Does environmental investment improve corporate productivity? Evidence from Chinese listed firms

IF 5 2区 经济学 Q1 ECONOMICS Structural Change and Economic Dynamics Pub Date : 2024-05-07 DOI:10.1016/j.strueco.2024.05.007
Chao Wang , Yue-Jun Zhang
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Abstract

This paper analyses the impact mechanisms of environmental investment on the productivity of listed firms in China. The empirical results show that, first of all, environmental investment has a significant negative impact on the productivity of listed firms, which confirms that listed firms have a typical compliance cost effect. Moreover, listed enterprises with low productivity and high productivity are less negatively affected by environmental investment than are listed enterprises with moderate productivity. Secondly, the first-order lag term of environmental investment has a significant inhibitory effect on the productivity of listed companies in the eastern region, but has no significant impact on the productivity of listed companies in the central and western regions. Finally, the increase in environmental investment has a great influence on the productivity of listed firms in heavily polluting industries, but it has no obvious influence on non-heavily polluting industries.

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环境投资能否提高企业生产力?来自中国上市公司的证据
本文分析了环保投资对中国上市公司生产率的影响机制。实证结果表明,首先,环保投资对上市企业生产率有显著的负向影响,这印证了上市企业具有典型的合规成本效应。此外,与中等生产率的上市企业相比,低生产率和高生产率的上市企业受环保投资的负面影响较小。其次,环保投资的一阶滞后项对东部地区上市公司的生产率有显著的抑制作用,但对中部和西部地区上市公司的生产率没有显著影响。最后,环保投资的增加对重污染行业上市公司的生产率影响较大,但对非重污染行业的影响不明显。
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来源期刊
CiteScore
9.60
自引率
4.90%
发文量
159
期刊介绍: Structural Change and Economic Dynamics publishes articles about theoretical, applied and methodological aspects of structural change in economic systems. The journal publishes work analysing dynamics and structural breaks in economic, technological, behavioural and institutional patterns.
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