Does IPO environmental due diligent inquiry enhance corporate ESG responsibility?
how to promote the real economy's assumption of ESG responsibilities,enhance the connection between external capital and the green industry,and achieve high-quality development of enterprises has attracted the attention from all walks of life.Formal environmental regulations force companies to treat environmental governance costs as policy compliance costs,while market-based regulations can guide companies to realize the"green"value in the product market and fulfill their ESG responsibilities.This is an effective way to enhance corporate competitiveness and alleviate resource constraints.This paper is based on the background of the market-oriented reform of environmental due diligence and focuses on the perspective of IPO environmental due diligence inquiries in China's issuance market.By using the comment letters during the IPO stage of A-share companies from 2015 to 2022 as samples,it empirically studies the impact and mechanisms of IPO environmental due diligence on corporate ESG responsibilities.Our research findings are as follows:(1)IPO environmental due diligence has a significant incentive effect on companies'assumption of ESG responsibilities.This conclusion remains valid even after robustness and endogeneity tests.(2)Mechanism analysis shows that IPO environmental due diligence provides more transparent information for public supervision of listed companies'environmental governance.It also optimizes the information environment for local governments to select subsidy recipients,thereby increasing the likelihood of environmental inquiry companies obtaining subsidies.The"emission reduction signal"released through subsidies further strengthens public supervision,compels companies to fulfill their listing commitments,and enhances ESG performance.(3)Heterogeneity analysis shows that IPO inquiries guide companies'environmental actions,but the effects vary depending on the environmental regulatory intensity,public environmental concerns in different regions,and companies'green technology conditions.Our research provides a new perspective on how to incentivize companies to assume ESG responsibilities,and it provides empirical evidence for improving the environmental due diligence system in China's issuance market.
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