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Long-term economic consequences of corporate environmental responsibility: Evidence from heavily polluting listed companies in China

机译：公司环境责任的长期经济后果：来自中国污染上市公司的证据

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摘要

In this study, we aim to investigate the long-term economic consequences of corporate environmental responsibility (CER) by companies from the perspective of earnings persistence and investors' response. Based on firm-level data of 1,010 heavily polluting listed companies in China, the empirical results are as follows. First, the CER of China's heavily polluting listed companies has significantly improved their earnings persistence, that is, earnings quality. Second, the positive long-term economic effect of CER has been achieved through two paths: improving companies' operational efficiency and reducing their credit costs. Third, CER increases investors' response to heavily polluting companies' accounting earnings. Moreover, state-owned listed companies achieve more significant positive long-term economic effects from CER than others. The results suggest that heavily polluting companies should correctly identify the long-term value of CER rather than pay excessive attention to the impact of CER on their current costs and benefits.
机译：在这项研究中，我们的目标是从盈利持久和投资者的反应的角度来调查公司环境责任（CER）的长期经济后果。基于在中国的1,010级污染污染的公司级别数据，实证结果如下。首先，中国重量污染的上市公司的公司已经大大提高了他们的盈利持久性，即盈利质量。其次，通过两条路径实现了CER的正长期经济效果：提高公司的运营效率并降低信贷成本。第三，CER增加了投资者对大量污染公司会计收益的回应。此外，国有上市公司从CER实现了比其他公司更大的积极长期经济影响。结果表明，严重污染公司应正确识别CER的长期价值，而不是过度重视CER对当前成本和福利的影响。

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