Green Finance Management and Corporate Sustainable Innovation: Evidence from a Dual-Path Mechanism
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Published in Vol. 1 No. 1 (2026) of Sustainable Management Review.
Sustainable Management Review (SMR) is a multidisciplinary, peer-reviewed international journal dedicated to advancing research on sustainable management and sustainable development across disciplines. SMR welcomes sustainability-oriented studies from diverse academic fields, including but not limited to economics and management, public administration, culture, education, sociology, communication, law, environmental studies, biology, chemistry, materials science, engineering, water resources management, and other STEM-related areas. The journal encourages scholars to examine the application, transformation, and development of sustainability principles from organizational, social, technological, ecological, and institutional perspectives, thereby providing theoretical support and practical insights for more responsible, resilient, and future-oriented models of management and development.
ISSN3106-5805 eISSN3106-5813
About the JournalAbstract
This study conceptualizes green finance management as a strategic managerial capability and investigates how it influences corporate sustainable innovation performance. Using a multi-industry panel of Malaysian listed firms from 2019–2024, fixed-effects regression and parallel mediation analysis are employed to examine the effects of green finance management on green innovation output and long-term financial performance, with R&D intensity and risk-taking capacity as mediators. Green finance management significantly enhances both green patents and long-term ROA. Its impact on green innovation operates primarily through two internal mechanisms: increased R&D intensity and expanded risk-taking capacity. When both mediators are included, the direct effect becomes insignificant, indicating a robust parallel mediation structure. Green finance functions through organizational reconfiguration rather than mechanical capital transfer, underscoring its managerial role in shaping sustainable innovation trajectories.
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Copyright (c) 2026 Chenlu Yu, Xiaoming Wang, Wencan Zhang, Wei Yet Tan
This work is licensed under a Creative Commons Attribution 4.0 International License.
