No abstract

No abstract

No abstract

A prominent claim within the literature is that corporate social responsibility-disclosured firms are fundamentally more resilient to financial shocks, relative to firms that take no corporate social responsibility action. To test this, we examine the impact of corporate social responsibility (CSR) information disclosure on financial constraints (FC). Our sample is composed of A-share publicly listed firms from Shanghai and Shenzhen in China during 2013–2017. We find that CSR disclosure influences negatively financial constraints. The quantile regression results also indicate that the influences would more obvious when a company faces stronger financial constraints. Further, CSR disclosure influences negatively financial constraints in financially opaque firms, and the effect of financial opaque on the relationship strengthens when the company faces great financial constraints. After considering the problems of missing variables and endogenous, changing the level of CSR and FC measurement, using 2SLS and two-step GMM methods, the conclusion is still robust. However, the results should not be generalized, since the sample was based on 434 A-share publicly listed firms for 2013–2017. From the perspective of FC, this study contributes to the literature in the field of CSR and expands the empirical research on the economic consequences of CSR. It also can encourage enterprises to voluntarily disclose social responsibility information and it is of great significance to promote the stable development of the capital market and society.

For reliving the pressure of air pollution and corresponding the sustainability development policy in China, the companies are urging the creation of a highly productive low-carbon supply chain. This work uses price regulation, the cap-and-trade model, and a green financial policy background to establish a strategy for the coal-electric power supply chain with two-level carbon reduction and operation with financial constraints. A Stackelberg model was built to help investigate the rate of thermal order realization, the carbon reduction strategy in the coal enterprise, and the amount of thermal energy ordered in the electric enterprise. Results show that under a green financial background, a high bank loan discount rate for investing in carbon reduction technology equates to large carbon reduction in coal enterprises, large quantities of thermal energy ordered in electric enterprises, and high profit for coal and electric enterprises. However, the realization rate of thermal power ordered decreased when the price regulation become strict, thereby reducing the profit and carbon emission in electric enterprise. Therefore, the thermal price regulation level increased, the profit on both company and the production did not respond with sensitivity, and the government could encourage a low carbon model by controlling the bank loan rate.Sustainability 2019, 11, 3021 2 of 17 2008, different kinds of toxic gas such as sulfur, arsenic, fluorine, and mercury emissions rose sharply, caused by domestic coal burning. However, oppositely, the quantity of emissions from coal-fired power plants decreased [2]. From the above data, the environment problems due to the domestic coal burning in rural communities have been paid attention to, and the control on air pollution should have been put forward. Due to the harsh environment situation, the scholars attempted to solve environmental pollution, and the future research fields should focus on how to improve the technology of reducing carbon emission while preventing costs from increasing, in practice, environment-friendly ideas that are widely spread and accepted [3].The amount of thermal power was kept at a high level and was enough, and the need for coal products decreased remarkably in the coal trade market. Consequently, the country also introduced clean energy, the resource of electric power mostly originated from "green" or "clean" energy, for example, wind power, nuclear power, and water power. The amount of carbon emission reduction from global electric power, including heat power, accounted for 40% of the total global percentage [4]. In our country, the electric power resource is restrained by the limitations of the Earth's power resource. Most of the electric power is transferred from coal products, the coal-electric power channel being one of the important supply chains in the electric power market, and thermal being the main electric power supplier. The portion accounts for more than 70%, and the consumption of the coal products accounts for half of the total of the entire...