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- Publisher Website: 10.1016/j.eneco.2023.107050
- Scopus: eid_2-s2.0-85172083161
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Article: Corporate sustainability policies and corporate investment efficiency: Evidence from the quasi-natural experiment in China
Title | Corporate sustainability policies and corporate investment efficiency: Evidence from the quasi-natural experiment in China |
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Authors | |
Keywords | Agency problems Corporate sustainability policy Financial constraints Green disclosure Investment efficiency |
Issue Date | 2023 |
Citation | Energy Economics, 2023, v. 127, article no. 107050 How to Cite? |
Abstract | This paper studies the impact of green disclosure on firm investment efficiency, leveraging a policy experiment in China. Since 2012, the Chinese government has begun to implement the Ambient Air Quality Standards (AQS), which have strengthened the requirements for green disclosure throughout the country. We exploit the rollout of the AQS and find that tightening the green disclosure requirements significantly increases corporate investment efficiency. This increase is primarily driven by a reduction in underinvestment among non-state-owned firms and firms with low institutional ownership. Further analysis suggests that the alleviation of agency problems and the reduction of financial constraints are the two main mechanisms through which green disclosure influences firm investment efficiency. Our findings provide valuable policy implications, indicating that strengthening green disclosure standards can have a substantial positive impact on firm investment outcomes. |
Persistent Identifier | http://hdl.handle.net/10722/342808 |
ISSN | 2021 Impact Factor: 9.252 2020 SCImago Journal Rankings: 2.500 |
DC Field | Value | Language |
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dc.contributor.author | Ho, Kung Cheng | - |
dc.contributor.author | Yan, Cheng | - |
dc.contributor.author | Mao, Zhicheng | - |
dc.contributor.author | An, Fu Jia | - |
dc.date.accessioned | 2024-04-26T02:27:33Z | - |
dc.date.available | 2024-04-26T02:27:33Z | - |
dc.date.issued | 2023 | - |
dc.identifier.citation | Energy Economics, 2023, v. 127, article no. 107050 | - |
dc.identifier.issn | 0140-9883 | - |
dc.identifier.uri | http://hdl.handle.net/10722/342808 | - |
dc.description.abstract | This paper studies the impact of green disclosure on firm investment efficiency, leveraging a policy experiment in China. Since 2012, the Chinese government has begun to implement the Ambient Air Quality Standards (AQS), which have strengthened the requirements for green disclosure throughout the country. We exploit the rollout of the AQS and find that tightening the green disclosure requirements significantly increases corporate investment efficiency. This increase is primarily driven by a reduction in underinvestment among non-state-owned firms and firms with low institutional ownership. Further analysis suggests that the alleviation of agency problems and the reduction of financial constraints are the two main mechanisms through which green disclosure influences firm investment efficiency. Our findings provide valuable policy implications, indicating that strengthening green disclosure standards can have a substantial positive impact on firm investment outcomes. | - |
dc.language | eng | - |
dc.relation.ispartof | Energy Economics | - |
dc.subject | Agency problems | - |
dc.subject | Corporate sustainability policy | - |
dc.subject | Financial constraints | - |
dc.subject | Green disclosure | - |
dc.subject | Investment efficiency | - |
dc.title | Corporate sustainability policies and corporate investment efficiency: Evidence from the quasi-natural experiment in China | - |
dc.type | Article | - |
dc.description.nature | link_to_subscribed_fulltext | - |
dc.identifier.doi | 10.1016/j.eneco.2023.107050 | - |
dc.identifier.scopus | eid_2-s2.0-85172083161 | - |
dc.identifier.volume | 127 | - |
dc.identifier.spage | article no. 107050 | - |
dc.identifier.epage | article no. 107050 | - |