Doctor Weiyi Zhao,, a researcher of the base, has published a collaborative paper titled "Environmental regulation, academic top managers and green innovation: Evidence from China" in Finance Research Letters.

Finance Research Letters is an internationally renowned journal in the field of finance, covering various fields of financial studies including corporate finance, asset pricing, financial markets and institutions, risk management, international finance, behavioral finance, and financial engineering.

Abstract:

This study examines the impact of top managers’ academic backgrounds on green innovation within the context of China’s new Environmental Protection Law. Utilizing green patent data from listed companies in the China A-Share market from 2008 to 2019, and employing the DID approach, we find the law significantly boosts green innovation in firms led by academically skilled managers. However, this effect diminishes in state-owned enterprises and financially constrained firms. Our findings emphasize the critical roles of managerial academic backgrounds and autonomy in advancing green innovation.

Keywords：Academic top managers; Corporate finance; Green innovation; Environmental regulation

Link：https://doi.org/10.1016/j.frl.2024.106129

Teacher profile

Weiyi Zhao is a Ph.D. candidate at the Institute of Economics, School of Social Sciences, Tsinghua University, and a member of the Digital Economy and Fintech Lab at Cornell University. His primary research focuses on empirical asset pricing, digital economy, and financial technology. His research findings have been presented at over ten high-quality international and domestic conferences, including ABFER, EFMA, SIF, and CIFFP. He has received multiple academic honors, including the Outstanding Paper First Prize at the 7th National Doctoral Academic Forum in Finance (2023), the Best Paper Award at the European Conference on Management and Finance Annual Meeting (2022), and the Best Paper Award at the Tel Aviv University Blockchain Research Institute Conference (2021). His work has been published in CSSCI-indexed core journals. He has participated in several research projects funded by the National Natural Science Foundation of China, including General Programs and Major Programs.