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Do Green Finance Policies Foster Environmental, Social, and Governance Performance of Corporate?
The green finance policy is crucial for enterprises to participate in environmental governance actively. Taking the “Green Credit Guidelines” issued by China in 2012 as a quasi-natural experiment, this study investigated the impact of green finance policies on corporate environmental, social, and go...
Autores principales: | , , |
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Formato: | Online Artículo Texto |
Lenguaje: | English |
Publicado: |
MDPI
2022
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Materias: | |
Acceso en línea: | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9690912/ https://www.ncbi.nlm.nih.gov/pubmed/36429642 http://dx.doi.org/10.3390/ijerph192214920 |
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author | Wang, Xingshuai Elahi, Ehsan Khalid, Zainab |
author_facet | Wang, Xingshuai Elahi, Ehsan Khalid, Zainab |
author_sort | Wang, Xingshuai |
collection | PubMed |
description | The green finance policy is crucial for enterprises to participate in environmental governance actively. Taking the “Green Credit Guidelines” issued by China in 2012 as a quasi-natural experiment, this study investigated the impact of green finance policies on corporate environmental, social, and governance (ESG) performance by using a continuous Difference-in-Differences (DID) model based on the data of listed companies from 2006 to 2020. The conclusions are: (1) The green finance policy significantly improves corporate ESG, but the effects vary across enterprises. (2) The policy has encouraged enterprises to develop and adopt green products and technologies. Still, it has not had a positive effect on the treatment of enterprise pollutant emissions because the implementation of the policy makes enterprises pay more attention to front-end risk control than pollution treatment after production. (3) Research results have heterogeneity. The impact of green finance policies on enterprises at different levels of environmental regulation is different. Enterprises in areas with high intensity of environmental regulation are more vulnerable to green credit. The conclusion of this paper helps improve the green finance policy system, enhance the awareness and level of corporate ESG, and strengthen the collaborative governance of policies and enterprises on environmental issues in combination with the mandatory environmental regulations and incentive mechanisms to promote the green development of enterprises and realize the goal of carbon neutrality. |
format | Online Article Text |
id | pubmed-9690912 |
institution | National Center for Biotechnology Information |
language | English |
publishDate | 2022 |
publisher | MDPI |
record_format | MEDLINE/PubMed |
spelling | pubmed-96909122022-11-25 Do Green Finance Policies Foster Environmental, Social, and Governance Performance of Corporate? Wang, Xingshuai Elahi, Ehsan Khalid, Zainab Int J Environ Res Public Health Article The green finance policy is crucial for enterprises to participate in environmental governance actively. Taking the “Green Credit Guidelines” issued by China in 2012 as a quasi-natural experiment, this study investigated the impact of green finance policies on corporate environmental, social, and governance (ESG) performance by using a continuous Difference-in-Differences (DID) model based on the data of listed companies from 2006 to 2020. The conclusions are: (1) The green finance policy significantly improves corporate ESG, but the effects vary across enterprises. (2) The policy has encouraged enterprises to develop and adopt green products and technologies. Still, it has not had a positive effect on the treatment of enterprise pollutant emissions because the implementation of the policy makes enterprises pay more attention to front-end risk control than pollution treatment after production. (3) Research results have heterogeneity. The impact of green finance policies on enterprises at different levels of environmental regulation is different. Enterprises in areas with high intensity of environmental regulation are more vulnerable to green credit. The conclusion of this paper helps improve the green finance policy system, enhance the awareness and level of corporate ESG, and strengthen the collaborative governance of policies and enterprises on environmental issues in combination with the mandatory environmental regulations and incentive mechanisms to promote the green development of enterprises and realize the goal of carbon neutrality. MDPI 2022-11-13 /pmc/articles/PMC9690912/ /pubmed/36429642 http://dx.doi.org/10.3390/ijerph192214920 Text en © 2022 by the authors. https://creativecommons.org/licenses/by/4.0/Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https://creativecommons.org/licenses/by/4.0/). |
spellingShingle | Article Wang, Xingshuai Elahi, Ehsan Khalid, Zainab Do Green Finance Policies Foster Environmental, Social, and Governance Performance of Corporate? |
title | Do Green Finance Policies Foster Environmental, Social, and Governance Performance of Corporate? |
title_full | Do Green Finance Policies Foster Environmental, Social, and Governance Performance of Corporate? |
title_fullStr | Do Green Finance Policies Foster Environmental, Social, and Governance Performance of Corporate? |
title_full_unstemmed | Do Green Finance Policies Foster Environmental, Social, and Governance Performance of Corporate? |
title_short | Do Green Finance Policies Foster Environmental, Social, and Governance Performance of Corporate? |
title_sort | do green finance policies foster environmental, social, and governance performance of corporate? |
topic | Article |
url | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9690912/ https://www.ncbi.nlm.nih.gov/pubmed/36429642 http://dx.doi.org/10.3390/ijerph192214920 |
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