Green credit policy, corporate social responsibility and green innovation
Abstract
Human activities have an increasingly serious impact on our natural surroundings. Hence, cutting-edge sustainable technologies are essential for both governmental agencies and the corporate sector as a pivotal means to safeguard the environment. This study aims to shed light on the function that corporate social responsibility (CSR) plays in enterprises by examining the relationship between green credit policy (GCP) and green innovation (GI). This research examines a total of 5,819 panels of Chinese listed businesses’ data spanning from 2009 to 2021. The differences-in-differences (DID) model was used to assess hypotheses. The empirical results suggest that GCP has facilitated the adoption of GI by firms. GI in heavily polluting firms was elevated by 15% relative to the control group. The presence of CSR serves as a mediating and moderating factor in the relationship between GCP and the implementation of GI initiatives within firms. Lastly, based on the empirical results, relevant suggestions for optimizing GCP are proposed to achieve better environmental protection results.
Keyword : green credit policy, corporate social responsibility, green innovation, differences-in-differences method, moderating effects, mediating effects
How to Cite
Zhang, Z. (2024). Green credit policy, corporate social responsibility and green innovation . Journal of Business Economics and Management, 25(3), 531–552. https://doi.org/10.3846/jbem.2024.21563
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
Aguinis, H. (2011). Organizational responsibility: Doing good and doing well. In S. Zedeck (Ed.), APA handbook of industrial and organizational psychology, Vol. 3: Maintaining, expanding, and contracting the organization (pp. 855–879). American Psychological Association. https://doi.org/10.1037/12171-024
Bai, J., & Rub, H. (2024). Carbon emissions trading and environmental protection: International evidence. Management Science. https://doi.org/10.1287/mnsc.2023.03143
Belay, H. A., Hailu, F. K., & Sinshaw, G. T. (2024). Corporate social responsibility (CSR) practices in large manufacturing firms: A qualitative multi-case study from Ethiopia. Cogent Business & Management, 11(1), Article 2310621. https://doi.org/10.1080/23311975.2024.2310621
Berle, A. (1931). Corporate powers as powers in trust. Harvard Law Review, 44(7), 1049–1074. https://doi.org/10.2307/1331341
Chen, Z., Zhang, Y., Wang, H., Ouyang, X., & Xie, Y. (2022). Can green credit policy promote low-carbon technology innovation? Journal of Cleaner Production, 359, Article 132061. https://doi.org/10.1016/j.jclepro.2022.132061
Chenguang, L., & Yong’an, Z. (2014). An empirical research on the impact of regional innovation policy on enterprise innovation efficiency. Science Research Management, 35(9), 25–35.
Dagestani, A. A., Chen, P., Du, L., Hu, J., & Bilan, Y. (2024). The impacts of urban development orientation of resource-based cities on environmental information disclosure and greenwashing behavior of listed firms in China. Environment Development and Sustainability. https://doi.org/10.1007/s10668-024-04551-3
Dodd, E. M. (1932). For whom are corporate managers trustees. Harvard Law Review, 45(7), 1145–1163. https://doi.org/10.2307/1331697
Du, X., & Ullah, S. (2024). Environmental governance-public supervision and participation nexus under state supervision system and carbon neutrality targets in China. Environmental Science and Pollution Research, 31(9), 14208–14217. https://doi.org/10.1007/s11356-024-31974-2
E. Rupp, D. (2011). An employee-centered model of organizational justice and social responsibility. Organizational Psychology Review, 1(1), 72–94. https://doi.org/10.1177/2041386610376255
Fang, V. W., Tian, X., & Tice, S. (2014). Does stock liquidity enhance or impede firm innovation? The Journal of Finance, 69(5), 2085–2125. https://doi.org/10.1111/jofi.12187
Fang, X., Liu, M., & Li, G. (2024). Can the green credit policy promote green innovation in enterprises? Empirical evidence from China. Technological and Economic Development of Economy. https://doi.org/10.3846/tede.2024.20497
