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The chemical oxygen demand (COD) emissions from the pulp and paper industry in China have declined continuously since the tighter COD discharge standards were implemented in 2008. Using firm-level data from 2003 to 2013, we investigate how China's pulp and paper firms would respond to the tighter COD discharge standards with a difference-in-differences design. We find that the tighter COD discharge standards have significant causal effects to induce the pulp and paper firms to reduce their COD emissions primarily through adopting cleaner production. However, the effectiveness of the tighter COD discharge standards depends on monitoring and enforcement activities as well as other regulations accompanying with the tighter COD discharge standards, all of which have become strengthened since China's 11th Five-Year-Plan (FYP, 2006–2010). While strengthened environmental regulations since the 11th FYP are from the top leadership of the Chinese government in order to deal with the increasing environmental degradation, the underlying driving force of the strengthened environmental regulations is from the household demand for better environmental quality as income increases. This study enriches literature not only on firms' responses to environmental regulations in developing countries but also on environmental regulations and technology adoption as well as environmental enforcement and compliance. [ABSTRACT FROM AUTHOR]

Using a panel data set from 2007 to 2019, we empirically evaluate the impact of carbon capture, utilization, and storage (CCUS) technology innovation on green total factor productivity (GTFP). The findings show that (1) CCUS technology innovation significantly improves GTFP. (2) CCUS technology innovation significantly contributes to GTFP by promoting industrial structure upgrading and carbon emissions efficiency. (3) Environmental regulation plays a positive moderating role in the nexus between CCUS technology innovation and GTFP. The findings of this paper provide guidance for China to achieve green energy transition and build a green energy system. [ABSTRACT FROM AUTHOR]

More attention has been paid to environmental regulation of greenhouse gas emissions in the energy industry under the transformation of industrial structure. This paper takes microdata of Chinese energy enterprises from 1998 to 2012 as a sample to build a duty-sharing model, analyzes the effect of environmental regulations on the industrial chain, and explains the "double growth" phenomenon that occurred in China, which is nothing short of miraculous in terms of the environment and economy. In the industrial chain, the environmental obligations and responsibilities will be shared between upstream and downstream enterprises due to trade linkages. This paper finds that environmental responsibilities will move forward through the industrial chain when environmental regulations are strengthened. Downstream companies will loosen "relative" control constraints, thereby expanding output but increasing demand for upstream products. Different from the existing research, we claim that, since environmental regulation has a differential effect on the industrial chain, it will promote the growth of output in the entire chain, in contrast to the theory of "cost compliance", which claims that environmental regulation will inevitably lead to the output. Based on this research, this paper puts forward some suggestions and insights on how the government implements environmental regulations. [ABSTRACT FROM AUTHOR]

Currently, digital transformation is having various impacts on enterprises around the world, including the green innovation. However, the current literature on the relationship between digitalization and green innovation in enterprises is scarce. What is the relationship between them, and whether heterogeneous environmental regulation has mediating effects, are questions that are worth exploring. Using a sample of listed manufacturing enterprises in China, this paper empirically tests the impact of digital transformation on enterprise green innovation. The results show that: (1) Digital transformation has a significant positive impact on green innovation, including green innovation output and green innovation capability. (2) Diverse environmental regulation may have mediating effects of digital transformation's influence on green innovation. (3) After a number of robustness tests, the conclusions are still valid. This paper can provide a reference for developing green development strategies for manufacturing enterprises. [ABSTRACT FROM AUTHOR]

This paper uses an SBM-GML index model to assess Green Total Factor Productivity (GTFP) in China’s carbon-intensive sectors and conducts an empirical investigation into which factors influence GTFP in these sectors. The GTFP in the carbon-intensive sectors experienced a decline between 2006 and 2011, followed by an upward trend beginning in 2012. Technological progress was the primary driver of GTFP growth, while business size was also a notable contributor. Irrational energy structures negatively influenced the high-quality development of the carbon-intensive sectors, and environmental regulation and foreign direct investment (FDI) have not yet significantly impacted GTFP. Based on these findings, this paper suggests that the carbon-intensive sectors should expedite their green transitions by focusing on system improvement, technological innovations, energy revolutions, and high-level opening up. [ABSTRACT FROM AUTHOR]

