The Influence of Green Credit Policy on Green Innovation and Transformation and Upgradation as a Function of Corporate Diversification: The Case of Kazakhstan

This study investigates the heterogeneous effects of green credit policy (GCP) on firms’ innovation and transformation upgradation. Using a comprehensive dataset companies operating in sector, we employ panel regression models to examine interaction between firm characteristics among SMEs Kazakhstan. The results reveal significant heterogeneity across different scales enterprises. In terms innovation, has positive impact large enterprises, while its are not for small- medium-sized Similarly, transformation/upgradation, demonstrates effect enterprises but lacks significance smaller firms. These findings suggest that larger may have greater capacity more resources capitalize incentives implement greener practices effectively. Additionally, identifies technological capability as mediating factor regulatory environment moderating influencing relationship outcomes. theoretical implications highlight importance considering contextual factors understanding environmental policies. From practical standpoint, policymakers should tailor interventions account varying needs capacities Moreover, fostering improving can enhance effectiveness