How does city group risk-taking affect climate-friendly technology innovation in cities? Evidence from China
Abstract
Climate-friendly technology innovation, which always comes with risk, is becoming an essential tool for Chinese cities to cope with climate change. As a macro variable, how does city group risk-taking affect climate-friendly innovation in cities? This study conducts a qualitative analysis on the basis of the theory of planned behaviour. Then, Chinese city data from 2008 to 2020 are employed to study the impact of city group risk-taking on climate-friendly technology innovation with city and year two-way fixed effects models. The results show: first, city group risk-taking promotes climate-friendly technology innovation in cities; for every one standard deviation increase in the level of city group risk-taking, the level of climate-friendly technology innovation in cities increases by 0.1294 standard deviations. Second, city group risk-taking improves a city’s market vitality and promotes the city’s governmental technology investments, both of which are conducive to climate-friendly technology innovation in cities. Third, the role of city group risk-taking in promoting climate-friendly technological innovation in cities is heterogeneous and is greater in cities with high enthusiasm for financial technology innovation, in cities with high population density and in cities with high environmental penalties.
First published online 15 April 2024
Keyword : group risk-taking, market vitality, government technology investment, climate-friendly technology innovation
How to Cite
Chen, X., & Zhang, H. (2025). How does city group risk-taking affect climate-friendly technology innovation in cities? Evidence from China. Technological and Economic Development of Economy, 1-31. https://doi.org/10.3846/tede.2025.23366
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Chen, X., Teng, L., & Chen, W. (2022). How does FinTech affect the development of the digital economy? Evidence from China. The North American Journal of Economics and Finance, 61, Article 101697. https://doi.org/10.1016/j.najef.2022.101697
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Deutsch, M., & Gerard, H. B. (1955). A study of normative and informational social influences upon individual judgment. The Journal of Abnormal and Social Psychology, 51(3), 629–636. https://doi.org/10.1037/h0046408
Dhliwayo, S., & Chebo, A. K. (2024). A framework for sustainable technological innovation capability: A research and policy direction. European Journal of Innovation Management, 27(3), 851–871. https://doi.org/10.1108/EJIM-02-2022-0085
Ding, C. M., Wang, C., & Chen, H. (2023). Optimizing urban business environment to promote balanced development of north-south economy-the evolution of restrictive economic order to open economic order. The Journal of Quantitative & Technical Economics, 1–20.
Djankov, S., Qian, Y., Roland, G., & Zhuravskaya, E. (2006). Who are China’s entrepreneurs?. American Economic Review, 96(2), 348–352. https://doi.org/10.1257/000282806777212387
D’souza, C., & Williams, D. (2017). The digital economy. Bank of Canada Review, 2017, 5–18.
Estrin, S., Korosteleva, J., & Mickiewicz, T. (2013). Which institutions encourage entrepreneurial growth aspirations? Journal of Business Venturing, 28(4), 564–580. https://doi.org/10.1016/j.jbusvent.2012.05.001
Faccio, M., Marchica, M.-T., & Mura, R. (2011). Large shareholder diversification and corporate risk-taking. The Review of Financial Studies, 24(11), 3601–3641. https://doi.org/10.1093/rfs/hhr065
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Florackis, C., & Sainani, S. (2018). How do chief financial officers influence corporate cash policies? Journal of Corporate Finance, 52, 168–191. https://doi.org/10.1016/j.jcorpfin.2018.08.001
Golombek, R., & Hoel, M. (2011). International cooperation on climate-friendly technologies. Environmental and Resource Economics, 49, 473–490. https://doi.org/10.1007/s10640-010-9442-x
Gompers, P., Lerner, J., & Scharfstein, D. (2005). Entrepreneurial spawning: Public corporations and the genesis of new ventures, 1986 to 1999. The Journal of Finance, 60(2), 577–614. https://doi.org/10.1111/j.1540-6261.2005.00740.x
Hagger, M. S., Cheung, M. W.-L., Ajzen, I., & Hamilton, K. (2022). Perceived behavioral control moderating effects in the theory of planned behavior: A meta-analysis. Health Psychology, 41(2), 155–167. https://doi.org/10.1037/hea0001153
Halleck-Vega, S., Mandel, A., & Millock, K. (2018). Accelerating diffusion of climate-friendly technologies: A network perspective. Ecological Economics, 152, 235–245. https://doi.org/10.1016/j.ecolecon.2018.05.007
Howell, S. T. (2017). Financing innovation: Evidence from R&D grants. American Economic Review, 107(4), 1136–1164. https://doi.org/10.1257/aer.20150808
Hubar, S., Koulovatianos, C., & Li, J. (2020). The role of labor-income risk in household risk-taking. European Economic Review, 129, Article 103522. https://doi.org/10.1016/j.euroecorev.2020.103522
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Laeven, L., & Levine, R. (2009). Bank governance, regulation and risk taking. Journal of Financial Economics, 93(2), 259–275. https://doi.org/10.1016/j.jfineco.2008.09.003
Li, H., & Zhang, Y. (2007). The role of managers’ political networking and functional experience in new venture performance: Evidence from China’s transition economy. Strategic Management Journal, 28(8), 791–804. https://doi.org/10.1002/smj.605
Li, C. T., Yan, X. W., Song, M., & Yang, W. (2020). Fintech and corporate innovation – Evidence from Chinese NEEQ-listed companies. China Industrial Economics, (1), 81–98.
Li, X. Y., Wang, F. Q., Yang, B. X., & Zhang, Y. (2022). Human capital, government investment in science and technology and regional innovation. China Soft Science, (11), 181–192.
Li, Z., & Yang, S. Y. (2018). Fiscal decentralization, government innovation preferences and regional innovation efficiency. Management World, 34(12), 29–42+110+193–194.
Liu, G. C., Duan, Y. Z., & Liu, Y. Y. (2019). Economic policy uncertainty, asset reversibility, and real investment: Evidence from China. Economic Research Journal, 54(8), 53–70.
Lu, J. J., Yang, S. Y., & Ma, C. (2021). Fiscal decentralization, financial decentralization and technological innovation. South China Journal of Economics, (6), 36–50.
Lumpkin, G. T., & Dess, G. G. (1996). Clarifying the entrepreneurial orientation construct and linking it to performance. Academy of Management Review, 21(1), 135–172. https://doi.org/10.2307/258632
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