标题：Do green behaviors improve corporate value? An empirical study in China
作者：Zhang, Ning; Lin, Xiahui; Yu, Yantuan; Yu, Yanni
作者机构：[Zhang, Ning; Lin, Xiahui; Yu, Yantuan] Jinan Univ, Dept Econ, Guangzhou 510632, Guangdong, Peoples R China.; [Yu, Yanni] Shandong Univ, Inst Blue & 更多
通讯作者：Yu, Yantuan;Yu, YT;Yu, YN
通讯作者地址：[Yu, YT]Jinan Univ, Dept Econ, Guangzhou 510632, Guangdong, Peoples R China;[Yu, YN]Shandong Univ, Inst Blue & Green Dev, Weihai 264200, Peoples R Chi 更多
来源：JOURNAL OF CLEANER PRODUCTION
关键词：Corporate social responsibility; Corporate economic performance;; Hysteresis effect; Heterogeneity; IV method
摘要：The empirical link between corporate social responsibility (CSR) and corporate economic performance (CEP) has been widely investigated in recent decades. The effect of CSR on CEP is empirically investigated in this study using a sample of 795 firms in China over an eight-year period (2010-2017). Our findings document that CSR has a significant hysteresis effect on net earnings per share (EPS) and that LaggedCSR does not enhance firm value, with a one-unit increase in LaggedCSR associated with a 0.004 decrease in EPS. A possible explanation for these results is that implementing CSR exacts external costs (both implicit costs and explicit costs) on firms, which often reduce CEP in the short term. Furthermore, the results indicate that green behaviors in CSR impact corporate value negatively. Empirical results are robust to alternative model specifications, dependent (independent) variable measures, and IV estimations. To address the observed negative impact of green behaviors on corporate value, policymakers may promulgate preferential policies (such as tax-free, special fund support) for enterprises that engage in desired green behaviors. Moreover, in designated 'highly polluting' industry sectors, the government may enact pollution-emission and energy-consumption incentive subsidies for responsible enterprises, establish green-development incentive mechanisms, and encourage enterprises to adopt technological innovation, energy conservation, emission reduction, and pollution prevention and control measures in order to promote desired green behaviors. (C) 2019 Elsevier Ltd. All rights reserved.