The Impact of Specialized Environmental Courts on Corporate Risk-Taking: Evidence from a Natural Experiment in China

被引：14
|
作者：
Zhai, Huayun [1 ]
Chan, Kam C. [2 ]
Liu, Qingzhuo [3 ]
Liu, Kemei [1 ]
机构：
[1] South Cent Univ Nationalities, Sch Management, Wuhan, Hubei, Peoples R China
[2] Western Kentucky Univ, Gordon Ford Coll Business, Bowling Green, KY 42101 USA
[3] Univ Calif San Diego, Rady Sch Management, La Jolla, CA 92093 USA
来源：
ASIA-PACIFIC JOURNAL OF FINANCIAL STUDIES | 2020年 / 49卷 / 01期
关键词：
Environmental judicial specialization; Corporate risk-taking; Environmental enforcement; INVESTMENT; PERFORMANCE; CONSTRAINTS; PROTECTION; POLLUTION; INDUSTRY;
D O I：
10.1111/ajfs.12286
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We examine the impact of having specialized environmental courts (SPECs) on corporate risk-taking in China. SPECs allow judges and prosecutors to develop environmental expertise and are accountable for environmental violations. Thus, SPECs effectively enforce environmental regulations. Our findings suggest that when a firm is located in an SPEC jurisdiction, it engages in less corporate risk-taking than an otherwise equivalent firm located in a non-SPEC jurisdiction. The results are more pronounced for firms that receive large government environmental subsidies and that are state-owned. Additional analysis suggests that firms make more environmental investments when located in an SPEC jurisdiction.
引用
收藏
页码：99 / 118
页数：20
相关论文
共 50 条
  • [1] Strong financial regulation and corporate risk-taking: Evidence from a natural experiment in China
    Liu, Qi
    Wu, Jiejie
    [J]. FINANCE RESEARCH LETTERS, 2023, 54
  • [2] Environmental performance and corporate risk-taking: Evidence from China
    Zhu, Danyu
    Gao, Xin
    Luo, Zijun
    Xu, Weidong
    [J]. PACIFIC-BASIN FINANCE JOURNAL, 2022, 74
  • [3] Discussion of "CEO compensation and corporate risk-taking: Evidence from a natural experiment"
    Armstrong, Christopher S.
    [J]. JOURNAL OF ACCOUNTING & ECONOMICS, 2013, 56 (2-3): : 102 - 111
  • [4] Fintech and corporate risk-taking: Evidence from China
    Tang, Mengxuan
    Hou, Yang
    Goodell, John W.
    Hu, Yang
    [J]. FINANCE RESEARCH LETTERS, 2024, 64
  • [5] Bankruptcy reform and corporate risk-taking: Evidence from a quasi-natural experiment
    Singh, Ranjeet
    Chauhan, Yogesh
    Jadiyappa, Nemiraja
    [J]. FINANCE RESEARCH LETTERS, 2022, 47
  • [6] Local government fiscal stress and corporate risk-taking: Evidence from a quasi-natural experiment in China
    Peng, Fei
    Zhou, Shibiao
    Zhou, Peng
    [J]. ECONOMIC ANALYSIS AND POLICY, 2023, 80 : 1677 - 1695
  • [7] The impact of ESG performance on corporate risk-taking: empirical evidence from China
    Du, Lihui
    Azman, Nik Hadiyan Nik
    [J]. JOURNAL OF SUSTAINABLE FINANCE & INVESTMENT, 2024,
  • [8] The impact of ESG rating disagreement on corporate risk-taking: evidence from China
    Liyan Dai
    Jingjing Wang
    [J]. Digital Economy and Sustainable Development, 2 (1):
  • [9] The Impact of Public Guarantees on Bank Risk-Taking: Evidence from a Natural Experiment
    Gropp, Reint
    Gruendl, Christian
    Guettler, Andre
    [J]. REVIEW OF FINANCE, 2014, 18 (02) : 457 - 488
  • [10] Can minority investor activism promote corporate risk-taking? Evidence from a quasi-natural experiment in China
    Chen, Shen
    Chen, Yuran
    Zhang, Di
    Wang, Jinmei
    [J]. INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, 2023, 85
12345