The peer effect of green investment activities of China's listed firms
Green and low-carbon economic and social development is a key factor to achieve high-quality development.Although there is a plenty of relevant policies support till now,the green investment willingness of individual enterprises is not enough,which causes a contradiction between the demand for high-quality economic development and the insufficient green investment willingness of enterprises.This paper tries to explore the solution from the view of"peer effect"of corporate green investment and hence could provide a new incentive to lead enterprises more resources to green investment.This study uses the data of A-share listed companies in Shanghai and Shenzhen to explore the existence,mechanism and economic consequences of industrial peer effect of green investment behavior of listed companies in China.The results show that there is a significant peer effect on corporate green investment.There are learning mechanism and pressure mechanism in the peer effect of enterprises'green investment.The peer effect of corporate green investment is more pronounced when followers in the same industry are more willing to learn from leaders and when the enterprises facing higher external pressure.The additional analysis show that the peer effect of corporate green investment reduces the operating cost and hence increases firms'valuation.The study not only helps to clarify the potential real motivation of corporate green investment,but also provides strong empirical evidences for the formulation of the relative policy and regulation.
green investmentpeer effectlearning mechanismpressure mechanismeconomic consequence
NETL
NSTL
万方数据
维普
