Emission rights mortgage and stock price crash risk: evidence from China

被引：2
作者：
Wang, Qun [1 ]
Zeng, Yongliang [2 ]
Zhao, Xiangfang [3 ,4 ]
机构：
[1] Capital Univ Econ & Business, Sch Publ Finance & Taxat, Beijing, Peoples R China
[2] Hunan Univ, Business Sch, Changsha, Peoples R China
[3] Shanghai Lixin Univ Accounting & Finance, Sch Accounting, Shanghai, Peoples R China
[4] Shanghai Lixin Univ Accounting & Finance, Sch Accounting, 2800 Wenxiang Rd, Shanghai 201620, Peoples R China
来源：
ASIA-PACIFIC JOURNAL OF ACCOUNTING & ECONOMICS | 2023年
基金：
中国国家自然科学基金;
关键词：
Emission rights mortgage; stock price crash risk; heavy-polluting firms; China; MARKET; BANKS;
D O I：
10.1080/16081625.2023.2286978
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Using the emission rights mortgage (ERM) policy in China as an exogenous shock, we employ a difference-in-differences approach to examine how ERM affects stock price crash risk of heavy-polluting firms. We find that the implementation of the ERM policy reduces stock price crash risk. Heterogeneity analysis reveals that this effect is stronger for firms with more severe financial constraints, those with lower information disclosure quality, those located in regions with greater local government's environmental concerns, and non-SOEs. Our findings further our understanding of the economic consequences of ERM policy.
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页数：16
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