Using data from China A-share non-financial listed firms and mutual funds between 2010–2020, we investigate green investors' impact on corporate green innovation. Consonant with the received literature, we find a significant incentivization effect, where green shareholders positively influence innovation by improving governance and mitigating financial constraints. This result suggests that incentivization is more pronounced in the realm of utility innovation and within state-owned enterprises.
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Li et al. (2024) studied this question.
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