股票市场自由化与企业漂绿:来自沪(深)港通的经验证据

IF 9.1 2区 管理学 Q1 BUSINESS
Hui Huang, Zongyi Zhang, Cheng Xiang
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引用次数: 0

摘要

利用沪(深)港通(以下简称“沪港通”)作为中国a股市场自由化的外生冲击,我们探讨了股市自由化如何塑造本土企业的“漂绿”行为。交错差中差(DID)回归结果显示,中国上市公司通过沪港通向境外投资者开放后,其“漂绿”水平显著降低。这一发现在广泛的稳健性测试中仍然有效,包括那些在规则交错DID估计中解决异质性治疗效果的测试。机制测试表明,互联互通通过提高符合条件的企业的信息透明度来遏制“洗绿”行为,而不是通过缓解它们的融资约束或提高绿色偏好。此外,对于外国投资者持股比例较高、外部监督力度更大或鼓励力度更大的企业,互联互通的影响更大。这些结果表明,以本研究为例的股票市场自由化对本土企业施加了外部治理影响,从而降低了它们的“漂绿”倾向。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Stock Market Liberalization and Corporate Greenwashing: Empirical Evidence From the Shanghai- (Shenzhen-) Hong Kong Connect

Utilizing the Shanghai- (Shenzhen-) Hong Kong Connect (hereafter, the Connects) as exogenous shocks to the liberalization of China's A-share stock market, we explore how stock market liberalization shapes local firms' greenwashing behaviors. The staggered difference-in-differences (DID) regressions reveal that Chinese public firms' greenwashing levels significantly decrease after they are accessible to foreign investors via the Connects. This finding remains valid in a broad battery of robustness tests, including those addressing concerns about the heterogeneous treatment effects in regular staggered DID estimations. Mechanism tests suggest that the Connects curb greenwashing by improving eligible firms' information transparency, but not by alleviating their financing constraints nor improving green preferences. Moreover, the impact of the Connects is greater for firms with higher ownership by foreign investors, more intensive external monitoring, or larger greenwashing incentives. These results indicate that stock market liberalization, exemplified by the Connects in our study, exerts external governance influences on local firms, thereby reducing their greenwashing propensity.

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来源期刊
CiteScore
17.20
自引率
16.30%
发文量
189
期刊介绍: Corporate Social Responsibility and Environmental Management is a journal that publishes both theoretical and practical contributions related to the social and environmental responsibilities of businesses in the context of sustainable development. It covers a wide range of topics, including tools and practices associated with these responsibilities, case studies, and cross-country surveys of best practices. The journal aims to help organizations improve their performance and accountability in these areas. The main focus of the journal is on research and practical advice for the development and assessment of social responsibility and environmental tools. It also features practical case studies and evaluates the strengths and weaknesses of different approaches to sustainability. The journal encourages the discussion and debate of sustainability issues and closely monitors the demands of various stakeholder groups. Corporate Social Responsibility and Environmental Management is a refereed journal, meaning that all contributions undergo a rigorous review process. It seeks high-quality contributions that appeal to a diverse audience from various disciplines.
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