Does Mandatory Classification of Domestic Waste Affect ESG Performance?A quasi-natural Experiment Based on the Shanghai Municipal Regulations on Domestic Waste Management
This paper uses a quasi-natural experiment based on the implementation of the Shanghai Municipal Regulations on Domestic Waste Management in 2019 to examine the impact of the policy of domestic waste classification on corporate Environment,Social and Governance(ESG)performance using difference-in-difference(2014-2022).The research results show that after the implementation of the Shanghai Municipal Regulations on Domestic Waste Management,the ESG performance of enterprises in Shanghai has significantly improved,with an average improvement of 0.83 points.After parallel trend test,difference-in-difference-in-difference,exclusion of other policy impacts,and placebo test for robustness,the research conclusion remains valid.Heterogeneity analysis indicates that the policy of domestic waste classification mainly improves the ESG performance of non-state-owned enterprises and enterprises with high public attention.Mechanism analysis shows that the improvement of ESG performance of enterprises in Shanghai is mainly driven by external pressure,while that of Shanghai waste sorting sector enterprises is mainly driven by internal motivation.The conclusions of this paper suggest that we should evaluate the consequences of policies from a more comprehensive perspective.
NETL
NSTL
万方数据
