The environmental externality of economic growth target pressure: evidence from China

IF 9 1区 经济学 Q1 BUSINESS, FINANCE China Finance Review International Pub Date : 2023-05-19 DOI:10.1108/cfri-09-2022-0171
Fangying Pang, Hong Xie
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引用次数: 3

Abstract

PurposeThis study aims to investigate the external effect of the economic growth target pressure of local governments on establishment-level SO2 emissions.Design/methodology/approachBased on manually collected panel data of 74,058 China's industrial establishments and more than 330 thousand observations from CIED and ESR, the authors use a firm-fixed effect model, instrumental variables estimation and heterogeneity tests to identify the environmental externality of economic growth target pressure.FindingsThe establishments in cities that meet or slightly exceed the economic growth target experience greater negative externality measured by SO2 emission intensity. This external effect is more pronounced in regions: with a strict and overweighted target setting; with stronger officials' promotion incentives; with a low degree of marketization; and in firms with great economic importance. The authors identify the underlying mechanisms of dependence on dirty industry and the relaxation of environmental enforcement. And the environmental protection constraints in 2007 mitigate the negative externality.Practical implicationsThe paper sheds light on to what extent economic growth target pressure has a negative externality of pollution in China and how this pressure may conflict with environmental protection.Originality/valueThis paper complements prior research on the economic effects of economic growth targets, expands the knowledge on the determinants of establishment-level pollution emission from the perspective of target pressure and provides insight into the environmental externality that results from political factors.
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经济增长目标压力的环境外部性:来自中国的证据
目的研究地方政府经济增长目标压力对企业SO2排放的外部影响。基于人工收集的中国74,058家工业企业的面板数据,以及CIED和ESR的33万多份观测数据,作者采用了企业固定效应模型、工具变量估计和异质性检验来识别经济增长目标压力的环境外部性。研究发现:以二氧化硫排放强度衡量,达到或略高于经济增长目标的城市企业具有更大的负外部性。这种外部影响在区域中更为明显:目标设定严格而过重;加强官员晋升激励;市场化程度低;在具有重要经济意义的公司。作者确定了依赖污染工业和放松环境执法的潜在机制。2007年的环境保护约束缓解了负外部性。本文揭示了中国经济增长目标压力在多大程度上具有污染的负外部性,以及这种压力如何与环境保护相冲突。原创性/价值本文补充了前人关于经济增长目标经济效应的研究,从目标压力的角度拓展了企业污染排放决定因素的知识,并提供了对政治因素导致的环境外部性的洞察。
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来源期刊
CiteScore
12.40
自引率
1.20%
发文量
112
期刊介绍: China Finance Review International publishes original and high-quality theoretical and empirical articles focusing on financial and economic issues arising from China's reform, opening-up, economic development, and system transformation. The journal serves as a platform for exchange between Chinese finance scholars and international financial economists, covering a wide range of topics including monetary policy, banking, international trade and finance, corporate finance, asset pricing, market microstructure, corporate governance, incentive studies, fiscal policy, public management, and state-owned enterprise reform.
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