The effects of regulatory mechanism on enterprise carbon reduction policies

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance Pub Date : 2025-05-15 DOI:10.1016/j.ribaf.2025.102956

Xi Zhang , Qingyuan Zhu , Petr Hajek , Brian Lucey , Mohammad Zoynul Abedin

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Abstract

This paper aims to explore the influencing factors for the optimization of regulatory mechanisms in stimulating enterprises’ implementation of carbon reduction policies, by establishing an evolutionary game model involving government, enterprises, independent regulators (IR) and the public. Results show that: (1) six equilibrium points exist satisfying stability criteria, including one ideal state where enterprises implement carbon reduction policies under IR supervision with the complementary force from the public, without government subsidizing. (2) Enterprises’ positive policy implementation correlates closely with reduced supervision costs and increased economic costs caused by reputational losses, and the reduction in public participation costs can promote enterprises and IR to choose the positive strategy. (3) Enhanced government financial incentives and penalties can facilitate enterprises’ carbon reduction implementation. This study evaluates multi-player cost-benefit trade-offs, providing evidenced references for the policy making to optimize the regulatory mechanism in China.

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监管机制对企业碳减排政策的影响

本文旨在通过建立政府、企业、独立监管机构（IR）和公众参与的演化博弈模型，探讨促进企业实施碳减排政策的监管机制优化的影响因素。结果表明：(1)存在6个满足稳定准则的平衡点，其中有一个理想状态，即企业在IR监督下，在公众的互补力量下，在没有政府补贴的情况下实施碳减排政策。(2)企业积极的政策执行与监管成本的降低和声誉损失导致的经济成本的增加密切相关，公众参与成本的降低可以促进企业和IR选择积极的策略。(3)政府财政奖惩力度加大，有利于企业实施碳减排。本研究评估了多主体的成本效益权衡，为优化中国监管机制的政策制定提供了实证参考。

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

Research in International Business and Finance BUSINESS, FINANCE-

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