Low-carbon city initiatives and firm risk: A quasi-natural experiment in China

Huang, Jingchang; Cao, June; Hasan, Tahseen; Zhao, Jing

doi:10.1016/j.jfs.2021.100949

Cited by 41 publications

(12 citation statements)

References 97 publications

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“…This indicates that an average of approximately 37% of the firm‐year observations in our sample experience mixed‐ownership reform. The mean value of SIZE is 21.630, which is comparable to previous studies (e.g., Cao & Patel, 2020; Huang et al., 2021). The descriptive statistics for Top1 indicate that private firms have a high ownership concentration.…”

Section: Resultssupporting

confidence: 89%

Does mixed ownership reform affect private firms’ ESG practices? Evidence from a quasi‐natural experiment in China

Cao

Xiao

2022

Financial Market

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This study investigates the impact of property rights reform on private firms' environmental, social, and governance (ESG) practices. ESG investing has become mainstream and a hot topic globally, but it is a black box of corporate ESG practices and performance. Importantly, it is not clear how to specifically enhance private firms' ESG practices.This study addresses this problem by exploring an ideal setting of China's mixed-ownership reform in which private firms acquire equity in state-owned enterprises (SOEs).We examine whether and how this reform affects private acquirer firms' ESG practices. Using a powerful differencein-differences design, we find that mixed-ownership reform significantly enhances private firms' ESG practices through heightened public scrutiny and the privileges of formal financing and government subsidies that are available due to the firms' partial government ownership after mixedownership reform. Our findings have policy implications for promoting ESG practices and SOE reform. Specifically, our empirical evidence indicates that mixed-ownership reform can facilitate sustainable development for both SOEs and private firms.

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Section: Resultssupporting

confidence: 89%

Does mixed ownership reform affect private firms’ ESG practices? Evidence from a quasi‐natural experiment in China

Cao

Xiao

2022

Financial Market

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“…In addition, firms located in LCCP have lower risks, such as systematic risk, etc. [ 15 ]. However, other scholars held a different view, arguing that LCCP may not have a positive effect and may actually hinder technological innovation capabilities.…”

Section: Literature Review Theoretical Analysis and Hypothesis Develo...mentioning

confidence: 99%

Carbon reduction and corporate sustainability: Evidence from low-carbon city pilot policy

Yu,

Li,

2024

Heliyon

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“…This paper uses the logarithm of total capital at the end of the year to measure enterprise size; enterprise age (age). Enterprise age usually represents the maturity of the enterprise, and existing studies show that more mature enterprises tend to have stronger management capabilities [ 79 ]. This paper uses the number of years of operation since the establishment of the enterprise to measure company age.…”

Section: Econometric Model and Variable Descriptionmentioning

confidence: 99%

Low-carbon governance, fiscal decentralization, and enterprise green development: Evidence from China

Liu,

Kuang,

Ding

et al. 2024

PLoS ONE

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Simultaneously achieving economic development and environmental protection is a shared global challenge. While the positive effect of environmental regulations on protecting the environment has been widely recognized, the attention paid to low-carbon governance and corporate green transformation remains insufficient. Based on the two-stage least square regression model (2SLS) of instrumental variables, this paper utilizes panel data from China to identify the influence mechanism of government low-carbon governance on enterprise green development. It explores the effect of low-carbon governance on enterprise green development from the perspective of fiscal decentralization. The findings show that (1) Low-carbon governance significantly promotes corporate green development, primarily through improving industrial structure and technological innovation; (2) Low-carbon governance notably promotes the green development of private enterprises but has little effect on state-owned enterprises. There are also geographical differences, and the results are better in Eastern China than in the Central and Western parts of China; (3) Fiscal decentralization at both central and local levels inhibits the effect of low-carbon governance on driving corporate green development by causing a mismatch of human resources. Therefore, to promote corporate green development, low-carbon governance must prioritize green development, actively guide industrial structural upgrading and enterprise technological innovation, implement differentiated low-carbon governance measures tailored to different ownership enterprises, and optimize the assessment indicators for fiscal decentralization. This paper helps deepen the understanding of the relationship between government low-carbon governance and enterprise green development in developing countries. It can be used as a reference for government departments to formulate relevant policies.

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Low-carbon city initiatives and firm risk: A quasi-natural experiment in China

Cited by 41 publications

References 97 publications

Does mixed ownership reform affect private firms’ ESG practices? Evidence from a quasi‐natural experiment in China

Does mixed ownership reform affect private firms’ ESG practices? Evidence from a quasi‐natural experiment in China

Carbon reduction and corporate sustainability: Evidence from low-carbon city pilot policy

Low-carbon governance, fiscal decentralization, and enterprise green development: Evidence from China

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