Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/317631 
Year of Publication: 
2023
Citation: 
[Journal:] Journal of Business Economics and Management (JBEM) [ISSN:] 2029-4433 [Volume:] 24 [Issue:] 3 [Year:] 2023 [Pages:] 405-421
Publisher: 
Vilnius Gediminas Technical University, Vilnius
Abstract: 
This study aims to examine the financing cash flow sensitivity into the firm investment of Environment Sensitive Firms (ESFs). To improve the robustness of our analysis, we implement cluster regression to analyze the 300- firms listed on Shenzhen Stock Exchange. The findings of this study indicate that high-ESFs have more financing cash flow volatility in firm investment than low-ESFs. The firms can reduce this volatility by integrating green finance with their financing cash flows. Green finance helps to implement sustainable investment practices and reduces investment volatility by providing the solution to societal issues. It also assists to generate stable cash flows, lower investment risk, and a better governance structure.
Subjects: 
environment sensitive firms
financial constraints
green finance
investment sensitivity
risk absorbing capacity
JEL: 
D22
F64
F65
G11
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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