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IF 10.5 1区工程技术 Q1 CONSTRUCTION & BUILDING TECHNOLOGY

Sustainable Cities and Society Pub Date : 2024-09-13 DOI:10.1016/j.scs.2024.105816

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引用次数: 0

摘要

拥抱低碳转型（LCT）对于实现可持续发展目标至关重要。本研究从风险承担的角度对低碳转型对企业可持续发展的影响进行了理论分析。通过构建低碳城市试点政策（LCCP）的多期差分（DID）模型。我们发现，低碳城市试点政策促进了企业风险承担（CRT）。异质性分析表明，在国有企业（SOEs）、高风险承担企业（HRTs）以及中国中西部地区，低碳城市试点政策显著提高了企业风险承担能力。机理分析表明，LCT 会通过创新补偿效应激励企业提高技术创新水平并增加 CRT，但同时也会通过成本推动效应增加企业的融资约束（SA）并降低 CRT。进一步分析表明，股权均等化（Bala）会放大 LCT 对 CRT 的积极影响。相比之下，机构投资者持股比例（Inst）和企业竞争文化（Cult）会削弱这种积极影响。本文为试点政策与 CRT 的研究提供了理论依据和实践参考。

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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How low-carbon transition enables corporate sustainability: A corporate risk-taking perspective

Embracing low-carbon transition (LCT) is crucial for achieving sustainable development goals. This study theoretically analyzes the impact of LCT on corporate sustainability from a risk-taking perspective. By constructing a multi-period difference-in-differences (DID) model of low-carbon city pilot policy (LCCP). We find that LCT promotes corporate risk-taking (CRT). Heterogeneity analysis shows that LCT significantly improves CRT in state-owned enterprises (SOEs), high-risk-taking enterprises (HRTs), and central and western China. Mechanism analysis shows that LCT will motivate enterprises to improve technological innovation and increase CRT through the innovation compensation effect, however, it will increase the financing constraints (SA) of enterprises and reduce CRT through the cost-push effect. Further analysis reveals that equity equalization (Bala) amplify the positive impact of LCT on CRT. In contrast, the shareholding of institutional investors (Inst) and corporate competitive culture(Cult) will weaken this positive effect. This paper provides the theoretical basis and practical reference for the research on pilot policies and CRT.

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来源期刊

Sustainable Cities and Society Social Sciences-Geography, Planning and Development

CiteScore

22.00

自引率

13.70%

发文量

810

审稿时长

27 days

期刊介绍： Sustainable Cities and Society (SCS) is an international journal that focuses on fundamental and applied research to promote environmentally sustainable and socially resilient cities. The journal welcomes cross-cutting, multi-disciplinary research in various areas, including: 1. Smart cities and resilient environments; 2. Alternative/clean energy sources, energy distribution, distributed energy generation, and energy demand reduction/management; 3. Monitoring and improving air quality in built environment and cities (e.g., healthy built environment and air quality management); 4. Energy efficient, low/zero carbon, and green buildings/communities; 5. Climate change mitigation and adaptation in urban environments; 6. Green infrastructure and BMPs; 7. Environmental Footprint accounting and management; 8. Urban agriculture and forestry; 9. ICT, smart grid and intelligent infrastructure; 10. Urban design/planning, regulations, legislation, certification, economics, and policy; 11. Social aspects, impacts and resiliency of cities; 12. Behavior monitoring, analysis and change within urban communities; 13. Health monitoring and improvement; 14. Nexus issues related to sustainable cities and societies; 15. Smart city governance; 16. Decision Support Systems for trade-off and uncertainty analysis for improved management of cities and society; 17. Big data, machine learning, and artificial intelligence applications and case studies; 18. Critical infrastructure protection, including security, privacy, forensics, and reliability issues of cyber-physical systems. 19. Water footprint reduction and urban water distribution, harvesting, treatment, reuse and management; 20. Waste reduction and recycling; 21. Wastewater collection, treatment and recycling; 22. Smart, clean and healthy transportation systems and infrastructure;