Izvorni znanstveni članak
https://doi.org/10.1080/1331677X.2022.2153719
Does green finance promote the social responsibility fulfilment of highly polluting enterprises? – empirical evidence from China
Xiuling Li
Zhitao Wang
Yue Yu
Yijie Chen
Sažetak
This study explores whether and how the development of green
finance can facilitate the social responsibility of highly polluting
enterprises. We conducted a quasi-natural experiment in 2017 in five
Chinese provinces (districts), based on the establishment of green
finance reform and innovation pilot zones. The research samples
were China’s A-share heavy pollution-industry-listed companies from
2013 to 2020, and the difference in differences model was used to
examine the relationship between green finance and social responsibility
fulfilment of highly polluting firms. The mediating and moderating
effects of financial constraints and media monitoring were also
discussed. The findings indicate that the advancement of green
finance significantly improves the level of social responsibility fulfilment
of highly polluting firms, particularly in the area of environmental
responsibility. Furthermore, strengthened financing constraints
partially mediate the aforementioned relationship, and media monitoring
positively moderates the facilitation effect of green finance
development on highly polluting firms’ social responsibility fulfilment.
Our study demonstrates that a higher degree of financing constraints
is an important channel for establishing a green finance
reform and innovation pilot zone to force enterprises to fulfilment
their social responsibility, and provides theoretical support for governments
and enterprises to better understand the policy effects.
Ključne riječi
Green finance; highpolluting enterprises; social responsibility; green financial reform and innovation pilot zone
Hrčak ID:
310037
URI
Datum izdavanja:
1.9.2023.
Posjeta: 109 *