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Li Z, Wang Y, Huang Z. Risk connectedness heterogeneity in the cryptocurrency markets[J]. Frontiers in Physics, 2020, 8: 243. Chen S, Wang Y, Albitar K, Huang, Z. Does ownership concentration affect corporate environmental responsibility engagement? The mediating role of corporate leverage[J]. Borsa Istanbul Review, 2021. Li Z, Wang Y, Tan Y, Huang, Z. Does corporate financialization affect corporate environmental responsibility? an empirical study of China[J]. Sustainability, 2020, 12(9): 3696. Li Z, Wang Y. Is there a moderate range of impact of financialization on corporate R&D?[J]. Plos one, 2021, 16(6): e0253380.
How to promote renewable energy investment is central to energy transformation and green development. To take China’s “green credit guidelines” policy as a quasi-natural experiment, we investigate the impacts of green credit policy on renewable energy investment. Using the samples of 1021 Chinese listed enterprises during 2007–2017, we find that: Firstly, the introduction of the green credit guidelines has promoted renewable energy investment. Secondly, short-term debts play a mediating role in the impacts of green credit guidelines on renewable energy investment, while long-term debts play a masking role, and financing constraints do not play a significant role. Thirdly, the heterogeneous impacts on renewable energy investment are reflected in different ownerships and enterprise scales, with significant impacts on the state-owned enterprises and small ones.
Kexian Zhang; Yan Wang; Zimei Huang. Do the Green Credit Guidelines Affect Renewable Energy Investment? Empirical Research from China. Sustainability 2021, 13, 9331 .
AMA StyleKexian Zhang, Yan Wang, Zimei Huang. Do the Green Credit Guidelines Affect Renewable Energy Investment? Empirical Research from China. Sustainability. 2021; 13 (16):9331.
Chicago/Turabian StyleKexian Zhang; Yan Wang; Zimei Huang. 2021. "Do the Green Credit Guidelines Affect Renewable Energy Investment? Empirical Research from China." Sustainability 13, no. 16: 9331.
This paper examines the effect of ownership concentration on engagement in corporate environmental responsibility (CER) in time and spatial dimensions. The time dimension focuses on the macroeconomic environment, in particular, periods of rapid and moderate-speed economic growth. The spatial dimension focuses on industry characteristics and different types of ownership (state or private). Further, it explores the mediating role of corporate leverage using panel regression models and stepwise regression with a sample of Chinese A-share listed companies over the period 2008-2016. The results show that ownership concentration has a significantly negative effect on CER. In addition, when we consider the macroeconomic growth rate, ownership type, and industry characteristics, the effect is heterogeneous. In periods with rapid economic growth, ownership concentration has a significantly negative effect on CER whereas it is not significant in a period with moderate economic growth. Further, the negative effect exists at state-owned and non-state-owned companies and at non-heavy-polluting industries. Corporate leverage has a partial mediating effect between ownership concentration and engagement in CER.
Shuanglian Chen; Yan Wang; Khaldoon Albitar; Zhehao Huang. Does ownership concentration affect corporate environmental responsibility engagement? The mediating role of corporate leverage. Borsa Istanbul Review 2021, 1 .
AMA StyleShuanglian Chen, Yan Wang, Khaldoon Albitar, Zhehao Huang. Does ownership concentration affect corporate environmental responsibility engagement? The mediating role of corporate leverage. Borsa Istanbul Review. 2021; ():1.
Chicago/Turabian StyleShuanglian Chen; Yan Wang; Khaldoon Albitar; Zhehao Huang. 2021. "Does ownership concentration affect corporate environmental responsibility engagement? The mediating role of corporate leverage." Borsa Istanbul Review , no. : 1.
This paper explores the effects and mechanisms of corporate financialization on corporate environmental responsibility (CER), using panel regression and the panel quantile regression model. The data is from 484 Chinese A-share non-financial listed companies, over the period 2008–2015. Some valuable results were achieved, as follows. Firstly, corporate financialization has a significantly negative impact on CER. We attribute this fact to the hard constraint of shareholder value maximization and the soft constraint of CER by taking an extrinsic analysis. Moreover, this negative impact shows heterogeneity. As the CER level increases, the remarkable restraint taken by the corporate financialization on CER is gradually weakened. This results in the corporation aiming not only at the shareholder value maximization, but also at the social effect, rather than only the former. In addition, the effect of the moderating role played by corporate leverage and ownership concentration in the influence of corporate financialization on the CER is captured in different kinds of corporations, while different performances are shown.
Zhenghui Li; Yan Wang; Yong Tan; Zimei Huang. Does Corporate Financialization Affect Corporate Environmental Responsibility? An Empirical Study of China. Sustainability 2020, 12, 3696 .
AMA StyleZhenghui Li, Yan Wang, Yong Tan, Zimei Huang. Does Corporate Financialization Affect Corporate Environmental Responsibility? An Empirical Study of China. Sustainability. 2020; 12 (9):3696.
Chicago/Turabian StyleZhenghui Li; Yan Wang; Yong Tan; Zimei Huang. 2020. "Does Corporate Financialization Affect Corporate Environmental Responsibility? An Empirical Study of China." Sustainability 12, no. 9: 3696.