Capital market opening and corporate environmental performance: Empirical evidence from China

被引：18
|
作者：
Zhang, Rongwu [1 ]
Fu, Wenqiang [1 ]
Lu, Tong [2 ]
机构：
[1] Guangzhou Univ, Sch Management, Guangzhou 510006, Guangdong, Peoples R China
[2] Univ Houston, CT Bauer Coll Business, Houston, TX 77204 USA
来源：
FINANCE RESEARCH LETTERS | 2023年 / 53卷
关键词：
Capital market opening; Corporate environmental performance; Financing constraints; Green innovations; LIBERALIZATION; GROWTH; OPENNESS; ECONOMY; POLICY;
D O I：
10.1016/j.frl.2022.103587
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study investigates the impact of capital market opening on corporate environmental performance (CEP), using Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect as quasi-natural experiments. We find that capital market opening can improve CEP, and our conclusion is robust after a placebo test and a series of robustness tests are conducted. Further investigations show that the opening policy loosens corporate financing constraints and promotes corporate green innovations. We also explore the motivation of this relationship: the improvement of CEP after the opening of the capital market is accompanied by increases in corporate value.
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页数：7
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