Corporate environmental governance scheme and investment efficiency over the course of COVID-19

Taking the COVID-19 outbreak as the exogenous shock, we use quarterly reports of Chinese listed firms to examine whether enhanced environmental governance scheme improves corporate investment efficiency over the course of COVID-19. The results show that after the outbreak, firms with greater environ...

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Autores principales: Liu, Haiyue, Jiang, Jie, Xue, Rui, Meng, Xiaofan, Hu, Shiyang
Formato: Online Artículo Texto
Lenguaje:English
Publicado: Elsevier Inc. 2022
Materias:
Article
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8842463/
https://www.ncbi.nlm.nih.gov/pubmed/35185400
http://dx.doi.org/10.1016/j.frl.2022.102726
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author Liu, Haiyue
Jiang, Jie
Xue, Rui
Meng, Xiaofan
Hu, Shiyang
author_facet Liu, Haiyue
Jiang, Jie
Xue, Rui
Meng, Xiaofan
Hu, Shiyang
author_sort Liu, Haiyue
collection PubMed
description Taking the COVID-19 outbreak as the exogenous shock, we use quarterly reports of Chinese listed firms to examine whether enhanced environmental governance scheme improves corporate investment efficiency over the course of COVID-19. The results show that after the outbreak, firms with greater environmental governance scheme experience more efficient investments, with this effect being more pronounced in non-state-owned enterprises, firms unlisted as key pollution-monitoring units, and firms with higher financial constraints. The results are robust to a battery of robustness checks. These findings provide new evidence on the importance of environmental governance in reaping economic benefits and resilience during crisis times.
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spelling pubmed-88424632022-02-15 Corporate environmental governance scheme and investment efficiency over the course of COVID-19 Liu, Haiyue Jiang, Jie Xue, Rui Meng, Xiaofan Hu, Shiyang Financ Res Lett Article Taking the COVID-19 outbreak as the exogenous shock, we use quarterly reports of Chinese listed firms to examine whether enhanced environmental governance scheme improves corporate investment efficiency over the course of COVID-19. The results show that after the outbreak, firms with greater environmental governance scheme experience more efficient investments, with this effect being more pronounced in non-state-owned enterprises, firms unlisted as key pollution-monitoring units, and firms with higher financial constraints. The results are robust to a battery of robustness checks. These findings provide new evidence on the importance of environmental governance in reaping economic benefits and resilience during crisis times. Elsevier Inc. 2022-06 2022-02-14 /pmc/articles/PMC8842463/ /pubmed/35185400 http://dx.doi.org/10.1016/j.frl.2022.102726 Text en © 2022 Elsevier Inc. All rights reserved. Since January 2020 Elsevier has created a COVID-19 resource centre with free information in English and Mandarin on the novel coronavirus COVID-19. The COVID-19 resource centre is hosted on Elsevier Connect, the company's public news and information website. Elsevier hereby grants permission to make all its COVID-19-related research that is available on the COVID-19 resource centre - including this research content - immediately available in PubMed Central and other publicly funded repositories, such as the WHO COVID database with rights for unrestricted research re-use and analyses in any form or by any means with acknowledgement of the original source. These permissions are granted for free by Elsevier for as long as the COVID-19 resource centre remains active.
spellingShingle Article
Liu, Haiyue
Jiang, Jie
Xue, Rui
Meng, Xiaofan
Hu, Shiyang
Corporate environmental governance scheme and investment efficiency over the course of COVID-19
title Corporate environmental governance scheme and investment efficiency over the course of COVID-19
title_full Corporate environmental governance scheme and investment efficiency over the course of COVID-19
title_fullStr Corporate environmental governance scheme and investment efficiency over the course of COVID-19
title_full_unstemmed Corporate environmental governance scheme and investment efficiency over the course of COVID-19
title_short Corporate environmental governance scheme and investment efficiency over the course of COVID-19
title_sort corporate environmental governance scheme and investment efficiency over the course of covid-19
topic Article
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8842463/
https://www.ncbi.nlm.nih.gov/pubmed/35185400
http://dx.doi.org/10.1016/j.frl.2022.102726
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