Zhao, Qiang; Lee, Byunghee; Liu, Chang
doi: 10.1007/s10668-025-06084-9pmid: N/A
Emerging market countries are placing greater emphasis on sustainable development due to grave ecological and environmental issues. China is also driving corporate green transformation by establishing a green finance system and an environmental, social, and governance (ESG) information disclosure system. This research examines Chinese manufacturing enterprises listed from 2009 to 2021, aiming to provide policy references and empirical support for green innovation, and the harmonious and sustainable growth of the economy and environment in emerging market countries. The findings indicate that green finance positively affects green innovation. What’s more, the quality of information disclosure, especially the disclosure of ESG information, positively moderates this relationship. Therefore, emerging market countries can implement green finance policies to incentivize enterprises toward green innovation. Meanwhile, enterprise information disclosure systems can be standardized to amplify the beneficial influence of green finance.