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

卷:53

Article

关键词: LIBERALIZATION;    GROWTH;    OPENNESS;    ECONOMY;    POLICY;   

DOI  :  10.1016/j.frl.2022.103587

来源: SCIE

【 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.

【 授权许可】

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