Frederick, W. C. (1960). The growing concern over business responsibility. California Management Review, 2(4), 54–61. https://doi.org/10.2307/41165405
Guan, H., Zhang, Z., Zhao, A., & Guan, S. (2019). Simulating environmental innovation behavior of private enterprise with innovation subsidies. Complexity, Article 4629457. https://doi.org/10.1155/2019/4629457
Gao, M. & Wang, C. (2021). R&D subsidies and substantive innovation of enterprises under economic uncertainty. Beijing Social Sciences, 7, 98-108. https://doi.org/10.13262/j.bjsshkxy.bjshkx.210710
Hao, J., & He, F. (2022). Corporate social responsibility (CSR) performance and green innovation: Evidence from China. Finance Research Letters, 48, Article 102889. https://doi.org/10.1016/j.frl.2022.102889
He, L., Gan, S., & Zhong, T. (2022). The impact of green credit policy on the firms’ green strategy choices: Green innovation or green-washing? Environmental Science and Pollution Research. https://doi.org/10.21203/rs.3.rs-1406858/v1
Hu, G., Wang, X., & Wang, Y. (2021). Can the green credit policy stimulate green innovation in heavily polluting enterprises? Evidence from a quasi-natural experiment in China. Energy Economics, 98, Article 105134. https://doi.org/10.1016/j.eneco.2021.105134
Forcadell, F. J., Úbeda, F., & Aracil, E. (2021). Effects of environmental corporate social responsibility on innovativeness of spanish industrial SMEs. Technological Forecasting and Social Change, 162, Article 120355. https://doi.org/10.1016/j.techfore.2020.120355
Kim, E.-H., & Lyon, T. P. (2015). Greenwash vs. brownwash: Exaggeration and undue modesty in corporate sustainability disclosure. Organization Science, 26(3), 705–723. https://doi.org/10.1287/orsc.2014.0949
Li, Y., Shi, Y., Wang, Q., Zhang, J., & Zhao, K. (2024). Green credit policy and the cost of equity: Evidence from China. Applied Economics Letters. https://doi.org/10.1080/13504851.2024.2317867
Liao, H., Su, L., Tang, T., & Shang, Z. (2024). Green initiatives and stakeholder engagement: Unveiling the impact of green strategies and CSR on financial performance from descriptive – normative perspectives of stakeholder theory. Sustainable Development. https://doi.org/10.1002/sd.2934
Liuyong, Y., & Zeye, Z. (2022). The impact of green credit policy on corporate green innovation. Studies in Science of Science, 40(2), 345–356.
Liu, Z., Men, W., He, S., & Sun, H. (2024). Green credit policy and enterprise carbon performance: Evidence from China. Post-Communist Economies. https://doi.org/10.1080/14631377.2024.2323318
Mbanyele, W., Huang, H., Li, Y., Muchenje, L. T., & Wang, F. (2022). Corporate social responsibility and green innovation: Evidence from mandatory CSR disclosure laws. Economics Letters, 212, Article 110322. https://doi.org/10.1016/j.econlet.2022.110322
Oikonomou, I., Brooks, C., & Pavelin, S. (2014). The effects of corporate social performance on the cost of corporate debt and credit ratings. Financial Review, 49(1), 49–75. https://doi.org/10.1111/fire.12025
Padilla-Lozano, C. P., & Collazzo, P. (2022). Corporate social responsibility, green innovation and competitiveness – Causality in manufacturing. Competitiveness Review, 32(7), 21–39. https://doi.org/10.1108/CR-12-2020-0160
Peloza, J., & Shang, J. (2011). How can corporate social responsibility activities create value for stakeholders? A systematic review. Journal of the Academy of Marketing Science, 39(1), 117–135. https://doi.org/10.1007/s11747-010-0213-6
Peng, B., Yan, W., Elahi, E., & Wan, A. (2022). Does the green credit policy affect the scale of corporate debt financing? Evidence from listed companies in heavy pollution industries in China. Environmental Science and Pollution Research, 29(1), 755–767. https://doi.org/10.1007/s11356-021-15587-7
Porter, M. E., & Van der Linde, C. (1995). Toward a new conception of the environment-competitiveness relationship. Journal of Economic Perspectives, 9(4), 97–118. https://doi.org/10.1257/jep.9.4.97
