This paper examines how international openness influences China＇s corporate environmental performance. A unique firm-level dataset is constructed by combining two databases： the Annual Industrial Survey and the Chin...This paper examines how international openness influences China＇s corporate environmental performance. A unique firm-level dataset is constructed by combining two databases： the Annual Industrial Survey and the China Green Watch Program Rating System. The empirical results obtained from a series of ordered probit models indicate that openness has a positive relation to corporate environmental performance in China. However, the two main market- opening strategies in China, exporting and attracting foreign investment, have different effects on environmental performance. The results reveal that foreign investment plays a substantial andpositive role that can support the environmental spillovers in China. However, the effect of exporting is insignificant. The environmental pressure from foreign customers to improve Chinese firms＇ environmental performance presents a challenge. Our study indicates that China could make environmental quality improvements through increased international openness, as is likely the case for other developing countries.展开更多
Decarbonization is often misunderstood in financial studies.Furthermore,its implications for investment opportunities and growth are even less known.The study investigates the link between energy indicators and Tobin&...Decarbonization is often misunderstood in financial studies.Furthermore,its implications for investment opportunities and growth are even less known.The study investigates the link between energy indicators and Tobin's Quotient(TQ)in listed companies globally,finding that the carbon content of energy presents a negative yet modest effect on financial performance.Furthermore,we investigated the effect carbon prices in compliance markets have on TQ for exempted and non-exempt firms,finding that Energy efficiency measures yield greater effects in the latter group.Conversely,it is also true that carbon prices marginally reduce TQ more in non-exempt firms.This implies that auction-mechanisms create burdens that companies are eager to relinquish by reducing emissions.However,reducing GHG yields positive effects on TQ only as long as it results in energy efficiency improvements.展开更多
文摘This paper examines how international openness influences China＇s corporate environmental performance. A unique firm-level dataset is constructed by combining two databases： the Annual Industrial Survey and the China Green Watch Program Rating System. The empirical results obtained from a series of ordered probit models indicate that openness has a positive relation to corporate environmental performance in China. However, the two main market- opening strategies in China, exporting and attracting foreign investment, have different effects on environmental performance. The results reveal that foreign investment plays a substantial andpositive role that can support the environmental spillovers in China. However, the effect of exporting is insignificant. The environmental pressure from foreign customers to improve Chinese firms＇ environmental performance presents a challenge. Our study indicates that China could make environmental quality improvements through increased international openness, as is likely the case for other developing countries.
文摘Decarbonization is often misunderstood in financial studies.Furthermore,its implications for investment opportunities and growth are even less known.The study investigates the link between energy indicators and Tobin's Quotient(TQ)in listed companies globally,finding that the carbon content of energy presents a negative yet modest effect on financial performance.Furthermore,we investigated the effect carbon prices in compliance markets have on TQ for exempted and non-exempt firms,finding that Energy efficiency measures yield greater effects in the latter group.Conversely,it is also true that carbon prices marginally reduce TQ more in non-exempt firms.This implies that auction-mechanisms create burdens that companies are eager to relinquish by reducing emissions.However,reducing GHG yields positive effects on TQ only as long as it results in energy efficiency improvements.