The government's environmental protection policy can significantly contribute to alleviating resource shortages and curbing environmental pollution, but the impact of various policy instruments implemented by the government on energy efficiency is unclear. Based on the panel data of 30 provinces in China from 2005 to 2021, this paper analyses the impact of environmental regulation and the industrial structure on energy efficiency from the perspective of resource taxes. The U-shaped relationship between environmental regulation and energy efficiency and between the optimization of industrial structure can significantly improve energy efficiency, and the optimization of industrial structure is conducive to weakening the initial inhibitory effect of environmental regulation. In addition, the analysis of regional heterogeneity showed that the impact of environmental regulation was stronger in the central and western regions, while the impact of industrial structure was stronger in the eastern and western regions. The conclusions of this study can help to expand the understanding of the relationship between environmental regulation and industrial structure on energy efficiency, provide policy enlightenment for the realization of green development and high-quality development, and provide Chinese examples and experiences for developing countries to improve energy efficiency. [ABSTRACT FROM AUTHOR]

Introduction: Reducing carbon emissions from agriculture is essential to ensuring food security and human prosperity. As a country with approximately 20% of the global population, China has begun actively practicing the lowcarbon agricultural development conception. Against the backdrop of disruptive technologies that continue to be integrated into various industries, the massive application of agricultural robots has opened the way to intelligent agriculture. This paper tries to answer whether there is some non-linear nexus between the application of agricultural robots and agricultural carbon emissions in China. As an essential tool for carbon emission reduction in China, does environmental regulation moderate the nexus between agricultural robot applications and agricultural carbon emissions? If so, how does this effect manifest itself? Methods: This work takes China as an example by collecting macro-regional panel data from 30 provinces from 2006 to 2019. The environmental Kuznets curve theory is extended to agricultural carbon emissions, and we carried out empirical tests utilizing the panel fixed effects model and the moderating effects model. Results: This study verifies the inverted U-shaped nexus between agricultural robotics applications and agricultural carbon emissions in Chinese provinces, i.e., the agricultural carbon emissions (ACE)-Kuznets curve holds. The higher the level of formal environmental regulation, the larger the peak of the ACE-Kuznets curve and the more the inflection point is pushed back. The higher the level of informal environmental regulation, the lower the peak of the ACE-Kuznets curve and the later the inflection point. Discussion: The findings in this paper represent the first exploration of the environmental Kuznets curve in agricultural carbon emissions. It is noteworthy that the moderating effect of formal environmental regulation does not lower the peak of the curve as we expect. This appearance is attributed to the reality that China is still in a phase of rising agricultural carbon emissions, which is exacerbated by the overlapping positive effects of agricultural robotics applications and formal environmental regulations. Informal environmental regulation is more effective than formal environmental regulation in reducing agricultural carbon emissions at this stage. [ABSTRACT FROM AUTHOR]

Based on measuring the green transformation of heavily polluting enterprises based on the sub-dimensions of green strategy and green action, we empirically analyze whether and how bank digitization affects the green transformation of enterprises by using the data of China's A-share heavily polluting enterprises from 2010 to 2021. The findings show that 1) bank digitization has a significant positive effect on firms' green transformation; 2) bank digitization promotes firms' green transformation by alleviating firms' financing constraints and improving firms' ESG performance; 3) governmental environmental regulations and media attention positively moderates the relationship between bank digitization and firms' green transformation; and 4) bank digitization is more likely to promote the green transformation of firms that are highly digitized, non-state-owned firms, and enterprises in the eastern region; 5) the sub-dimension test shows that bank digitization has significant differences on different dimensions of green transformation. The above analysis shows that bank digitization should be deeply integrated with the green transformation of enterprises, and the former should be deeply embedded in supervising, forcing and empowering enterprises to upgrade environmental protection technology and sewage treatment, and the regulator should formulate a more detailed environmental protection disclosure program to realize the consistency "words" and "deeds" of the green transformation of enterprises. [ABSTRACT FROM AUTHOR]