Qin, J., & Cao, J. (2022). Carbon emission reduction effects of green credit policies: Empirical evidence from China. Frontiers in Environmental Science, 10, Article 798072. https://doi.org/10.3389/fenvs.2022.798072
Rosenbaum, P. R., & Rubin, D. B. (1983). The central role of the propensity score in observational studies for causal effects. Biometrika, 70(1), 41–55. https://doi.org/10.1093/biomet/70.1.41
Shao, S., Hu, Z., Cao, J., Yang, L., & Guan, D. (2020). Environmental regulation and enterprise innovation: A review. Business Strategy and the Environment, 29(3), 1465–1478. https://doi.org/10.1002/bse.2446
Sinha, A., Mishra, S., Sharif, A., & Yarovaya, L. (2021). Does green financing help to improve environmental & social responsibility? Designing SDG framework through advanced quantile modelling. Journal of Environmental Management, 292, Article 112751. https://doi.org/10.1016/j.jenvman.2021.112751
Su, C.-W., Umar, M., & Gao, R. (2022). Save the environment, get financing! How China is protecting the environment with green credit policies? Journal of Environmental Management, 323, Article 116178. https://doi.org/10.1016/j.jenvman.2022.116178
Sun, J., Wang, F., Yin, H., & Zhang, B. (2019). Money talks: The environmental impact of China’s green credit policy. Journal of Policy Analysis and Management, 38(3), 653–680. https://doi.org/10.1002/pam.22137
Walker, K., & Wan, F. (2012). The harm of symbolic actions and green-washing: Corporate actions and communications on environmental performance and their financial implications. Journal of Business Ethics, 109, 227–242. https://doi.org/10.1007/s10551-011-1122-4
Wang, H., Qi, S., Zhou, C., Zhou, J., & Huang, X. (2022). Green credit policy, government behavior and green innovation quality of enterprises. Journal of Cleaner Production, 331, Article 129834. https://doi.org/10.1016/j.jclepro.2021.129834
Wang, Z., Fu, Y., & Wu, J. (2024). The impact of environmental regulation on collaborative innovation efficiency: Is the porter hypothesis valid in Chengdu-Chongqing urban agglomeration? Sustainability, 16(5), Article 2223. https://doi.org/10.3390/su16052223
Wen, H., Lee, C. C., & Zhou, F. (2021). Green credit policy, credit allocation efficiency and upgrade of energy-intensive enterprises. Energy Economics, 94, Article 105099. https://doi.org/10.1016/j.eneco.2021.105099
Williams, C. A., & Aguilera, R. V. (2008). Corporate social responsibility in a comparative perspective. In A. Crane, D. Matten, A. McWilliams, J. Moon, & D. S. Siegel (Eds.), The Oxford handbook of corporate social responsibility (pp. 452–472). Oxford University Press. https://doi.org/10.1093/oxfordhb/9780199211593.003.0020
Wu, S., Wu, L., & Zhao, X. (2022). Impact of the green credit policy on external financing, economic growth and energy consumption of the manufacturing industry. Chinese Journal of Population, Resources and Environment, 20(1), 59–68. https://doi.org/10.1016/j.cjpre.2022.03.007
Xue, Y., Jiang, C., Guo, Y., Liu, J., Wu, H., & Hao, Y. (2022). Corporate social responsibility and high-quality development: Do green innovation, environmental investment and corporate governance matter? Emerging Markets Finance and Trade, 58(11), 3191–3214. https://doi.org/10.1080/1540496X.2022.2034616
Xing, H, Wang, F, & Gao, S. (2019). Does the policy of strategic emerging industries promote the substantive innovation in enterprises? – based on the perspective on the moderating effect of “rent-seeking”. Sankei Review, 10(1), 86–99. https://doi.org/10.14007/j.cnki.cjpl.2019.01.006
Yuan, B., & Cao, X. (2022). Do corporate social responsibility practices contribute to green innovation? The mediating role of green dynamic capability. Technology in Society, 68, Article 101868. https://doi.org/10.1016/j.techsoc.2022.101868
Zhang, K., Shao, S., & Fan, S. (2020a). Market integration and environmental quality: Evidence from the Yangtze river delta region of China. Journal of Environmental Management, 261, Article 110208. https://doi.org/10.1016/j.jenvman.2020.110208
