This study investigates the impact of China's 2012 Green Credit Guidelines on the Environmental, Social, and Governance (ESG) performance of polluting enterprises listed on the Chinese A-share market from 2009 to 2019. Using a difference-in-differences model, the study finds that the policy significantly hinders ESG performance due to a "crowding out effect," reducing green innovation and impacting ESG improvements, particularly for non-state-owned enterprises. The study proposes strategies to transform the dual effects (restriction of financing and crowding out of resources) into dual benefits.
Publisher
Humanities & Social Sciences Communications
Published On
Aug 28, 2024
Authors & Affiliations
Yangjie Liao (School of Public Policy and Administration, Chongqing University, Chongqing 400044, China), Xiaokun Zhou (School of Public Policy and Administration, Chongqing University, Chongqing 400044, China)
Tags
Green Credit Guidelines
ESG performance
polluting enterprises
green innovation
crowding out effect
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