Journal
RESOURCES POLICY
Volume 79, Issue -, Pages -Publisher
ELSEVIER SCI LTD
DOI: 10.1016/j.resourpol.2022.103058
Keywords
Green finance; Green recovery; Stock price crash risk; Resources
Categories
Funding
- Key Program of National Social Science Foundation of China
- Natural Science Foundation of Shandong Province, China
- [18AJY021]
- [ZR2018MG011]
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This paper investigates the effect of green financing on behavioral decision-making in heavily polluted industries that rely on natural resources. The findings suggest that green finance policy reduces the future crash risk of these industries, with a more pronounced effect in firms with weaker internal controls, lower audit quality, and a higher level of marketization. The study also highlights the importance of information transparency and efficiency as economic channels for achieving this effect.
With increasing resource consumption and waste, green financing has become an important means to achieve green recovery. The purpose of this paper is to investigate the effect of green financing on behavioral decision-making in heavily polluted industries that rely on natural resources. Using Green Credit Guidelines as a shock, this paper constructs a DID model and finds that green finance policy reduces the future crash risk of heavily polluting listed firms. This association is more pronounced in firms with weaker internal controls, lower audit quality, and a higher level of marketization. Further analyses show that information transparency and information efficiency are crucial economic channels. The findings of this paper are conducive to green recovery and transformation of the energy industry, thus saving resources.
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