Zhang, Y., Xing, C., & Wang, Y. (2020b). Does green innovation mitigate financing constraints? Evidence from China’s private enterprises. Journal of Cleaner Production, 264, Article 121698. https://doi.org/10.1016/j.jclepro.2020.121698
Zhang, K., Li, Y., Qi, Y., & Shao, S. (2021). Can green credit policy improve environmental quality? Evidence from China. Journal of Environmental Management, 298, Article 113445. https://doi.org/10.1016/j.jenvman.2021.113445
Zhang, A., Deng, R., & Wu, Y. (2022). Does the green credit policy reduce the carbon emission intensity of heavily polluting industries? – Evidence from China’s industrial sectors. Journal of Environmental Management, 311, Article 114815. https://doi.org/10.1016/j.jenvman.2022.114815
Zhang, W., Zhu, B., Li, Y., & Yan, D. (2024). Revisiting the Porter hypothesis: A multi-country meta-analysis of the relationship between environmental regulation and green innovation. Humanities & Social Sciences Communications, 11(1), Article 232. https://doi.org/10.1057/s41599-024-02671-9
Bai, J., & Rub, H. (2024). Carbon emissions trading and environmental protection: International evidence. Management Science. https://doi.org/10.1287/mnsc.2023.03143
Belay, H. A., Hailu, F. K., & Sinshaw, G. T. (2024). Corporate social responsibility (CSR) practices in large manufacturing firms: A qualitative multi-case study from Ethiopia. Cogent Business & Management, 11(1), Article 2310621. https://doi.org/10.1080/23311975.2024.2310621
Berle, A. (1931). Corporate powers as powers in trust. Harvard Law Review, 44(7), 1049–1074. https://doi.org/10.2307/1331341
Chen, Z., Zhang, Y., Wang, H., Ouyang, X., & Xie, Y. (2022). Can green credit policy promote low-carbon technology innovation? Journal of Cleaner Production, 359, Article 132061. https://doi.org/10.1016/j.jclepro.2022.132061
Chenguang, L., & Yong’an, Z. (2014). An empirical research on the impact of regional innovation policy on enterprise innovation efficiency. Science Research Management, 35(9), 25–35.
Dagestani, A. A., Chen, P., Du, L., Hu, J., & Bilan, Y. (2024). The impacts of urban development orientation of resource-based cities on environmental information disclosure and greenwashing behavior of listed firms in China. Environment Development and Sustainability. https://doi.org/10.1007/s10668-024-04551-3
Dodd, E. M. (1932). For whom are corporate managers trustees. Harvard Law Review, 45(7), 1145–1163. https://doi.org/10.2307/1331697
Du, X., & Ullah, S. (2024). Environmental governance-public supervision and participation nexus under state supervision system and carbon neutrality targets in China. Environmental Science and Pollution Research, 31(9), 14208–14217. https://doi.org/10.1007/s11356-024-31974-2
E. Rupp, D. (2011). An employee-centered model of organizational justice and social responsibility. Organizational Psychology Review, 1(1), 72–94. https://doi.org/10.1177/2041386610376255
Fang, V. W., Tian, X., & Tice, S. (2014). Does stock liquidity enhance or impede firm innovation? The Journal of Finance, 69(5), 2085–2125. https://doi.org/10.1111/jofi.12187
Fang, X., Liu, M., & Li, G. (2024). Can the green credit policy promote green innovation in enterprises? Empirical evidence from China. Technological and Economic Development of Economy. https://doi.org/10.3846/tede.2024.20497
Frederick, W. C. (1960). The growing concern over business responsibility. California Management Review, 2(4), 54–61. https://doi.org/10.2307/41165405
Guan, H., Zhang, Z., Zhao, A., & Guan, S. (2019). Simulating environmental innovation behavior of private enterprise with innovation subsidies. Complexity, Article 4629457. https://doi.org/10.1155/2019/4629457
Gao, M. & Wang, C. (2021). R&D subsidies and substantive innovation of enterprises under economic uncertainty. Beijing Social Sciences, 7, 98-108. https://doi.org/10.13262/j.bjsshkxy.bjshkx.210710
Hao, J., & He, F. (2022). Corporate social responsibility (CSR) performance and green innovation: Evidence from China. Finance Research Letters, 48, Article 102889. https://doi.org/10.1016/j.frl.2022.102889
