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Corporate innovation legitimacy is the key guarantee for listed companies to obtain returns from innovation activities. The purpose of this paper is to investigate the effect of analyst coverage on corporate innovation legitimacy based on effective supervision hypothesis and market pressure hypothesis. Moreover, it examines the moderating effect of analyst coverage characteristics, individual corporate behavior, external governance mechanism on the relationship between analyst coverage and corporate innovation legitimacy. The hypotheses are tested using a data set of Shanghai and Shenzhen A-share listed companies from China Research Data Service Platform (CNRDS) database, Hexun.com and CSMAR database. To overcome sample selection bias and reverse causality, this paper conduct robustness test using propensity score matching, lag variable, substitution variable and sample reduction to ensure the reliability of the research conclusions. Findings show that analyst coverage can effectively improve the innovation legitimacy of listed companies. In addition, based on the heterogeneity of the above relationship in different contexts, further research finds that the depth of analyst tracking, and the assessment of analyst optimism strengthen the positive impact of analyst coverage on innovation legitimacy. The implementation of green social responsibility brings a good reputation for the company, thereby helping analysts to focus on improving the legitimacy of innovation; In the market environment with relatively perfect external governance mechanism, the stronger the effect of analyst coverage on corporate innovation legitimacy. Prior studies mostly considered the R&D investment and other factors to overlook how other dimensions influence companies from the perspective of quantity. The research conclusion confirms the significance of analyst coverage as an external corporate governance mechanism, further enriches the theoretical research framework of innovation legitimacy, and has certain reference value for the improvement of innovation quality of listed companies. [ABSTRACT FROM AUTHOR]

To achieve its carbon peak and neutrality targets, China is in need of balancing environmental and economic sustainability; In addition, whether environmental regulations can gain economic dividends while protecting the environment is particularly important. Based on the data of A-share listed companies in Shanghai and Shenzhen from 2012 to 2021, this study takes China's environmental fee-to-tax as a quasi-natural experiment, and adopts the difference-in-difference-in-differences model to evaluate the impact of environmental tax on enterprises' total factor productivity (ETFP). The results show that the environmental fee-to-tax significantly hinders the growth of ETFP. Further, this negative impact mainly stems from the fact that the reform prompts enterprises to choose strategic innovation and conduct greenwashing behavior. Furthermore, when considering enterprises' heterogeneity, we find that enterprises with large scale, high investment efficiency, state ownership, high market competitiveness and located in western regions are more resistant to policy shocks. This paper provides reliable empirical evidence and useful policy implications for further formulating environmental tax policies to accomplish the "win-win" goal for both the environment and the economy. [ABSTRACT FROM AUTHOR]

Stimulating enterprises to implement environmental management system certification (EMSC, that is to say ISO14001 certification) to the greatest extent and resolving their obstacles in time are the basis for promoting green development of enterprises. Using the full samples of Shanghai and Shenzhen A-share listed industrial enterprises from 2010 to 2019, and employing the Logit model and Propensity Score Matching method (PSM), this paper empirically analyzes the motivations and obstacles for Chinese enterprises to implement EMSC certification, further explores the transformation between advantages and disadvantages under certain conditions, and the differentiation characteristics among enterprises under different social responsibility, property rights and enterprise size. The results show that: ① There is a "U"-shaped relationship between corporate social responsibility and EMSC, and the social responsibility of non-state-owned enterprises could realize the transformation from obstacle to motivation earlier than that of state-owned enterprises. ② There is an inverted "U"-shaped relationship between environmental regulation and EMSC, precisely speaking, this inverted "U"-shaped relationship only exists in non-state-owned enterprises, large-scale enterprises and enterprises with high social responsibility. ③ The public environmental awareness could promote enterprises to implement EMSC, and would strengthen the impact of environmental regulations on enterprises' implementation of EMSC. ④ Based on Propensity Score Matching method, it is concluded that Chinese enterprises indeed improve their environmental performance rather than their financial performance by EMSC. The conclusions provide helpful practical guidance for comprehensively revealing the motivations and obstacles for China's enterprises to implement EMSC. [ABSTRACT FROM AUTHOR]

Green technology innovation is the principal approach to cleaner production and achieving sustainable development. This paper focuses on the impact of the synergy effect between external government subsidies and internal slack on green technology innovation, as well as the moderating role of ownership concentration in this process. Using China's data of the high-tech enterprises listed in Shanghai and Shenzhen from 2011 to 2016, the hypotheses are tested based on the fixed effect model of negative binomial distribution. The results suggest that: a) the synergy of government subsidies and unabsorbed slack effectively improves the enterprises' green technical innovation, while the synergy of government subsidies and absorbed slack negatively affect the enterprises' green technical innovation; and b) ownership concentration positively moderates the relation between green technology innovation and the synergy of government subsidies and unabsorbed slack with a inverted U-shaped curve, while there is no significance in their absorbed slack counterparts. Moreover, the baseline conclusions are applicable to non-state-owned enterprises, while they differ in state-owned enterprises regarding the property heterogeneity: the synergistic effect between government subsidies and absorbed slack has no significance on the green technology innovation of these state-owned enterprises; and the ownership concentration positively moderates the relation between green technology innovation and the synergy of government subsidies and unabsorbed slack with a U-shaped curve. Thus, an integrated framework of public supported resources, internal resources and the ownership concentration is built to optimize the allocation of external and internal resources for enterprises to develop green new technologies and ultimately promote the sustainability of the environment. This paper focuses on the impact of synergy effect between external government subsidies and internal slack on green technology innovation, as well as the moderating role of ownership concentration in this process. Image 1 • Systematically integrates external subsidies, internal slack resources, ownership concentration and green technology innovation. • The synergy between subsidies and slack resources on green technology innovation is moderated by ownership concentration. • Both absorbed slack and unabsorbed slack are readily recombined with subsidies to promote green technology innovation. • The relationship among subsidies, slack resources, equity and green technology innovation is heterogeneous in property. [ABSTRACT FROM AUTHOR]

Carbon prices are low and fluctuate greatly since Chinese carbon emissions trading scheme pilots were operated. This paper discusses the price drivers in the pilots, using structural breaks test and autoregressive distributed lag model. The results indicate that oversupply of allowances, low auction prices and use of China certified emission reductions will cause remarkable decline on carbon prices; the expansion of carbon market and centralized trading will rise carbon prices. Oil prices are positively correlated with carbon prices, and coal prices are negatively related with carbon prices. Carbon-intensive product prices also affect carbon prices. Chemical prices are positively linked with carbon prices in Shenzhen, while negatively related with those in Beijing and Shanghai, for differences in sectoral coverage. Nonferrous prices have positive impacts on carbon prices in Beijing but negative impacts on those in Shenzhen, for differences in industrial structure. Financial markets and weather have limited impacts on carbon prices. Our results provide policy implications for the development of pilots and the national carbon market. [ABSTRACT FROM AUTHOR]