Article2020

Environmental subsidies and companies’ environmental investments

30 citations0/0 files storedEconomic and Political Studies

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Environmental Sustainability in Business Corporate Social Responsibility Reporting Political Influence and Corporate Strategies

Abstract

Environmental subsidies are important means for the government to promote companies to fulfil environmental protection responsibilities. Employing a text analysis method, this study obtains the data on government subsidies for environmental protection of A-share listed companies in China from 2007 to 2016. Empirical estimates show that the subsidies received by companies promote their environmental inputs. Additionally, analyst tracking and internal control enhance the positive effect of subsidies on the companies’ environmental investments. The above results are still valid after testing the Heckman two-stage model and the Propensity-Score-Matching and Difference-in-Difference model. This paper provides evidential support for the effectiveness of government subsidies and explores feasible ways to improve the efficiency of government subsidies based on the corporate governance channels.

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References

1995Toward a New Conception of the Environment-Competitiveness Relationship 200261. Capitalism and Freedom 2010Corporate Social Responsibility as a Conflict Between Shareholders 2012Nonfinancial Disclosure and Analyst Forecast Accuracy: International Evidence on Corporate Social Responsibility Disclosure 2012Are Overconfident CEOs Better Innovators?2005A tale of two market failures: Technology and environmental policy 2011Greenwash: Corporate Environmental Disclosure under Threat of Audit 2012Corporate Governance and Corporate Social Responsibility Disclosures: Evidence from an Emerging Economy

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