He, L., Gan, S., & Zhong, T. (2022). The impact of green credit policy on the firms’ green strategy choices: Green innovation or green-washing? Environmental Science and Pollution Research. https://doi.org/10.21203/rs.3.rs-1406858/v1
Hu, G., Wang, X., & Wang, Y. (2021). Can the green credit policy stimulate green innovation in heavily polluting enterprises? Evidence from a quasi-natural experiment in China. Energy Economics, 98, Article 105134. https://doi.org/10.1016/j.eneco.2021.105134
Forcadell, F. J., Úbeda, F., & Aracil, E. (2021). Effects of environmental corporate social responsibility on innovativeness of spanish industrial SMEs. Technological Forecasting and Social Change, 162, Article 120355. https://doi.org/10.1016/j.techfore.2020.120355
Kim, E.-H., & Lyon, T. P. (2015). Greenwash vs. brownwash: Exaggeration and undue modesty in corporate sustainability disclosure. Organization Science, 26(3), 705–723. https://doi.org/10.1287/orsc.2014.0949
Li, Y., Shi, Y., Wang, Q., Zhang, J., & Zhao, K. (2024). Green credit policy and the cost of equity: Evidence from China. Applied Economics Letters. https://doi.org/10.1080/13504851.2024.2317867
Liao, H., Su, L., Tang, T., & Shang, Z. (2024). Green initiatives and stakeholder engagement: Unveiling the impact of green strategies and CSR on financial performance from descriptive – normative perspectives of stakeholder theory. Sustainable Development. https://doi.org/10.1002/sd.2934
Liuyong, Y., & Zeye, Z. (2022). The impact of green credit policy on corporate green innovation. Studies in Science of Science, 40(2), 345–356.
Liu, Z., Men, W., He, S., & Sun, H. (2024). Green credit policy and enterprise carbon performance: Evidence from China. Post-Communist Economies. https://doi.org/10.1080/14631377.2024.2323318
Mbanyele, W., Huang, H., Li, Y., Muchenje, L. T., & Wang, F. (2022). Corporate social responsibility and green innovation: Evidence from mandatory CSR disclosure laws. Economics Letters, 212, Article 110322. https://doi.org/10.1016/j.econlet.2022.110322
Oikonomou, I., Brooks, C., & Pavelin, S. (2014). The effects of corporate social performance on the cost of corporate debt and credit ratings. Financial Review, 49(1), 49–75. https://doi.org/10.1111/fire.12025
Padilla-Lozano, C. P., & Collazzo, P. (2022). Corporate social responsibility, green innovation and competitiveness – Causality in manufacturing. Competitiveness Review, 32(7), 21–39. https://doi.org/10.1108/CR-12-2020-0160
Peloza, J., & Shang, J. (2011). How can corporate social responsibility activities create value for stakeholders? A systematic review. Journal of the Academy of Marketing Science, 39(1), 117–135. https://doi.org/10.1007/s11747-010-0213-6
Peng, B., Yan, W., Elahi, E., & Wan, A. (2022). Does the green credit policy affect the scale of corporate debt financing? Evidence from listed companies in heavy pollution industries in China. Environmental Science and Pollution Research, 29(1), 755–767. https://doi.org/10.1007/s11356-021-15587-7
Porter, M. E., & Van der Linde, C. (1995). Toward a new conception of the environment-competitiveness relationship. Journal of Economic Perspectives, 9(4), 97–118. https://doi.org/10.1257/jep.9.4.97
Qin, J., & Cao, J. (2022). Carbon emission reduction effects of green credit policies: Empirical evidence from China. Frontiers in Environmental Science, 10, Article 798072. https://doi.org/10.3389/fenvs.2022.798072
Rosenbaum, P. R., & Rubin, D. B. (1983). The central role of the propensity score in observational studies for causal effects. Biometrika, 70(1), 41–55. https://doi.org/10.1093/biomet/70.1.41
Shao, S., Hu, Z., Cao, J., Yang, L., & Guan, D. (2020). Environmental regulation and enterprise innovation: A review. Business Strategy and the Environment, 29(3), 1465–1478. https://doi.org/10.1002/bse.2446
Sinha, A., Mishra, S., Sharif, A., & Yarovaya, L. (2021). Does green financing help to improve environmental & social responsibility? Designing SDG framework through advanced quantile modelling. Journal of Environmental Management, 292, Article 112751. https://doi.org/10.1016/j.jenvman.2021.112751
