Dongwei Su’s research while affiliated with Jinan University and other places

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Publications (5)


Institutional investors and corporate green innovation: Evidence from China
  • Article
  • Full-text available

April 2024

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138 Reads

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7 Citations

Pacific Economic Review

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Dongwei Su

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Shulin Xu

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Xu Han

Using data for manufacturing firms listed on China A‐share markets between 2003 and 2018, this research explores the impact of institutional investors on corporate green innovation. The study finds that pressure‐resistant institutional investors (PR investors) positively contribute to green innovation, whereas pressure‐sensitive institutional investors (PS investors) hinder it. In addition, this study examines the moderating effect of political ties, distinguishing between ascribed and achieved ties. Ascribed ties weaken the positive relationship between PR investors and green innovation, whereas achieved ties strengthen it and weaken the negative association between PS investors and green innovation. Moreover, the study investigates the influence of institutional development on the relationship between institutional investors and green innovation, and finds that managerial myopia is the mechanism through which institutional investors influence green innovation. Furthermore, this study reveals that there are heterogeneity effects among small and large firms, polluting and non‐polluting firms, and firms facing different levels of market competition. Overall, the study sheds new light on how institutional investors, acting as ‘invisible hands’, interact with political ties, acting as ‘visible hands’, to impact green innovation in transition economies.

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The influence of cognitive ability on family consumption among different age groups
The influence of cognitive ability on consumption between urban and rural households
Do Smart People Prefer to Consume? The Role of Cognitive Abilities in Household Consumption

April 2023

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48 Reads

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1 Citation

The Singapore Economic Review

Extant research has established that psychological factors such as risk attitude and peer effect are important antecedents of household consumption. In this paper, we investigate whether and to what extent cognitive ability affects household consumption expenditure. Using survey data in 2018 from the China Family Panel Studies (CFPS), we find that cognitive ability of the head of the household is positively related to overall consumption and non-durable consumption, i.e., smart people in China are more willing to consume. Our results are robust to controlling for level of education and accounting for potential endogeneity issues. In addition, the positive relationship between cognitive ability and household consumption is stronger for medium-income, elderly, urban, and male-headed households. Moreover, wealth, information and social network play important mediating roles in the positive relationship between cognitive ability and household consumption. Overall, our study implies that broadening investment and consumption channels and enhancing information accessibility in the long term are important in stimulating household consumption.


Green credit policy and corporate diversification: evidence from China

April 2023

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361 Reads

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18 Citations

Post Communist Economies

This study draws insights from the New Stakeholder Theory to investigate the influence of green credit policy on firm diversification. Using a sample of publicly listed firms in China from 2006 to 2018, we find that green credit policy has increased the degree of corporate diversification for heavily polluting firms. In addition, the positive impact of green credit policy on industrial diversity is more significant for heavily polluting firms which are state-owned, bigger in size, with institutional ownership of shares and located in provinces with higher level of marketisation. Moreover, financial constraint is an important mediating variable for green credit policy to influence corporate diversification. An important implication of our study is that corporate diversification can be a strategic choice made by heavily polluting firms to overcome financial constraints as a result of the green credit policy. In fact, greater corporate diversity can ensure the survival of polluting firms by allowing them to operate in industries with less environmental regulations.


Perception of uncertainty and green innovation: Machine learning evidence from publicly listed firms in China

March 2023

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52 Reads

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3 Citations

The Singapore Economic Review

Using a unique panel dataset consisting of 2997 Chinese manufacturing firms publicly listed in the A-share market between 2003 and 2020, we examine whether and to what extent a firm’s perception of uncertainty affects green innovation. After integrating textual analysis with a machine learning approach to measure perception of uncertainty, we find that a firm’s perception of environmental uncertainty negatively affects the number of green patents submitted or approved. The negative effect is weaker for firms followed by more professional analysts, operating in more competitive markets, or located in regions with better institutional settings. In addition, there is significant heterogeneity in the negative effect between non-state-owned versus state-owned firms as well as polluting versus non-polluting firms. The results are robust to different measures of green innovation and perception of uncertainty, and after addressing for potential endogeneity problem. Our study contributes to the literature on behavioral environmental economics by demonstrating that it is not only the environment uncertainty but also how firms perceive the uncertainty matters for green innovation and corporate social responsibility.


Credit availability and corporate risk-taking: evidence from China’s green credit policy

January 2023

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95 Reads

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38 Citations

Post Communist Economies

Using data for firms publicly listed in China A-share markets during 2008 and 2019, this study is one of the first to treat Green Credit Guidelines implemented by the government in 2012 as a quasi-natural experiment and construct a difference-in-differences (DID) model to empirically examine the impact of credit availability on corporate risk-taking. Our study finds that credit restrictions on heavily polluting firms reduce their risk-taking behaviour, and the impact is more pronounced on small firms, non-state-owned enterprises, firms without institutional investors or firms located in low marketisation regions. In addition, our study demonstrates that credit restrictions increase financing constraints and reduce investment levels, which leads to less corporate risk-taking. Furthermore, our research shows that credit restrictions increase the cost of debt and reduce investment value and development capacity for firms in energy intensive and high pollution industries. An important implication is that to effectively curb the expansion of heavily polluting industries and promote environmental transformation, green credit policies should target small firms, firms with less state and institutional ownership as well as firms located in regions with poorer institutional reform.

Citations (4)


... Such progress in management efficiency and transparency further enhances investors' and consumers' trust and recognition of corporate environmental responsibility. Chinese enterprises' green innovation is significantly fueled by institutional investors [26]. Institutional investors with a longer investment period have a clear preference for green investment [27]. ...

Reference:

Can Digital Transformation Improve ESG Performance?: -- Empirical Evidence from A-share Listed Companies
Institutional investors and corporate green innovation: Evidence from China

Pacific Economic Review

... One effective way to improve financial conditions is through digitalization. We followed Kaplan and Zingales (1997) and Su et al. (2023) and used the SA index to measure financial constraints. We also used the natural logarithm of the balance of cash and cash equivalents (CASH) to measure corporate financing constraints. ...

Green credit policy and corporate diversification: evidence from China

Post Communist Economies

... This helps the government, banks, and other stakeholders monitor, manage, and evaluate the quality of business operations (Zhang 2018). Greater regulation of managers' investment decisions increases the cost of managers engaging in opportunistic behaviour, thereby reducing the probability of inefficient investment (Cao et al. 2018;Xu et al. 2023;Su et al. 2023c). ...

Do Smart People Prefer to Consume? The Role of Cognitive Abilities in Household Consumption

The Singapore Economic Review