Government-led green supply chain demonstration and corporate maturity mismatch: Evidence from China

• Published in: Finance research letters Vol. 75; p. 106870
• Main Authors: Liu, Muyan, Shen, Lu, Yan, Yuehan
• Format: Journal Article
• Language: English
• Published: Elsevier Inc 01.04.2025
• Subjects: Corporate maturity mismatch; Credit discrimination; Government-led GSCM demonstration project; Corporate maturity mismatch; Government-led GSCM demonstration project; Credit discrimination
• ISSN: 1544-6123
• DOI: 10.1016/j.frl.2025.106870

•Government-led green supply chain management (GSCM) certification significantly alleviates corporate maturity mismatch.•The effect is achieved by enhancing access to long-term loans and extending debt maturity structures.•GSCM certification has heterogeneous impacts across firms.•Study offers a novel perspective of government-led green certification on alleviating corporate maturity mismatch and the phenomenon of credit discrimination. This paper employs a difference-in-differences methodology to examine the impact of government-led green supply chain management (GSCM) certification on corporate maturity mismatch. The results demonstrate that GSCM certification significantly alleviates maturity mismatch. The effect is more pronounced for non-state-owned firms, firms with low-quality environmental information disclosure and those subject to weak environmental regulations. Mechanism analysis indicates that enhanced access to long-term loans and extended debt maturity structures are the primary channels through which GSCM certification mitigates maturity mismatch. These findings highlight the critical role of government-led green certification initiatives in addressing corporate maturity mismatch and reducing credit discrimination.