy research","volume":"10","author":"Puck","year":"2020","journal-title":"Glob. Strategy J."},{"key":"ref_33","first-page":"34","article-title":"Cross-listings, ownership property and cash dividend policy: Analysis based on PSM method","volume":"7","author":"Cheng","year":"2015","journal-title":"Account. Res."},{"key":"ref_34","doi-asserted-by":"crossref","first-page":"116","DOI":"10.1016\/j.jfineco.2013.12.002","article-title":"Financial development and innovation: Cross-country evidence","volume":"112","author":"Hsu","year":"2014","journal-title":"J. Financ. Econ."},{"key":"ref_35","doi-asserted-by":"crossref","first-page":"123","DOI":"10.1016\/j.jcorpfin.2016.08.008","article-title":"Cross-listing and corporate social responsibility","volume":"41","author":"Boubakri","year":"2016","journal-title":"J. Corp. Financ."},{"key":"ref_36","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1016\/j.jeem.2015.01.001","article-title":"Stock market and deterrence effect: A mid-run analysis of major environmental and non-environmental accidents","volume":"71","author":"Carpentier","year":"2015","journal-title":"J. Environ. Econ. Manag."},{"key":"ref_37","doi-asserted-by":"crossref","first-page":"977","DOI":"10.1016\/j.jwb.2016.08.002","article-title":"The effect of cross-listing on the environmental, social, and governance performance of firms","volume":"51","author":"Misani","year":"2016","journal-title":"J. World Bus."},{"key":"ref_38","doi-asserted-by":"crossref","unstructured":"Fu, Y., Supriyadi, A., Wang, T., Wang, L.W., and Cirella, G.T. (2020). Effects of regional innovation capability on the green technology efficiency of China\u2019s manufacturing industry: Evidence from listed companies. Energies, 13.","DOI":"10.3390\/en13205467"},{"key":"ref_39","doi-asserted-by":"crossref","first-page":"105237","DOI":"10.1016\/j.eneco.2021.105237","article-title":"Green technology innovation and financial development: Do environmental regulation and innovation output matter?","volume":"98","author":"Lv","year":"2021","journal-title":"Energy Econ."},{"key":"ref_40","doi-asserted-by":"crossref","first-page":"106004","DOI":"10.1016\/j.eneco.2022.106004","article-title":"Environmental performance, green finance and green innovation: What\u2019s the long-run relationships among variables?","volume":"110","author":"Wang","year":"2022","journal-title":"Energy Econ."},{"key":"ref_41","doi-asserted-by":"crossref","first-page":"321","DOI":"10.1016\/j.iref.2021.12.011","article-title":"Who is financing corporate green innovation?","volume":"78","author":"Xiang","year":"2022","journal-title":"Int. Rev. Econ. Financ."},{"key":"ref_42","doi-asserted-by":"crossref","first-page":"112255","DOI":"10.1016\/j.enpol.2021.112255","article-title":"Demand for green finance: Resolving financing constraints on green innovation in China","volume":"153","author":"Yu","year":"2021","journal-title":"Energy Policy"},{"key":"ref_43","doi-asserted-by":"crossref","first-page":"571","DOI":"10.1002\/bse.496","article-title":"End-of-pipe or cleaner production? An empirical comparison of environmental innovation decisions across OECD countries","volume":"16","author":"Frondel","year":"2007","journal-title":"Bus. Strategy Environ."},{"key":"ref_44","doi-asserted-by":"crossref","first-page":"54","DOI":"10.1016\/j.jeem.2015.11.003","article-title":"Corporate governance and green innovation","volume":"75","author":"Amore","year":"2016","journal-title":"J. Environ. Econ. Manag."},{"key":"ref_45","doi-asserted-by":"crossref","first-page":"500","DOI":"10.1002\/bse.2906","article-title":"Stakeholder pressure, green innovation, and performance in small and medium-sized enterprises: The role of green dynamic capabilities","volume":"31","author":"Singh","year":"2022","journal-title":"Bus. Strategy Environ."