LAPSE:2023.35604
Published Article
LAPSE:2023.35604
Green Fiscal Policy and ESG Performance: Evidence from the Energy-Saving and Emission-Reduction Policy in China
Shan Miao, Yandi Tuo, Xi Zhang, Xiang Hou
May 23, 2023
To achieve the goal of sustainable development, China has implemented the energy conservation and emission-reduction policy. So far, there is still little evidence of the impact of the policiy on corporate behaviour. Therefore, this study collects data on Chinese A-share listed companies from 2010 to 2017 and applies the staggered difference-in-differences method to analyse the impact of the energy conservation and emission-reduction policy on the environmental, social and governance performance of companies in China. The result shows that the energy conservation and emission-reduction policy reduces environmental, social and governance performance, and this negative effect increases over time. Meanwhile, a further mechanism analysis confirms that the negative impact on environmental, social and governance performance operates through the incentive effect on environmental performance, the crowding-out effect on social performance and the spillover effect on governance performance. Furthermore, the negative effect is heterogeneous across companies and cities. Overall, our results provide empirical evidence for optimising energy conservation and emission-reduction policies in developing countries.
Keywords
China, emission-reduction policy, energy conservation policy, ESG, staggered difference-in-differences
Suggested Citation
Miao S, Tuo Y, Zhang X, Hou X. Green Fiscal Policy and ESG Performance: Evidence from the Energy-Saving and Emission-Reduction Policy in China. (2023). LAPSE:2023.35604
Author Affiliations
Miao S: School of Economics, Beijing Technology and Business University, Beijing 100048, China
Tuo Y: School of Economics, Beijing Technology and Business University, Beijing 100048, China
Zhang X: School of Economics, Beijing Technology and Business University, Beijing 100048, China
Hou X: School of Economics, Beijing Technology and Business University, Beijing 100048, China
Journal Name
Energies
Volume
16
Issue
9
First Page
3667
Year
2023
Publication Date
2023-04-24
Published Version
ISSN
1996-1073
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Original Submission
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PII: en16093667, Publication Type: Journal Article
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LAPSE:2023.35604
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doi:10.3390/en16093667
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May 23, 2023
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CC BY 4.0
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[v1] (Original Submission)
May 23, 2023
 
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May 23, 2023
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Original Submitter
Calvin Tsay
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