Amidst growing environmental challenges linked to coal dependence, fostering green innovation in new energy enterprises is vital for sustainable development in China. Although there have been studies on green innovation of new energy enterprises in recent years, few studies have been conducted from the perspective of ESG, whether informal environmental regulation represented by ESG can stimulate the green innovation of new energy enterprises is of great significance to China's construction of a low-carbon and secure energy system. In this paper, from the perspective of informal environmental regulation, based on the ESG ratings of SynTaoGreen Finance's first public newenergy listed companies as an exogenous shock, and taking A-share new energy listed companies as a sample from 2010 to 2021, we empirically verified the effect and mechanism of ESG ratings on the green innovation of new energy companies in terms of the quantity and quality of green innovations by utilizing the Staggered Difference-indifference (DID) model. The findings demonstrate that new energy enterprises' green patent numbers and quality are greatly enhanced by ESG grading. However, there is clear heterogeneity in this green innovation effect, which is particularly visible in new energy firms with state-owned enterprise and greater enterprise scales and a higher level of digitization. The Mechanistic findings suggest that ESG ratings drive green innovation by alleviating financial constraints, reducing agency risk, and boosting R&D, thus providing empirical evidence for the development of a green innovation ecosystem in the new energy industry. [ABSTRACT FROM AUTHOR]

The two-part tariff (TPT) policy is implemented as an important initiative to accelerate the marketization of the pumped storage industry and promote its high-quality development. However, it is not clear exactly how the TPT policy affects the productivity of the pumped storage industry. Using the EBM-GML method and the DID model, this paper measures the total factor productivity of the pumped storage industry and explores the impact of the Two-Part Tariff (TPT) policy on its total factor productivity. Based on the samples of 16 provinces in China from 2004 to 2020, we find the following: (1) At present, the total factor productivity of China's pumped storage industry is still at a low level. (2) TPT policy can promote the improvement of total factor productivity, which was strongly supported by the robustness test. Innovation incentive is one of the main mechanisms. (3) The impact of TPT policy on total factor productivity has obvious regional heterogeneity. By geographic location, the TPT policy has little effect on the pumped storage industry's TFP in the eastern region, but it exerts a significant positive role in the central region. By energy affluence, TPT policy effect is stronger in provinces with low energy dependence. By environmental governance, the role of this policy is more obvious in provinces with low environmental regulation but developed green financial market. Finally, some corresponding policy implications have been put forward. [ABSTRACT FROM AUTHOR]

Improving green innovation efficiency (GIE) is the key to achieve high-quality economic development in China, and the introduction of foreign direct investment (FDI) has become an important path choice to promote the GIE. Based on the data of 30 provinces in China, this paper explores the linear and nonlinear effects of FDI on GIE from both quantity and quality perspectives, and further analyzes the mediating role of environmental regulation level. The results show that: (1) From 2011 to 2020, the GIE of all provinces in China generally shows an upward trend. (2) The quantity and quality of FDI have a significant positive impact on the improvement of GIE in China's provinces, and this impact has regional heterogeneity. (3) The quantity and quality of FDI can promote the improvement of GIE in China through the level of environmental regulation (ER). (4) With the level of knowledge accumulation and GIE as the threshold variables, the quantity and quality of FDI have a single threshold effect on the GIE of China's provinces. The conclusions of this study provide some policy implications for local governments to make full use of FDI to perform green innovation activities. [ABSTRACT FROM AUTHOR]

