Scholarlink

<p>This paper examines the impact of green factory accreditation on environmental investments. Green factory accreditation is a voluntary regulatory tool for green transformation and building a green manufacturing system in China. Using Chinese A-share listed companies from 2010 to 2023 as a sample and estimating a staggered difference-in-differences model, we find that green factory accreditation significantly promotes the environmental investments of accredited firms. We also find that this promoting effect is more pronounced among firms with more financing incentives and disciplinary constraints. These results support that green factory accreditation enhances environmental investment through incentive and disciplinary effects. Further analyses show that green factory accreditation also exhibits intra-industry spillover effects. Our main result holds to a series of sensitivity tests. This study provides direct empirical evidence for the effectiveness of green factory accreditation and offers insights into green industrial policy-making and environmental governance.</p>

错误：搜索内容不能为空，请输入英文关键词
错误：关键词超出字数限制，请精简
高级检索

Can Voluntary Regulation Promote Corporate Environmental Investments? Evidence from Green Factory Accreditation

  • 期刊论文

  • 发表日期：

    2025年10月22日

查看全文
  • Tingyong Zhong,
  • Fuqi Ma,
  • Yun Ke,
  • Yan Zhao

摘要

This paper examines the impact of green factory accreditation on environmental investments. Green factory accreditation is a voluntary regulatory tool for green transformation and building a green manufacturing system in China. Using Chinese A-share listed companies from 2010 to 2023 as a sample and estimating a staggered difference-in-differences model, we find that green factory accreditation significantly promotes the environmental investments of accredited firms. We also find that this promoting effect is more pronounced among firms with more financing incentives and disciplinary constraints. These results support that green factory accreditation enhances environmental investment through incentive and disciplinary effects. Further analyses show that green factory accreditation also exhibits intra-industry spillover effects. Our main result holds to a series of sensitivity tests. This study provides direct empirical evidence for the effectiveness of green factory accreditation and offers insights into green industrial policy-making and environmental governance.