Voluntary Environmental Regulation and High Quality Development of Enterprises
Enterprises are the micro foundation of economic development.Environmental regulation plays an important role in promoting ecological civilization construction and high-quality economic development.Based on the data of Chinese A-share listed companies in Shanghai and Shenzhen from 2010 to 2020,this paper empirically examines the impact of voluntary environmental regulation on the high-quality development of enterprises and its mechanism.The results show that voluntary environmental regulation can significantly promote the high-quality development of enterprises.The mechanism analysis shows that voluntary environmental regulation promotes the high-quality development of enterprises by alleviating information asymmetry and reducing the risk of greenwash.Further research finds that voluntary environmental regulation has a greater role for areas with greater environmental support from local governments,higher levels of regional economic development,as well as in higher media attention enterprises and non-heavily polluting enterprises.This study has certain reference value for clarifying the economic consequences of voluntary environmental regulation and promoting high-quality development of enterprises.
Voluntary Environmental RegulationHigh-quality Development of EnterprisesInformation AsymmetryGreenwash Risk
万方数据
维普
