The impact of green finance on persistence of green innovation at firm-level: A moderating perspective based on environmental regulation intensity.

• Green finance exerts a significant positive effect on the persistence of green innovation at firm-level. • The environmental regulation intensity plays a moderating role between green finance and persistence of green innovation at firm-level. • 3.The impact of green finance on the persistence of green innovation at firm-level exhibits heterogeneity based on the nature and size of enterprises, with a stronger significance and a more pronounced facilitating effect observed in the samples of state-owned enterprises and large-scale enterprises. Amid escalating global climate change and environmental degradation, green finance has emerged as a crucial tool for sustainable development and environmental protection. This paper examines data from Chinese A-share listed manufacturing companies (2004–2021), exploring the relationship between green finance, firms' persistent green innovation, and environmental regulation intensity. Key findings include: 1. There is a positive correlation between green finance and persistent green innovation; 2. Environmental regulation intensity moderates this relationship; 3. Heterogeneity analysis reveals a stronger promotion of persistent green innovation by green finance in large-scale and state-owned enterprises. [ABSTRACT FROM AUTHOR]