新环保法、政治关系和企业 ESG 表现

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2025-03-08 DOI:10.1016/j.irfa.2025.104110

Ni Zhang, Hongjun Han

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The new environmental protection law, political connections and corporate ESG performance

Using a difference-in-difference approach based on micro-level environmental, social, and governance (ESG) performance data from Chinese companies, this study explores the impact of the New Environmental Protection (NEP) Law implementation on their ESG performance. Findings show that implementing the NEP Law significantly and positively improves the ESG performance of heavily polluting enterprises. Furthermore, political relationships among senior executives have a significant positive moderating effect on the relationship between the NEP Law implementation and corporate ESG performance. Heterogeneity tests, the NEP Law has a more pronounced effect on enhancing the ESG performance of state-owned enterprises. The NEP Law significantly improves the ESG performance capabilities of firms in eastern regions, whereas its incentive effect on enterprises in central and western regions is not significant.

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来源期刊

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.