Does Analyst Coverage Promote Sustained Green Innovation? Evidence From China

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ABSTRACT Drawing on firm‐year observations for Chinese listed companies from 2010 to 2024, this paper investigates whether analyst coverage shapes firms' sustained green innovation. The findings show that analyst coverage significantly promotes firms' sustained green innovation. Mechanism tests identify three transmission channels: easing firms' financing constraints, improving the structure of human capital, and facilitating collaborative green innovation. The effect is not homogeneous, but varies across firm‐level conditions, industry characteristics, and regional environments. Additional tests indicate that analyst coverage is more effective in encouraging breakthrough sustained green innovation than incremental sustained green innovation. The results also show that sustained green innovation generates real economic benefits by enhancing firms' production efficiency and firm value. By linking analyst coverage to the continuity of green innovation, this paper expands the understanding of the economic role of analysts and offers practical insights for firms, regulators, and policymakers seeking to strengthen green innovation incentives.

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