环境执法行动和企业绿色创新

IF 7.2 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance Pub Date : 2024-11-26 DOI:10.1016/j.jcorpfin.2024.102711

Qiyang He, Buhui Qiu

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引用次数: 0

摘要

本研究探讨了美国环境保护署（EPA）执法对企业绿色创新的影响，通过绿色专利数量和引用来衡量。我们的研究结果表明，实施了epa的企业在绿色创新产出方面有了实质性的提升。这一增长可归因于绿色创新效率的提高和绿色发明家招聘的增加。此外，对于总部位于环境执法力度更强的州的公司、机构所有权更高的公司和财务约束较少的公司，这种影响更为明显。最后，我们发现绿色创新有助于企业避免未来的EPA执法，并减少有毒化学物质的排放。综上所述，这些结果表明，EPA的执法行动确实可以促进企业绿色创新的积极影响。

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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Environmental enforcement actions and corporate green innovation

This study explores the influence of U.S. Environmental Protection Agency (EPA) enforcement on corporate green innovation, as measured by green patent counts and citations. Our findings show that EPA-enforced firms experience a substantial uptick in green innovation outputs. This boost can be attributed to enhanced green innovation efficiency and increased hiring of green inventors. Moreover, this effect is more pronounced for firms headquartered in states with stronger environmental enforcement intensity, firms with higher institutional ownership, and firms with fewer financial constraints. Finally, we find that green innovations help enforced firms avoid future EPA enforcements and reduce toxic chemical releases. Taken together, these results imply that EPA enforcement actions can indeed foster positive impacts on corporate green innovation.

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来源期刊

Journal of Corporate Finance BUSINESS, FINANCE-

CiteScore

11.80

自引率

3.30%

发文量

期刊介绍： The Journal of Corporate Finance aims to publish high quality, original manuscripts that analyze issues related to corporate finance. Contributions can be of a theoretical, empirical, or clinical nature. Topical areas of interest include, but are not limited to: financial structure, payout policies, corporate restructuring, financial contracts, corporate governance arrangements, the economics of organizations, the influence of legal structures, and international financial management. Papers that apply asset pricing and microstructure analysis to corporate finance issues are also welcome.