环境倒退者、惯犯和资本市场:来自印度的证据

IF 1.8 4区 经济学 Q2 ECONOMICS
Shreekant Gupta , Bishwanath Goldar , Shubham Dang , Omer F. Baris
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引用次数: 0

摘要

监管倒退给新兴市场提出了一个关键问题:投资者是否会对那些反复强调环保绩效的公司进行监管?我们结合两轮公开的印度绿色评级项目(GRP)的17家工厂在造纸和纸浆行业与方差稳健事件研究。我们发现了环境倒退(绿色评级下降)的两位数市场惩罚,证明投资者关心公司的发展轨迹,而不仅仅是目前的得分。提高或维持评级的工厂没有显著的异常回报。定期的第三方绩效评估和评级计划可以利用资本市场纪律来弥补新兴市场监管的持续薄弱,或弥补美国、巴西和欧洲监管的倒退。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Environmental backsliders, repeat offenders and capital markets: Evidence from India
Regulatory rollbacks raise a critical question for emerging markets: do investors discipline firms that relapse on environmental performance? We combine the two public rounds of India’s Green Rating Project (GRP) for 17 mills in the paper-and-pulp sector with a variance-robust event study. We uncover a double-digit market penalty for environmental backsliding (decline in green rating), proving that investors care about a firm’s trajectory, not just its current score. Plants that improve or maintain ratings experience no significant abnormal return. Periodic, third-party performance evaluation and rating programs can leverage capital-market discipline to compensate for persistently weak regulation in emerging markets or for regulatory rollback as observed in the U.S., Brazil and Europe.
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来源期刊
Economics Letters
Economics Letters ECONOMICS-
CiteScore
3.20
自引率
5.00%
发文量
348
审稿时长
30 days
期刊介绍: Many economists today are concerned by the proliferation of journals and the concomitant labyrinth of research to be conquered in order to reach the specific information they require. To combat this tendency, Economics Letters has been conceived and designed outside the realm of the traditional economics journal. As a Letters Journal, it consists of concise communications (letters) that provide a means of rapid and efficient dissemination of new results, models and methods in all fields of economic research.
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