Corporate environmental governance scheme and investment efficiency over the course of COVID-19

Liu, Haiyue; Jiang, Jie; Xue, Rui; Meng, Xiaofan; Hu, Shiyang

doi:10.1016/j.frl.2022.102726

Cited by 49 publications

(21 citation statements)

References 30 publications

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“…Regarding the intersection of ESG and COVID-19, the results of this study are in line with the findings of [116], which highlight the importance of environmental governance during a time of crisis, as firms with a better environmental governance scheme experienced more efficient investments after the outbreak. As seen in Collaboration A, Incumbent A aspired to accelerate renewable-energy based project planning to represent the adaptive capability of the organization for the owners.…”

Section: Comparison Of the Results Of Esg And Covid-19 Researchsupporting

confidence: 88%

Dynamic Corporate Governance, Innovation, and Sustainability: Post-COVID Period

2022

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Recent complex changes of the organizational environment urge the boards of directors of energy corporations to step up quickly in crises (e.g., COVID-19) and foster innovation, to seize new strategic opportunities (e.g., environmental, social, and governance (ESG) investments). The purpose of the study is to provide in-depth analyses of ESG projects during the COVID-19 pandemic, through the lens of an emerging theoretical approach, dynamic corporate governance (CG). The research is built on the multi-case study method at large energy companies and energy startups. The research goal was to empirically analyze theoretical opportunities of dynamic board behavior in this research context. The major findings show that ESG projects faced serious challenges in the fast-changing organizational environment generated by COVID-19, which induced board intervention regarding innovation, networks, and organizational changes. This study is among the first to offer a novel theoretical viewpoint, by integrating CG and strategic management theories, besides the already dominant financial and reporting aspects. From a practical perspective, our conclusions might direct the attention of boards of directors toward innovation, networks, and organizational changes, in order to enable adaptation in turbulent times and increase sustainability in the social and environmental dimensions.

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Section: Comparison Of the Results Of Esg And Covid-19 Researchsupporting

confidence: 88%

Dynamic Corporate Governance, Innovation, and Sustainability: Post-COVID Period

2022

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“…An excellent institutional development environment means a fair and reasonable market competition atmosphere, enables enterprise decision-makers to obtain more sufficient information, optimize resource allocation, and weaken the impact of information asymmetry. On the other hand, the development of regional institutions allows the positioning of enterprises in the innovation network and reduces the investment risk of EI (Liu et al, 2022). Relevant policies such as direct financial subsidies and low-interest loans effectively reduce the cost of enterprises' EI and enable them to invest more capital in R&D innovation (Donbesuur et al, 2020).…”

Section: Multiple Performance Feedback and Enterprises' Exploratory I...mentioning

confidence: 99%

Impact of multiple performance feedback and regional institutional development on enterprises’ exploratory innovation

Fu²

2022

Front. Psychol.

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With the increasing uncertainty in the external environment, exploratory innovation has gradually become the key path for enterprises to obtain core competitiveness and achieve sustainable growth. According to the behavioral theory of the firm, performance feedback is an essential driving factor affecting corporate innovation decisions. However, previous studies have ignored the consistency or inconsistency between historical and industry performance feedback, and its impact on exploratory innovation. Based on the data of Chinese companies listed from 2008 to 2019, this paper explores the impact of consistency and inconsistency between historical and industry performance feedback on enterprises’ exploratory innovation. In the cases of consistency, this study finds that the scenario of historical performance shortfall-industry performance shortfall is more likely to promote enterprises’ exploratory innovation than the industry performance surplus-historical performance surplus; in the cases of inconsistency, compared with historical performance surplus-industry performance shortfall, the scenario of historical performance shortfall-industry performance surplus is more likely to promote enterprises’ exploratory innovation. Further research shows that regional institutional development enhances these relationships. This study enriches the driving factors of enterprises’ exploratory innovation from the perspective of multiple performance feedback, which can provide decision-making references for enterprises’ exploratory innovation strategies.

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“…China provides the ideal research setting for exploring the impact of GCP on stock price crash risk ( Su et al, 2020 ; Wan et al, 2021 ). On the one hand, it is the world’s largest carbon emitter, and environmental issues have become a major concern for both the government and the general public ( Xue et al, 2021 ; Liu et al, 2022 ; Tian et al, 2022b ; Zhai et al, 2022 ). In recent years, China has taken a number of environmental initiatives, including a target to peak CO 2 emissions by 2030 and achieve carbon neutrality by 2060, which was declared during the 75th UN General Assembly in 2020.…”

Section: Introductionmentioning

confidence: 99%

Green Credit Policy and Corporate Stock Price Crash Risk: Evidence From China

et al. 2022

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Using the promulgation of Green Credit Guidelines in China as the research setting, this paper exploits a quasi-natural experiment to examine the impact of green credit policy on the stock price crash risk of heavy-polluting firms. The results show that green credit policy significantly increases the risk of stock price crash of heavy-polluting firms. Such impact is transmitted through increased financial constraints and reduced information transparency. In addition, we find that the impact of green credit policy on the stock price crash risk is more pronounced in firms with weak external governance and a small size. Our findings provide policy implications for mitigating corporate risks and promoting corporate sustainability.

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Corporate environmental governance scheme and investment efficiency over the course of COVID-19

Cited by 49 publications

References 30 publications

Dynamic Corporate Governance, Innovation, and Sustainability: Post-COVID Period

Dynamic Corporate Governance, Innovation, and Sustainability: Post-COVID Period

Impact of multiple performance feedback and regional institutional development on enterprises’ exploratory innovation

Green Credit Policy and Corporate Stock Price Crash Risk: Evidence From China

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