期刊
ENERGY ECONOMICS
卷 100, 期 -, 页码 -出版社
ELSEVIER
DOI: 10.1016/j.eneco.2021.105379
关键词
Public environmental concern; ESG; CEO turnover; Smog; Extreme event
类别
资金
- Natural Science Foundation of China [71903199]
- Zhejiang Provincial Natural Science Foundation of China [LZ20G010002]
The study shows that public environmental concern has a significant impact on corporate green investments, especially during CEO turnover. Heavily polluting companies are more likely to experience CEO turnover when public environmental concern increases, and they alleviate the pressure by increasing green investments.
We investigate the impact of public environmental concern (PEC) on corporate green investments from the perspective of CEO turnover using the extreme event of PM 2.5 surge at the end of 2011 in China as a quasinatural experiment. Compared with non-heavily polluting companies, the probability of CEO turnover in heavily polluting ones has significantly increased amid the surge of PEC. Heavily polluting companies ease the pressure by increasing green investment. In addition to the hard regulative measures such as environmental regulations, the PEC as a form of soft regulation also makes corporate management more focused on environmental responsibility.
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