卖空是否影响企业绿色转型？——来自中国的证据

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance Pub Date : 2025-02-14 DOI:10.1016/j.ribaf.2025.102801

Deshuai Hou , Qi Wang , Qiong Sun , Ying Chen

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引用次数: 0

摘要

本研究探讨了卖空对企业绿色转型的影响。研究结果表明，卖空行为严重阻碍了这种转变。机制分析表明，卖空主要通过加剧管理者的短视、降低企业的绿色创新质量、错配绿色资源、减少绿色投资者的投入等方式阻碍企业绿色转型。进一步分析发现，在内外部压力较大、信息质量较差的公司中，卖空的负面影响更为明显。进一步的研究发现，公司特定的限制是制约卖空作用的关键因素。此外，具有环境经验的ceo和管理层持股比例的增加可以有效缓解卖空对企业绿色转型的负面影响。本研究丰富了市场微观主体卖空与低碳转型的相关文献。为解决生态文明建设背景下企业绿色转型和政策制定中的瓶颈问题提供了实证证据。

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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Does short selling affect corporate green transformation? —Evidence from China

This study examines the impact of short selling on corporate green transformation. The findings suggest that short selling significantly hinders this transformation. The mechanism analysis demonstrates that short selling mainly hinders corporate green transformation by aggravating managerial short-sightedness, lowering corporate green innovation quality, misallocating green resources, and reducing the investment of green investors. Further analysis reveals that the negative impact of short selling is more pronounced in firms with higher internal and external pressures, and poorer information quality. Extended research identifies firm-specific limitations emerge as key factors constraining the role of short selling. In addition, CEOs with environmental experience and increased management shareholding can effectively mitigate the negative impact of short selling on corporate green transformation. This study enriches the literature on short-selling and low-carbon transformation of market micro-entities. It also provides empirical evidence that addresses the bottlenecks in corporate green transformation and policy formulation in the context of ecological civilization construction.

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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