Su, C.-W., Umar, M., & Gao, R. (2022). Save the environment, get financing! How China is protecting the environment with green credit policies? Journal of Environmental Management, 323, Article 116178. https://doi.org/10.1016/j.jenvman.2022.116178
Sun, J., Wang, F., Yin, H., & Zhang, B. (2019). Money talks: The environmental impact of China’s green credit policy. Journal of Policy Analysis and Management, 38(3), 653–680. https://doi.org/10.1002/pam.22137
Walker, K., & Wan, F. (2012). The harm of symbolic actions and green-washing: Corporate actions and communications on environmental performance and their financial implications. Journal of Business Ethics, 109, 227–242. https://doi.org/10.1007/s10551-011-1122-4
Wang, H., Qi, S., Zhou, C., Zhou, J., & Huang, X. (2022). Green credit policy, government behavior and green innovation quality of enterprises. Journal of Cleaner Production, 331, Article 129834. https://doi.org/10.1016/j.jclepro.2021.129834
Wang, Z., Fu, Y., & Wu, J. (2024). The impact of environmental regulation on collaborative innovation efficiency: Is the porter hypothesis valid in Chengdu-Chongqing urban agglomeration? Sustainability, 16(5), Article 2223. https://doi.org/10.3390/su16052223
Wen, H., Lee, C. C., & Zhou, F. (2021). Green credit policy, credit allocation efficiency and upgrade of energy-intensive enterprises. Energy Economics, 94, Article 105099. https://doi.org/10.1016/j.eneco.2021.105099
Williams, C. A., & Aguilera, R. V. (2008). Corporate social responsibility in a comparative perspective. In A. Crane, D. Matten, A. McWilliams, J. Moon, & D. S. Siegel (Eds.), The Oxford handbook of corporate social responsibility (pp. 452–472). Oxford University Press. https://doi.org/10.1093/oxfordhb/9780199211593.003.0020
Wu, S., Wu, L., & Zhao, X. (2022). Impact of the green credit policy on external financing, economic growth and energy consumption of the manufacturing industry. Chinese Journal of Population, Resources and Environment, 20(1), 59–68. https://doi.org/10.1016/j.cjpre.2022.03.007
Xue, Y., Jiang, C., Guo, Y., Liu, J., Wu, H., & Hao, Y. (2022). Corporate social responsibility and high-quality development: Do green innovation, environmental investment and corporate governance matter? Emerging Markets Finance and Trade, 58(11), 3191–3214. https://doi.org/10.1080/1540496X.2022.2034616
Xing, H, Wang, F, & Gao, S. (2019). Does the policy of strategic emerging industries promote the substantive innovation in enterprises? – based on the perspective on the moderating effect of “rent-seeking”. Sankei Review, 10(1), 86–99. https://doi.org/10.14007/j.cnki.cjpl.2019.01.006
Yuan, B., & Cao, X. (2022). Do corporate social responsibility practices contribute to green innovation? The mediating role of green dynamic capability. Technology in Society, 68, Article 101868. https://doi.org/10.1016/j.techsoc.2022.101868
Zhang, K., Shao, S., & Fan, S. (2020a). Market integration and environmental quality: Evidence from the Yangtze river delta region of China. Journal of Environmental Management, 261, Article 110208. https://doi.org/10.1016/j.jenvman.2020.110208
Zhang, Y., Xing, C., & Wang, Y. (2020b). Does green innovation mitigate financing constraints? Evidence from China’s private enterprises. Journal of Cleaner Production, 264, Article 121698. https://doi.org/10.1016/j.jclepro.2020.121698
Zhang, K., Li, Y., Qi, Y., & Shao, S. (2021). Can green credit policy improve environmental quality? Evidence from China. Journal of Environmental Management, 298, Article 113445. https://doi.org/10.1016/j.jenvman.2021.113445
Zhang, A., Deng, R., & Wu, Y. (2022). Does the green credit policy reduce the carbon emission intensity of heavily polluting industries? – Evidence from China’s industrial sectors. Journal of Environmental Management, 311, Article 114815. https://doi.org/10.1016/j.jenvman.2022.114815
Zhang, W., Zhu, B., Li, Y., & Yan, D. (2024). Revisiting the Porter hypothesis: A multi-country meta-analysis of the relationship between environmental regulation and green innovation. Humanities & Social Sciences Communications, 11(1), Article 232. https://doi.org/10.1057/s41599-024-02671-9