Can Environmental Management Standards Reduce Corporate Pollution Emissions?
Using panel data from listed companies on the Shanghai and Shenzhen stock exchanges from 2011 to 2021,the study empirically examines the impact of environmental management standards on corporate pollution emissions and explores the associated transmission mechanisms and heterogeneity.The findings reveal that environmental management standards significantly reduce the intensity of corporate pollutant emissions.The results are robust across various robustness checks,including changes in regression samples,inclusion of time trend variables,alterations in the measurement of the dependent variable,and corrections for endogeneity caused by sample self-selection.From a heterogeneity perspective,environmental management standards have a more pronounced pollution reduction effect on firms in low-concentration industries,heavily polluting industries,non-state-owned enterprises,and firms in the growth phase.Regarding transmission mechanisms,promoting corporate environmental investment,enhancing corporate green reputation,and driving corporate green technological innovation are the intrinsic drivers for reducing corporate pollution emissions through environmental management standards.These conclusions provide micro-level empirical support for building a multi-stakeholder modern environmental governance system and advancing corporate environmental management capabilities.
万方数据
维普
