Can Environmental Regulations Promote the Improvement of Total Factor Productivity in Heavily Polluting Enterprises:Based on Evidences from a Quasi-Natural Experimental Study
Based on the data of A-share listed companies from 2010 to 2020,taking the formal implementation of the newly-amended Environmental Protection Law as the time point of policy change,the quasi-natural experiment is used to test whether the command-and-control environmental regulations can promote the improvement of total factor productivity(TFP)of enterprises,and further explore its mechanism at work.The findings indicate that:The implementation of the newly-amended Environmental Protection Law has promoted the improvement of TFP in heavily polluting enterprises;The internal green technology innovation in heavily polluting enterprises plays a positive intermediary role in the process of promoting the TFP improvement of enterprises under the newly-amended Environmental Protection Law.The newly-amended Environmental Protection Law has more significant positive policy effects on state-owned enterprises,those located in less marketized regions,and enterprises with higher Environmental,Social,and Governance(ESG)ratings.Based on the findings,the following recommendations are made:deepen the integration between environmental regulations and green technology innovation;create differentiated environmental policy measures;and establish a synergistic mechanism linking environmental regulations and enterprise development.
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