Do environmental regulations affect corporate investment preferences? Institutional considerations based on fiscal decentralization
Shandong University of Finance and Economics · North University of China
Abstract
Environmental regulation( Er ) structurally shapes enterprise investment strategies under China's fiscal decentralization( Fd ) system. Employing dynamic panel data from 2008-2022 listed industrial firms, this study focuses on three aspects: (1) Developing a tripartite framework to reveal how Er amplifies technology investments( Ti ) and financial investments( Fi ), while suppressing productive investments( Pi ) through executive risk preferences and environmental concerns; (2) Higher Fd diminishes the promotion effects of Er on Ti and Fi, and alleviates its constraints on Pi ; (3)Market-oriented E r influence all three investment types,whereas command-based Er only affect Ti ; (4) Heterogeneous effects covers…
Citation impact
- FWCI
- 257.64
- Percentile
- 100%
- References
- 70
Authors
4Topics & keywords
- Decentralization
- Corporate governance
- Investment (military)
- Panel data
- Investment decisions
- Capital market
- Resource (disambiguation)
- Promotion (chess)