Carbon abatement pressure and corporate cash holdings: Evidence from China

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review Pub Date : 2024-01-01 DOI:10.1016/j.bir.2023.11.001

Guoquan Xu , Lan Mi , Xin Li , Yan Tong

引用次数: 0

Abstract

This study investigates whether and how the perception of carbon abatement pressure affects corporate financing behavior. The results show that carbon abatement pressure increases corporate cash holdings via the channel of financing constraints, and this positive relationship still holds after a series of robustness tests. This positive relationship is pronounced for private firms, those with higher operational risks, and firms in regions with lower levels of marketization.

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碳减排压力与企业现金持有量：来自中国的证据

本研究探讨了对碳减排压力的认知是否以及如何影响企业融资行为。研究结果表明，碳减排压力通过融资约束渠道增加了企业现金持有量，而且经过一系列稳健性检验后，这种正相关关系仍然成立。对于私营企业、经营风险较高的企业以及市场化程度较低地区的企业来说，这种正相关关系更为明显。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Borsa Istanbul Review Multiple-

CiteScore

7.60

自引率

3.80%

发文量

130

审稿时长

26 days

期刊介绍： Peer Review under the responsibility of Borsa İstanbul Anonim Sirketi. Borsa İstanbul Review provides a scholarly platform for empirical financial studies including but not limited to financial markets and institutions, financial economics, investor behavior, financial centers and market structures, corporate finance, recent economic and financial trends. Micro and macro data applications and comparative studies are welcome. Country coverage includes advanced, emerging and developing economies. In particular, we would like to publish empirical papers with significant policy implications and encourage submissions in the following areas: Research Topics: • Investments and Portfolio Management • Behavioral Finance • Financial Markets and Institutions • Market Microstructure • Islamic Finance • Financial Risk Management • Valuation • Capital Markets Governance • Financial Regulations