业务
稳健性(进化)
库存(枪支)
环境法规
财务
公司行为
金融市场
金融体系
经济
公司治理
公共经济学
机械工程
生物化学
化学
工程类
基因
股东
作者
Junfeng Wang,Huimin Wang
标识
DOI:10.1016/j.frl.2024.105357
摘要
This research explores the relationship between environmental regulation and corporate financial risk in the face of increasing public environmental concerns worldwide. Taking advantage of public-listed firms in Shanghai and Shenzhen stock markets from 2010 to 2022, this study finds strong evidence that environmental regulations inversely affect corporate financial risk after controlling for various firm-specific variables. The findings are robust to a series of robustness tests. In addition, this study further demonstrates that credit guarantees positively moderate the relationship between environmental regulation and firms' financial risk. Overall, our study contributes to the fast-growing literature on the impact of environmental-related issues on firm outcomes and generates profound policy implications.
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