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
Yangjie Liao, Xiaokun Zhou
Tags
Green Credit Guidelines
ESG performance
polluting enterprises
green innovation
crowding out effect
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