},{"key":"ref_46","doi-asserted-by":"crossref","first-page":"121701","DOI":"10.1016\/j.jclepro.2020.121701","article-title":"Critical success factors of green innovation: Technology, organization and environment readiness","volume":"264","author":"Zhang","year":"2020","journal-title":"J. Clean. Prod."},{"key":"ref_47","doi-asserted-by":"crossref","unstructured":"Zhang, H., He, J., Shi, X.M., Hong, Q., Bao, J., and Xue, S.Q. (2020). Technology characteristics, stakeholder pressure, social influence, and green innovation: Empirical evidence from Chinese express companies. Sustainability, 12.","DOI":"10.3390\/su12072891"},{"key":"ref_48","doi-asserted-by":"crossref","unstructured":"Pinto, M., Kovaleski, J.L., Yoshino, R.T., and Pagani, R.N. (2019). Knowledge and technology transfer influencing the process of innovation in green supply chain management: A multicriteria model based on the DEMATEL method. Sustainability, 11.","DOI":"10.3390\/su11123485"},{"key":"ref_49","doi-asserted-by":"crossref","first-page":"155","DOI":"10.1002\/sd.1979","article-title":"Embracing green innovation via green supply chain learning: The moderating role of green technology turbulence","volume":"28","author":"Wei","year":"2020","journal-title":"Sustain. Dev."},{"key":"ref_50","first-page":"S2232","article-title":"The mediating role of environmental collaborations in the relationship manufacturing technologies and green innovation among firms in Thai sports industry","volume":"14","author":"Kerdpitak","year":"2019","journal-title":"J. Hum. Sport Exerc."},{"key":"ref_51","doi-asserted-by":"crossref","first-page":"51","DOI":"10.5325\/transportationj.55.1.0051","article-title":"Exploring the relationships of green perceived value, the diffusion of innovations, and the technology acceptance model of green transportation","volume":"55","author":"Chen","year":"2016","journal-title":"Transp. J."},{"key":"ref_52","doi-asserted-by":"crossref","first-page":"208","DOI":"10.1108\/JMTM-02-2015-0008","article-title":"Does a firm\u2019s innovation category matter in practicing eco-innovation? Evidence from the lens of Malaysia companies practicing green technology","volume":"27","author":"Fernando","year":"2016","journal-title":"J. Manuf. Technol. Manag."},{"key":"ref_53","doi-asserted-by":"crossref","first-page":"286","DOI":"10.1080\/19761597.2014.973167","article-title":"Determinants and environmental outcome of green technology innovation adoption in the transportation industry in Malaysia","volume":"22","author":"Zailani","year":"2014","journal-title":"Asian J. Technol. Innov."},{"key":"ref_54","doi-asserted-by":"crossref","first-page":"288","DOI":"10.1016\/j.techfore.2015.04.004","article-title":"The importance of the complementarity between environmental management systems and environmental innovation capabilities: A firm level approach to environmental and business performance benefits","volume":"96","year":"2015","journal-title":"Technol. Forecast. Soc."},{"key":"ref_55","doi-asserted-by":"crossref","first-page":"106773","DOI":"10.1016\/j.ecolind.2020.106773","article-title":"Is there a ripple effect in environmental regulation in China?\u2014Evidence from the local-neighborhood green technology innovation perspective","volume":"118","author":"Dong","year":"2020","journal-title":"Ecol. Indic."