As one of the important forces promoting the development of the marine economy, the marine biomedical industry (MBI) shows typical knowledge and technology-intensive characteristics. It is of great significance to explore the industrial innovation dynamic mechanism for breaking through the bottleneck of innovative development as well as achieving high-quality development. This paper constructed a system dynamics model for scientific and technological innovation (STI) in the MBI and then explored the dynamic mechanism of STI in the industry through simulation. The study found that, in the innovation environment subsystem, the two factors of the intellectual property protection intensity and the government's scientific research funding input had the most significant positive driving effects on STI of the MBI; the promotion of government education funding input showed a significant strengthening trend over time, while the marine environmental regulation intensity had comparatively little effect on the level of STI. In the subsystem of innovation input, both innovation funding input and innovation personnel input were the direct driving forces for the improvement of the STI level. And enterprises played a dominant role in STI because the STI level of the MBI was more sensitive to the changes in enterprise innovation input. Compared with the individual factor input, the synergistic promotion effect of multiple factors is more significant. In addition, it was found that there was a low conversion rate of scientific research achievements in China's MBI by analyzing the influence of various factors changing on technological output and economic output. Based on the research results, this paper puts forward corresponding policy suggestions in order to provide theoretical support and a practical basis for promoting the technological innovation level of China's MBI as well as references for other countries. [ABSTRACT FROM AUTHOR]

Under the trend of synergistic development of digitalization and greening, this paper investigates the impact of enterprise digital transformation on audit fees and its mechanism, by using textual analysis and performing empirical tests on the data of Chinese listed companies from 2007 to 2021. It is found that enterprise digital transformation significantly increases audit fees, and green innovation partially mediates this process. The study results are robust, even after a series of robustness tests. When financing constraints and environmental regulations are low, the mediating role of green innovation between digital transformation and audit fees is more significant. In addition, green innovation has a stronger mediating role between the use of underlying technology and audit fees, while green substantive innovation has a stronger mediating role between digital transformation and audit fees. This study investigates the effect of enterprise digital transformation on audit fees from the standpoint of green innovation. It offers a new perspective on how accounting firms make audit pricing decisions, provides guidance for enterprise digital transformation and green innovation, and gives an opportunity for China to promote the synergistic transformation and development of digitalization and greening to achieve the dual-carbon goal. [ABSTRACT FROM AUTHOR]

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For a long time, China 's extensive economic development model has produced a large amount of emissions, which has brought indelible damage to the environment. Green development is of vital importance for China to achieve high-quality development, and it is the core of alleviating environmental problems and promoting sustainable development. How to achieve China 's green development requires us to evaluate the level of green development in China 's provinces and analyze the reasons. In this study, an evaluation index system including undesired output of green development efficiency is constructed, and then the Supe-SBM model is used to assess the green development efficiency of 30 Chinese provinces. This paper also discusses the spatial and temporal differences as well as the factors affecting green development efficiency of green development efficiency among provinces. The findings demonstrate: (1) The green development efficiency in the eastern region is the highest, followed by the western region, while the central region has the lowest, but they all show a downward trend. (2) The spatial characteristics of green development efficiency are remarkable, according to the Global Moran's I index. However, the results of local spatial agglomeration demonstrate "small agglomeration and large dispersion," with the majority of provinces exhibiting L-L agglomeration. (3) Technological Progress, Opening Up, Urbanization Level are positively correlated with the green development efficiency. Industrial Structure, Financial Development, Energy Structure and green development efficiency are significantly negatively correlated, while Environmental Regulation shows no significant impact. [ABSTRACT FROM AUTHOR]

Environmental regulations play important roles in enterprises' sustainable entrepreneurship, and their relationships are affected by enterprises' dynamic capabilities. This paper analyzed the panel data of China's new energy industry from 2011 to 2021, aiming to explore the impact of environmental regulations on sustainable entrepreneurship and the mechanism of dynamic capacities between them. The results include: There is an inverted U-shaped relationship between incentive environmental regulation and enterprises' sustainable entrepreneurial performances, and there is a positive relationship between command environmental regulations and enterprises' sustainable entrepreneurial performances; Both absorptive capacity and innovative capability of dynamic capacities negatively moderate the inverted U-shaped relationship between incentive environmental regulations and sustainable entrepreneurial performances, and negatively moderate the positive relationship between command environmental regulations and sustainable entrepreneurial performances. The results highlight the importance of dynamic capabilities for new energy enterprises, and provide a certain enlightening effect on the formulation of environmental regulation policies, as well as the application of enterprises' dynamic capabilities. [ABSTRACT FROM AUTHOR]

