Corporate transaction costs and corporate green total factor productivity

Enhanced corporate green total factor productivity reflects a shift in business focus towards sustainable growth and lighter environmental impact, contributing to societal prosperity. This paper constructs an empirical econometric model to examine the relationship between corporate transaction costs and green total factor productivity. The results show that excessive corporate transaction costs significantly inhibit the improvement of green total factor productivity. Heterogeneity analysis indicates that the inhibitory effect of corporate transaction costs on the improvement of green total factor productivity is more pronounced in non-state-owned enterprises and firms with higher financing constraints.