Environmental performance and corporate risk-taking: Evidence from China

被引：17
|
作者：
Zhu, Danyu [1 ]
Gao, Xin [1 ]
Luo, Zijun [1 ]
Xu, Weidong [1 ,2 ]
机构：
[1] Zhejiang Univ, Sch Management, Hangzhou, Peoples R China
[2] North Minzu Univ, Sch Econ, Yinchuan, Ningxia, Peoples R China
来源：
PACIFIC-BASIN FINANCE JOURNAL | 2022年 / 74卷
基金：
中国国家自然科学基金;
关键词：
Environmental performance; Corporate risk-taking; Quiet life hypothesis; SOCIAL-RESPONSIBILITY; FINANCIAL PERFORMANCE; EMPIRICAL-EVIDENCE; ECONOMIC-GROWTH; FIRM; MANAGEMENT; GOVERNANCE; COMPENSATION; OWNERSHIP; INCENTIVES;
D O I：
10.1016/j.pacfin.2022.101811
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study investigates the relationship between environmental performance and corporate risk-taking in China. Using the sample from China between 2010 and 2016, we find that corporate risk-taking is negatively associated with their environmental performance. Compared to non-state-owned firms, this association is more pronounced in state-owned firms. More equity incentives, higher independent director proportion, and higher institutional ownership are found to weaken this relationship. We further document that active environmental behavior (e.g. mature environmental management and more green innovation) alleviate this negative relationship. These conclusions remain valid after a series of robustness tests and endogeneity tests.
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收藏
页数：18
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