Based on the panel data of provincial units in China from 2000 to 2020, this paper uses the entropy method to calculate agricultural environmental regulation level in China from the perspectives of afforestation projects, water conservancy projects and environmental protection projects. Then, this paper calculates agricultural non-point source pollutant emissions in China by using the unit survey and evaluation method, and calculates agricultural green productivity growth in China by using the SBM directional distance function and Luenberger productivity index. On this basis, the influence of environmental regulation on agricultural green productivity growth in China and its mechanism are empirically analysed. The results show that:(1) During the sample period, agricultural environmental regulation level and agricultural green productivity growth increased significantly, while the emission density of agricultural non-point source pollution decreased significantly; (2) On the whole, environmental regulation significantly promoted agricultural green productivity growth in China, which was mainly reflected in the promotion of agricultural green technology progress change; (3) Environmental regulation can significantly promote agricultural green productivity growth in China through the channel of agricultural innovation investment. The innovation of this paper lies in the measurement of agricultural environmental regulation, and the analysis of the moderating effect of agricultural innovation investment on the impact of environmental regulation on agricultural green productivity growth in China. The research conclusions of this paper verify the 'Porter Hypothesis' theory in the field of agriculture, and have guiding significance for China to promote agricultural green productivity growth by relying on environmental regulation. [ABSTRACT FROM AUTHOR]

• Designed a micro-governance framework of multi-government environmental regulation (ER) synergy. • Developed a synergistic-based measure to quantify the degree of heterogeneous multi-government ER synergy. • Heterogeneous multi-government ER synergy has dissimilar impacts on corporate environmental responsibility (CER). • Financing constraints and executives' attention to CER play mediating roles in the mechanism. • The impact of multi-government ER synergy is heterogeneous among different types of firms. The United Nations Development Programme (UNDP) calls for enhanced global efforts to achieve the 17 sustainable development goals by 2030, highlighting the crucial role of corporate environmental responsibility (CER) in advancing global sustainability. As a significant participant, China is leveraging its government-led environmental regulation (ER) system, which has a multi-level and multi-sectoral structure, to effectively combat climate change. However, the effect of this ER system, especially collaborative efforts among multiple government subjects, on CER remains unknown. Thus, this paper is the first attempt to investigate the effect and underlying mechanisms of multi-government ER synergy on CER from the perspective of government subject synergy. Using a dataset of Chinese A-share listed manufacturing firms from 2010 to 2021, this study finds the following. First, multi-government ER synergy boosts CER. Direct ER synergy, stemming from joint policy-making across departments, encourages CER in end-of-pipe governance. Indirect ER synergy, arising from administrative hierarchy constraints among multi-level governments, fosters CER in front-end governance. Second, financing constraints and executives' attention to CER are two key channels through which multi-government ER synergy influences CER. Third, firms with political connections, those in heavily polluting industries, or those located in central and western regions adopt more proactive CER strategies under multi-government ER synergy. This paper expands research on government collaborative governance from the regional macro-perspective to the micro-firm level, providing valuable insights for countries worldwide, particularly emerging economies that share similar characteristics with China, to contain rapidly growing environmental challenges and advance global sustainability. [ABSTRACT FROM AUTHOR]

