Environmental Regulation and Sustainable Growth of Enterprise Value: Mediating Effect Analysis Based on Technological Innovation

Jingjing Qian, Chao Chen () and Yun Zhong
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Jingjing Qian: School of Economics and Management, Nanchang University, Nanchang 330031, China
Chao Chen: Economic and Management College, West Anhui University, Lu’an 237012, China
Yun Zhong: School of Management, Xiamen University, Xiamen 361005, China

Sustainability, 2022, vol. 14, issue 21, 1-16

Abstract: This research aims to analyze the nonlinear relationship among environmental regulation, technology innovation and enterprise value and provide a micro level of enterprise view on environmental regulation. Taking 1714 A-share listed companies in China’s manufacturing industry from 2017 to 2020, a panel regression model was conducted to explore how environmental regulation influences enterprise value. The empirical research results show that: (1) the total effect of environmental regulation on enterprise value is U-shaped and that the technological innovation of enterprises has a partial intermediary effect between environmental regulation and enterprise value; (2) financial flexibility can significantly mitigate the impact of environmental regulations on enterprise value. This study provides a micro-level view of the influencing effect of environmental regulation on enterprise value.

Keywords: environmental regulation; technological innovation; enterprise value; financial flexibility (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2022
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