Financial Dependencies, Environmental Regulation and Pollution Intensity: Evidence From China - HAL-SHS - Sciences de l'Homme et de la Société
Autre Publication Scientifique Année : 2019

Financial Dependencies, Environmental Regulation and Pollution Intensity: Evidence From China

Résumé

We study how a bank's involvement in a firm's financing may be in line with environmental policies pursued by the Chinese central government. Specifically, we evaluate the effectiveness of credit reallocation away from polluting projects when the government imposes stringent environmental policies. We combine the industries' financial dependencies with time, including cross-cities variation in policy intensity to identify the causal effect on the sulfur dioxide (SO2) emission. We find that SO2 emissions are lower in industries with high reliance on credits and stricter environmental regulations. Furthermore, our results suggest that locations with strong environmental policies lead firms to seek funding in less regulated areas, which confirms the pollution haven hypothesis.
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Dates et versions

halshs-02423350 , version 1 (24-12-2019)

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  • HAL Id : halshs-02423350 , version 1

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Mathilde Maurel, Thomas Pernet, Zhao Ruili. Financial Dependencies, Environmental Regulation and Pollution Intensity: Evidence From China. 2019. ⟨halshs-02423350⟩
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