},{"key":"ref_56","doi-asserted-by":"crossref","unstructured":"Guo, Y.Y., Xia, X.N., Zhang, S., and Zhang, D.P. (2018). Environmental regulation, government R&D funding and green technology innovation: Evidence from China provincial data. Sustainability, 10.","DOI":"10.3390\/su10040940"},{"key":"ref_57","doi-asserted-by":"crossref","first-page":"481","DOI":"10.2112\/JCR-SI115-133.1","article-title":"Rethink the relationship between environmental regulations and green technology innovation in coastal cities","volume":"115","author":"Zhang","year":"2020","journal-title":"J. Coast. Res."},{"key":"ref_58","doi-asserted-by":"crossref","unstructured":"Guo, Q., Zhou, M., Liu, N.N., and Wang, Y.Y. (2019). Spatial effects of environmental regulation and green credits on green technology innovation under low-carbon economy background conditions. Int. J. Environ. Res. Public Health, 16.","DOI":"10.3390\/ijerph16173027"},{"key":"ref_59","doi-asserted-by":"crossref","first-page":"122682","DOI":"10.1016\/j.jclepro.2020.122682","article-title":"The impact of synergy effect between government subsidies and slack resources on green technology innovation","volume":"274","author":"Wu","year":"2020","journal-title":"J. Clean. Prod."},{"key":"ref_60","doi-asserted-by":"crossref","unstructured":"Zhang, J., Wang, Z.Y., and Zhao, H.J. (2020). The impact of consumer subsidy on green technology innovations for vehicles and environmental impact. Int. J. Environ. Res. Public Health, 17.","DOI":"10.3390\/ijerph17207518"},{"key":"ref_61","doi-asserted-by":"crossref","first-page":"343","DOI":"10.1007\/s40821-015-0027-z","article-title":"Environmental and innovation policies for the evolution of green technologies: A survey and a test","volume":"5","author":"Crespi","year":"2015","journal-title":"Eurasian Bus. Rev."},{"key":"ref_62","doi-asserted-by":"crossref","unstructured":"Yi, M., Fang, X.M., Wen, L., Guang, F.T., and Zhang, Y. (2019). The heterogeneous effects of different environmental policy instruments on green technology innovation. Int. J. Environ. Res. Public Health, 16.","DOI":"10.3390\/ijerph16234660"},{"key":"ref_63","doi-asserted-by":"crossref","unstructured":"Zhang, R.T., and Li, J.Y. (2020). Impact of incentive and selection strength on green technology innovation in Moran process. PLoS ONE, 15.","DOI":"10.1371\/journal.pone.0235516"},{"key":"ref_64","doi-asserted-by":"crossref","first-page":"12740","DOI":"10.1007\/s11356-020-09849-z","article-title":"Environmental decentralization, environmental protection investment, and green technology innovation","volume":"29","author":"Zhang","year":"2022","journal-title":"Environ. Sci. Pollut. Res."},{"key":"ref_65","doi-asserted-by":"crossref","first-page":"47","DOI":"10.1007\/s10479-013-1442-0","article-title":"FDI, technology spillovers and green innovation in China: Analysis based on Data Envelopment Analysis","volume":"228","author":"Song","year":"2015","journal-title":"Ann. Oper. Res."},{"key":"ref_66","doi-asserted-by":"crossref","first-page":"102619","DOI":"10.1016\/j.resourpol.2022.102619","article-title":"Peer effect in green credit induced green innovation: An empirical study from China\u2019s Green Credit Guidelines","volume":"76","author":"Tan","year":"2022","journal-title":"Resour. Policy"},{"key":"ref_67","doi-asserted-by":"crossref","first-page":"135134","DOI":"10.1016\/j.jclepro.2022.135134","article-title":"Green bonds, financing constraints, and green innovation","volume":"381","author":"Wang","year":"2022","journal-title":"J. Clean. Prod."},{"key":"ref_68","doi-asserted-by":"crossref","unstructured":"Wu, X., Bu, D.L., Lian, J., and Bao, Y.P. (2022). Green bond issuance and peer firms\u2019 green innovation. Sustainability, 14.","DOI":"10.3390\/su142417035"},{"key":"ref_69","doi-asserted-by":"crossref","first-page":"307","DOI":"10.1080\/09638180.2019.1620113","article-title":"Earnings management in domestic and foreign IPOs in the United States: Do home country institutions matter?","volume":"29","author":"Filatotchev","year":"2020","journal-title":"Eur. Account. Rev."