Corporate environmental governance scheme and investment efficiency over the course of COVID-19

Haiyue Liu, Jie Jiang, Rui Xue, Xiaofan Meng and Shiyang Hu

Finance Research Letters, 2022, vol. 47, issue PB

Abstract: Taking the COVID-19 outbreak as the exogenous shock, we use quarterly reports of Chinese listed firms to examine whether enhanced environmental governance scheme improves corporate investment efficiency over the course of COVID-19. The results show that after the outbreak, firms with greater environmental governance scheme experience more efficient investments, with this effect being more pronounced in non-state-owned enterprises, firms unlisted as key pollution-monitoring units, and firms with higher financial constraints. The results are robust to a battery of robustness checks. These findings provide new evidence on the importance of environmental governance in reaping economic benefits and resilience during crisis times.

Keywords: COVID-19; Environmental governance; Investment efficiency; Crisis resilience (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (18)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:47:y:2022:i:pb:s1544612322000502

DOI: 10.1016/j.frl.2022.102726

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