Does environmental regulation affect labor investment Efficiency? Evidence from a quasi-natural experiment in China

被引：29
作者：
Chen, Chunhua [1 ]
Jiang, Dequan [2 ]
Lan, Meng [3 ]
Li, Weiping [4 ]
Ye, Ling [5 ]
机构：
[1] Shanghai Lixin Univ Accounting & Finance, Sch Accounting, Dept Acad Journals, Shanghai, Peoples R China
[2] Shanghai Univ Finance & Econ, Inst Accounting & Finance, Sch Accountancy, Shanghai, Peoples R China
[3] Shanghai Univ Finance & Econ, Sch Accountancy, Shanghai, Peoples R China
[4] Sun Yat Sen Univ, Adv Inst Finance, Inst Enterprise, Int Sch Business & Finance, Guangzhou, Peoples R China
[5] Nanjing Univ Finance & Econ, Sch Accounting, Nanjing, Peoples R China
来源：
INTERNATIONAL REVIEW OF ECONOMICS & FINANCE | 2022年 / 80卷
基金：
美国国家科学基金会;
关键词：
Environmental regulation; Labor investment efficiency; Emission trading system; Natural experiment; GROUP AFFILIATION; PERFORMANCE; COMPETITIVENESS; OWNERSHIP; MARKETS; GROWTH; COST;
D O I：
10.1016/j.iref.2022.02.018
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Applying the sulfur dioxide (SO2) emission trading system (ETS) as an exogenous shock to environmental regulation, we conduct a quasi-natural experiment to investigate the impact of environmental regulation on labor investment efficiency. Our results indicate that SO2 ETS im-pedes a firm's labor investment efficiency. This effect is driven by the firm's over-firing or under -hiring behaviors, not by the lower total investment efficiency. Moreover, we show that the impact of SO2 ETS is more pronounced in firms with higher agency costs and high labor adjusting costs. Besides, the low labor investment efficiency is not substantial for state-owned enterprises.
引用
收藏
页码：82 / 95
页数：14
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