},{"key":"ref_70","doi-asserted-by":"crossref","first-page":"537","DOI":"10.1111\/1911-3846.12729","article-title":"Corporate governance reforms and cross-listings: International evidence","volume":"39","author":"Liao","year":"2021","journal-title":"Contemp. Account. Res."},{"key":"ref_71","doi-asserted-by":"crossref","first-page":"100443","DOI":"10.1016\/j.gfj.2018.07.002","article-title":"The cost of capital: US-based multinational corporations versus US domestic corporations","volume":"44","author":"Wang","year":"2020","journal-title":"Glob. Financ. J."},{"key":"ref_72","doi-asserted-by":"crossref","first-page":"246","DOI":"10.1016\/j.iref.2021.06.010","article-title":"International equity US mutual funds and diversification benefits","volume":"76","author":"Fletcher","year":"2021","journal-title":"Int. Rev. Econ. Financ."},{"key":"ref_73","doi-asserted-by":"crossref","first-page":"324","DOI":"10.1057\/s41267-016-0056-6","article-title":"The effects of information voids on capital flows in emerging markets","volume":"48","author":"Kingsley","year":"2017","journal-title":"J. Int. Bus. Stud."},{"key":"ref_74","first-page":"641","article-title":"Future as history: The prospects for global convergence in corporate governance and its implications","volume":"93","author":"Coffee","year":"1999","journal-title":"Northwestern Univ. Law Rev."},{"key":"ref_75","doi-asserted-by":"crossref","first-page":"1757","DOI":"10.2307\/1123661","article-title":"Racing towards the top? The impact of cross-listings and stock market competition on international corporate governance","volume":"102","author":"Coffee","year":"2002","journal-title":"Columbia Law. Rev."},{"key":"ref_76","doi-asserted-by":"crossref","first-page":"8","DOI":"10.1111\/j.1745-6622.1999.tb00027.x","article-title":"Golbalization, corporate finance, and the cost of capital","volume":"12","author":"Stulz","year":"1999","journal-title":"J. Appl. Corp. Financ."},{"key":"ref_77","doi-asserted-by":"crossref","first-page":"205","DOI":"10.1016\/S0304-405X(03)00183-1","article-title":"Why are foreign firms listed in the US worth more?","volume":"71","author":"Doidge","year":"2004","journal-title":"J. Financ. Econ."},{"key":"ref_78","doi-asserted-by":"crossref","first-page":"1475","DOI":"10.1093\/icc\/dtr022","article-title":"The impact of corporate governance practices on R&D efforts: A look at shareholders\u2019 rights, cross-listing, and control pyramid","volume":"20","author":"Lhuillery","year":"2011","journal-title":"Ind. Corp. Chang."},{"key":"ref_79","doi-asserted-by":"crossref","first-page":"6333","DOI":"10.1080\/00036846.2020.1717429","article-title":"How does China\u2019s industrial policy affect firms\u2019 R&D investment? Evidence from \u2018China Manufacturing 2025\u2019","volume":"53","author":"Wen","year":"2021","journal-title":"Appl. Econ."},{"key":"ref_80","doi-asserted-by":"crossref","first-page":"122474","DOI":"10.1016\/j.jclepro.2020.122474","article-title":"Green innovation: A systematic literature review","volume":"279","author":"Takalo","year":"2021","journal-title":"J. Clean. Prod."},{"key":"ref_81","doi-asserted-by":"crossref","first-page":"122","DOI":"10.1016\/j.jfineco.2017.07.005","article-title":"Are foreign investors locusts? The long-term effects of foreign institutional ownership","volume":"126","author":"Bena","year":"2017","journal-title":"J. Financ. Econ."