@article{Zhang2026, 
author = {Yong Zhang},
title = {Do Green Interlocking Directors Help Firms Get Green Credit: Evidence of Green Credit Based on Text Analysis Measures},
year = {2026},
journal = {China Journal of Economics},
volume = {13},
number = {2},
pages = {73-91},
url = {https://www.sciopen.com/article/10.26599/CJE.2026.9300204},
doi = {10.26599/CJE.2026.9300204},
abstract = {Green credit is a green financial instrument with the earliest practice, the largest scale, the widest scope and the most mature development in China. However, most of the existing literatures examine the economic consequences of the implementation of green credit policies, and a small number of studies on the influencing factors of green credit examine the factors affecting the supply of green credit from the perspective of commercial banks, while few literatures pay attention to the factors that affect firms' access to green credit funds. This paper uses text analysis to measure the availability of green credit funds in listed companies, and tests whether green interlocking directors with green work experience or education background can help firms to obtain green credit funds. The research conclusions are as follows: (1) Green interlocking directors can significantly promote green credit financing of firms. The more green interlocking directors in the board of directors and the higher the proportion of seats, the stronger the availability of green credit and the larger the scale of green credit financing of firms. (2) Mechanism test shows that improving the level of firm environmental information disclosure and improving firm environmental performance are two mechanisms for green interlocking directors to promote firm green credit financing. (3) Heterogeneity analysis results show that green interlocking directors have a greater role in promoting green credit financing in firms without bank-firm relationship, with high government environmental attention allocation intensity and low level of regional green finance development. From the perspective of green governance function of green interlocking directors, this paper provides a feasible solution to alleviate the green credit financing dilemma of micro-enterprises, thus stimulating the power of green transformation of micro-enterprises and ultimately promoting the green transformation of macro-economic structure.}
}