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Pasquale Marcello Falcone
''Green investment strategies and bank-firm relationship: a firm-level analysis''
( 2018, Vol. 38 No.4 )
This paper investigates the determinants of firm's green investment strategies in equipment for pollution control. It uses micro-data from a large survey of Italian manufacturing firms from 2001 to 2006. In particular, we test whether the length of the firm-bank relationship affects the firm's probability of investing in environmentally friendly equipment. Our findings show that a longer relationship with the main bank fosters firms' involvement in green investment strategies in order to reduce their environmental impact. Conversely, the presence of a multiple credit relationship could concretely hinder a firm's investments towards environmental innovations.
Keywords: green investment strategy, bank-firm relationship, environmental innovation, probit model
JEL: Q5 - Environmental Economics: General
G2 - Financial Institutions and Services: General
Manuscript Received : Apr 30 2018 Manuscript Accepted : Dec 02 2018

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