},{"key":"ref_82","doi-asserted-by":"crossref","first-page":"985","DOI":"10.1016\/j.jfineco.2020.08.018","article-title":"Stock market liberalization and innovation","volume":"139","author":"Moshirian","year":"2021","journal-title":"J. Financ. Econ."},{"key":"ref_83","doi-asserted-by":"crossref","first-page":"223","DOI":"10.1016\/j.irfa.2014.01.005","article-title":"To what extent do financing constraints affect Chinese firms\u2019 innovation activities?","volume":"36","author":"Guariglia","year":"2014","journal-title":"Int. Rev. Financ. Anal."},{"key":"ref_84","doi-asserted-by":"crossref","first-page":"418","DOI":"10.1016\/j.iref.2018.02.007","article-title":"Financing innovation through minority acquisitions","volume":"57","author":"Bostan","year":"2018","journal-title":"Int. Rev. Econ. Financ."},{"key":"ref_85","doi-asserted-by":"crossref","first-page":"189","DOI":"10.1016\/j.jfineco.2014.09.001","article-title":"Does banking competition affect innovation?","volume":"115","author":"Cornaggia","year":"2015","journal-title":"J. Financ. Econ."},{"key":"ref_86","doi-asserted-by":"crossref","first-page":"610","DOI":"10.1016\/j.eap.2022.06.009","article-title":"Capital market liberalization and green innovation for sustainability: Evidence from China","volume":"75","author":"Feng","year":"2022","journal-title":"Econ. Anal. Policy"},{"key":"ref_87","first-page":"12","article-title":"Measuring and evaluating cost of equity capital: Evidence from Chinese stock markets","volume":"11","author":"Mao","year":"2012","journal-title":"Account. Res."},{"key":"ref_88","doi-asserted-by":"crossref","first-page":"73","DOI":"10.2308\/accr.2004.79.1.73","article-title":"PE ratios, PEG ratios, and estimating the implied expected rate of return on equity capital","volume":"79","author":"Easton","year":"2004","journal-title":"Account. Rev."},{"key":"ref_89","doi-asserted-by":"crossref","first-page":"216","DOI":"10.1016\/j.jfineco.2007.06.002","article-title":"Does international cross-listing improve the information environment","volume":"88","author":"Fernandes","year":"2008","journal-title":"J. Financ. Econ."},{"key":"ref_90","doi-asserted-by":"crossref","unstructured":"Liu, X. (2022). Managerial myopia and firm green innovation: Based on text analysis and machine learning. Front. Psychol., 13.","DOI":"10.3389\/fpsyg.2022.911335"},{"key":"ref_91","doi-asserted-by":"crossref","first-page":"289","DOI":"10.1287\/mnsc.48.2.289.258","article-title":"Exploring the locus of profitable pollution reduction","volume":"48","author":"King","year":"2002","journal-title":"Manag. Sci."},{"key":"ref_92","doi-asserted-by":"crossref","first-page":"102354","DOI":"10.1016\/j.pacfin.2024.102354","article-title":"Institutional site visits and corporate innovation: The role of analyst coverage","volume":"85","author":"Weng","year":"2024","journal-title":"Pac-Basin Financ. J."},{"key":"ref_93","doi-asserted-by":"crossref","first-page":"102165","DOI":"10.1016\/j.pacfin.2023.102165","article-title":"Does green finance reform promote corporate green innovation? Evidence from China","volume":"82","author":"Jia","year":"2023","journal-title":"Pac-Basin Financ. J."},{"key":"ref_94","doi-asserted-by":"crossref","first-page":"105979","DOI":"10.1016\/j.econmod.2022.105979","article-title":"Fostering firm productivity through green finance: Evidence from a quasi-natural experiment in China","volume":"115","author":"Kong","year":"2022","journal-title":"Econ. Model."},{"key":"ref_95","doi-asserted-by":"crossref","first-page":"106048","DOI":"10.1016\/j.eneco.2022.106048","article-title":"Capital market opening and green innovation--Evidence from Shanghai-Hong Kong stock connect and the Shenzhen-Hong Kong stock connect","volume":"111","author":"Sha","year":"2022","journal-title":"Energy Econ."