The Impact of Going to the Capital Market on Corporate Environmental Behavior Choices
There is no answer yet on what kind of environmental behaviors will firms take after going public to cope with the simultaneous existence of institutional pressure and market pressure.This study adopts a multi-period difference-in-differences model,based on data from Chinese industrial firms,pollution-intensive firms,and listed firms from 2003 to 2012,to explore the impact of firms'going to the capital market(IPOs)on their environmental behavior and pollution emissions.The results show that IPOs could not effectively decrease but increase corporate pollution emissions.The reason is that after IPOs,firms adopt a strategic environmental behavior of"peripheral"(increasing terminal treatment equipment)rather than"embedded"(improving cleaner production technology)to reconcile institutional and market pressures.Moreover,this strategic environmental behavior is more significant in private and non-pollution-intensive enterprises.The research in this paper provides a more microscopic empirical basis for the Chinese government to formulate environmental regulations and improve governance efficiency,thus helps to deeply understand the current situation and internal dynamic mechanism of environmental pollution control of IPOs in China.
万方数据
维普
