Greening IPOs: An investigation of the impact of environmental verification on pollution reduction

IF 6.3 2区 经济学 Q1 BUSINESS, FINANCE
Yupeng Yang , Xingxing Chen , Lidan Li , Xianzhong Song
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引用次数: 0

Abstract

This study applies organizational imprinting theory to examine the impact of a firm’s pre-IPO environmental verification failures on its post-IPO environmental performance. Our findings indicate that firms that experience multiple pre-IPO environmental verifications leave a lasting imprint of environmental legitimacy, which serves as a catalyst for reducing sulfur dioxide emissions after going public. Mechanism analyses suggest that this effect is primarily achieved through increased investments in environmentally friendly machinery, the generation of more green patents, and improved green total factor productivity. Heterogeneity tests reveal that the impact of the environmental legitimacy imprinting is more pronounced in areas with stricter environmental regulations. Additionally, the influence of the pre-IPO environmental verification failures is more significant for firms with higher IPO financing amounts, longer IPO delays, and younger company ages. Overall, this paper provides evidence of green practices in capital markets and emphasizes the importance of enhancing the environmental responsibility of listed companies and promoting a greener capital market.
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来源期刊
CiteScore
11.20
自引率
9.20%
发文量
240
期刊介绍: Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance
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