业务
中国
声誉
波特假说
人事变更率
不法行为
股票市场
股票价格
库存(枪支)
企业社会责任
货币经济学
经济
会计
自然资源经济学
环境法规
公共关系
古生物学
社会科学
管理
马
社会学
系列(地层学)
政治学
法学
生物
工程类
机械工程
作者
Md Mosharraf Hossain,Lafang Wang,Jing Yu
摘要
Abstract This study evaluates the relative importance of regulative and reputational pressures on corporate environmental performance by exploiting a novel research setting in China, where the financial penalties for corporate environmental wrongdoing are small. Despite the small monetary penalties, we still document a surprisingly strong negative stock price reaction to the news of corporate environmental violations. Additionally, we show that the negative stock market reaction weakens in firms with strong voluntary environmental commitment. But the effect of voluntary environmental commitment is less pronounced in state‐ or foreign‐owned firms. Our study yields important managerial implications: our findings reveal considerable reputational losses associated with environmental misconducts and demonstrate the benefit of voluntary environmental commitment in upholding corporate reputation and helping firms recover during unfavorable environmental crises.
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