},{"key":"ref_96","doi-asserted-by":"crossref","first-page":"101356","DOI":"10.1016\/j.jacceco.2020.101356","article-title":"Investor communication and the benefits of cross-listing","volume":"71","author":"Reiter","year":"2021","journal-title":"J. Account. Econ."},{"key":"ref_97","unstructured":"Wang, L., and Cheng, Z.H. Does stock market liberalization promote enterprise green technology innovation?, Int. J. Emerg. Mark."},{"key":"ref_98","doi-asserted-by":"crossref","first-page":"25","DOI":"10.1093\/pan\/mpr025","article-title":"Entropy balancing for causal effects: A multivariate reweighting method to produce balanced samples in observational studies","volume":"20","author":"Hainmueller","year":"2012","journal-title":"Political Anal."},{"key":"ref_99","doi-asserted-by":"crossref","first-page":"106653","DOI":"10.1016\/j.eneco.2023.106653","article-title":"The impact of lowering carbon emissions on corporate labour investment: A quasi-natural experiment","volume":"121","author":"Cao","year":"2023","journal-title":"Energy Econ."},{"key":"ref_100","doi-asserted-by":"crossref","first-page":"24","DOI":"10.9734\/ajpas\/2020\/v6i430167","article-title":"Estimating the number of patents in the world using count panel data models","volume":"6","author":"Youssef","year":"2020","journal-title":"Asian J. Probab. Stat."},{"key":"ref_101","doi-asserted-by":"crossref","first-page":"1365","DOI":"10.1111\/jofi.12275","article-title":"Does going public affect innovation?","volume":"70","author":"Bernstein","year":"2015","journal-title":"J. Financ."},{"key":"ref_102","doi-asserted-by":"crossref","first-page":"338","DOI":"10.1086\/690951","article-title":"Curriculum and ideology","volume":"125","author":"Cantoni","year":"2017","journal-title":"J. Political Econ."},{"key":"ref_103","doi-asserted-by":"crossref","first-page":"1173","DOI":"10.1037\/0022-3514.51.6.1173","article-title":"The moderator-mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations","volume":"51","author":"Baron","year":"1986","journal-title":"J. Personal. Soc. Psychol."},{"key":"ref_104","doi-asserted-by":"crossref","first-page":"1909","DOI":"10.1093\/rfs\/hhq009","article-title":"New evidence on measuring financial constraints: Moving beyond the KZ index","volume":"23","author":"Hadlock","year":"2010","journal-title":"Rev. Financ. Stud."},{"key":"ref_105","doi-asserted-by":"crossref","first-page":"418","DOI":"10.1016\/j.jfineco.2009.12.008","article-title":"Costly external finance, corporate investment, and the subprime mortgage credit crisis","volume":"97","author":"Duchin","year":"2010","journal-title":"J. Financ. Econ."},{"key":"ref_106","doi-asserted-by":"crossref","first-page":"53","DOI":"10.1016\/j.jbusres.2018.01.045","article-title":"Political connections, internal control and firm value: Evidence from China\u2019s anti-corruption campaign","volume":"86","author":"Wang","year":"2018","journal-title":"J. Bus. Res."}],"container-title":["Systems"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/www.mdpi.com\/2079-8954\/13\/3\/163\/pdf","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,10,9]],"date-time":"2025-10-09T16:43:17Z","timestamp":1760028197000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.mdpi.com\/2079-8954\/13\/3\/163"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2025,2,27]]},"references-count":106,"journal-issue":{"issue":"3","published-online":{"date-parts":[[2025,3]]}},"alternative-id":["systems13030163"],"URL":"https:\/\/doi.org\/10.3390\/systems13030163","relation":{},"ISSN":["2079-8954"],"issn-type":[{"value":"2079-8954","type":"electronic"}],"subject":[],"published":{"date-parts":[[2025,2,27]]}}}