As the world rallies for a greener tomorrow, understanding the financial benefits of going green is paramount. This study investigates the association between green innovation (GI) and equity financing within the BRICS economies. By utilizing a comprehensive dataset spanning 13 years (2010−2022) and employing the system GMM technique for dissemination of regression, the study investigates the influence of green innovation proxies including green product innovation (GPI), green environmental development (GED), and green patent registration (GPR) on EFE (equity financing). The findings reveal a consistent and significant positive relationship between GPI, GED, GPR, and equity financing, indicating that companies engaging in green innovation strategies tend to attract more equity financing. Practically, this study highlights how embracing green innovation can bolster companies' financial standing, while socially, it underscores the growing importance of sustainability in shaping investment decisions and fostering a greener economy. This study unveils the previously untapped financial potential of green innovation in driving equity financing within the vibrant BRICS economies.

中文翻译：

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从理念到资本：探究绿色创新对金砖国家股权融资的影响

随着世界为更加绿色的明天而团结起来，了解绿色发展的经济效益至关重要。本研究调查了金砖国家经济体内绿色创新（GI）与股权融资之间的关联。该研究利用涵盖13年（2010−2022年）的综合数据集并采用系统GMM技术进行回归传播，调查了绿色创新代理的影响，包括绿色产品创新（GPI）、绿色环境发展（GED）和绿色创新EFE（股权融资）专利注册（GPR）。研究结果显示，GPI、GED、GPR 与股权融资之间存在一致且显着的正相关关系，表明实施绿色创新战略的公司往往会吸引更多的股权融资。实际上，这项研究强调了拥抱绿色创新如何能够提高公司的财务状况，而从社会角度来看，它强调了可持续性在制定投资决策和培育绿色经济方面日益重要。这项研究揭示了绿色创新在推动充满活力的金砖国家经济体中的股权融资方面先前尚未开发的金融潜力。