The Effects of Environmental Regulation on Corporate Performance: A Chinese Perspective

Vikash Ramiah, Jacopo Pichelli () and Imad Moosa ()
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Vikash Ramiah: School of Commerce, University of South Australia, RM 3.42, 37-44 North Terrace, Adelaide 5000, Australia
Jacopo Pichelli: Dipartimento di Ingegneria Gestionale, Politecnico di Milano via Lambruschini 4/b, Milano, Italy
Imad Moosa: School of Economics, Finance and Marketing, RMIT, 445 Swanston Street, Melbourne, Victoria 3000, Australia

Review of Pacific Basin Financial Markets and Policies (RPBFMP), 2015, vol. 18, issue 04, 1-31

Abstract: This paper presents empirical evidence on the effects of environmental regulation announcements on corporate performance in China when performance is proxied by stock returns. While some results indicate the effectiveness of environmental regulation, others point to the opposite. The perverse results are explained in terms of the lack of enforcement of environmental regulation, which is attributed to legislative shortcomings, poorly designed policy instruments, an unsupportive work environment for environmental regulators, a pro-growth political and social environment, and a cultural predisposition to harmony and consensus-building among those involved in the process.

Keywords: Environmental regulation; event study; abnormal returns; systematic risk (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (9)

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DOI: 10.1142/S0219091515500265

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