This paper sheds light on the effectiveness of a concrete target-based performance evaluation system (TPES) for localities in enhancing local environmental enforcement in China. We conduct a difference-in-differences (DID) specification and exploit unique firm-level data to investigate the effects of the TPES on SO2 emission reduction through the Two control Zones (TCZ) policy. The results suggest that the TPES significantly reduces SO2 emissions of firms located at the TCZ cities, both in extensive and intensive margins. We also find that the treatment effects vary largely across enterprise sizes, ownership types, and local economic development. Our findings further verify how the long-standing distortions in the decentralized implementation of nationwide environmental regulations in China are remedied with a proper performance evaluation system. [ABSTRACT FROM AUTHOR]

In this paper, we aim to analyze the behavior of developed-country acquiring firms in dealing with Cross-Border Mergers and Acquisitions location choices at both national and sub-national levels with the impact of carbon risk and heterogeneous environmental regulations (Government, Civil, and Market Environmental regulations) and to explore their Cross-Border Mergers and Acquisitions performances under different situations. A sample of 874 intra-manufacturing Cross-Border Mergers and Acquisitions completed by developed-country acquirers and conducted in developed countries and China during 2002–2021 was analyzed using logistic regression and multiple linear regression. The results show that: (1) Acquirers with higher carbon risks tend to choose China rather developed country as the target location, while this relationship is not strengthened by the home country's high-level environmental regulations; (2) At the sub-national level, Chinese provinces' government environmental regulations cannot impede acquirers to enter; what's more, the civil environmental regulations even attract these acquirers, this is particularly the case if the acquirer has high carbon risk; (3) Acquirers with higher carbon risks can achieve more performance, no matter whether they choose China as the target country. Our findings add insight into the effect of carbon risks on companies' decisions and the unique characteristics of the heterogeneous environmental regulations in China. What's more, implications are provided for Chinese regulators and policymakers, e.g., listening to the public opinion, improving the governance quality, and attracting foreign investors to help domestic industry upgrading and maintain long-run economic growth. [ABSTRACT FROM AUTHOR]

In the information era, effective environmental protection cannot be achieved without public concern. In this paper, public environmental concern (PEC) is subdivided into public concern about environmental pollution (PCEP), environmental regulations (PCER), and green behavior (PCGB). Based on the data set of the listed companies in China from 2011 to 2019 and the Baidu Index, we examine the influence of the three types of PECs on enterprises' environmental protection investment (EPI) in their different stages of the enterprise life cycle. It was found that three types of PECs have a significant impact on EPI, with PCER having the greatest effect. The impact of PEC varies at stages of the enterprise life cycle, and only in the growth stage, the three kinds of PECs play a significant role in promoting enterprises' EPI, while not in the maturity and the decline stages. Heterogeneity analysis shows that this positive effect is only significant for enterprises without ISO14001 certification and those in western China; PCER can significantly promote capitalized environmental investment, while PCEP can significantly promote expensed environmental investment. The findings can help to clarify the key role of the public in supervising the enterprises' environmental protection behavior and provide a decision-making basis for enterprises to dynamically adjust their environmental investment strategies in the whole life cycle. [ABSTRACT FROM AUTHOR]

The behaviors of local governments can affect the enforcement of environmental regulations. Environmental regulation can influence the behaviour of energy-intensive enterprises. This paper examines the relationship between local government competition, environmental regulation and the investment efficiency of high energy consuming firms using a basic panel regression and moderating effects model based on data from 2011-2020 for high energy consuming firms in China. The paper found that local government competition and environmental regulation can promote increased investment efficiency in energy-intensive firms in the short term. However, environmental regulation is not beneficial to investment efficiency in the long run. Local government competition plays a positive moderating role in the impact of environmental regulation on the investment efficiency of high energy consuming firms. There is a threshold effect on the role of local government competition. When the level of government competition exceeds 2.097, it has a negative impact on the investment efficiency. We further test for heterogeneity and we find that this promotion effect is also more obvious in areas with high environmental taxes and low marketability. Finally, we provide constructive suggestions for the development of government and the improvement of the investment efficiency of high energyconsuming firms. [ABSTRACT FROM AUTHOR]

Researches on the Porter hypothesis have paid more attention to the effect of the external constraint force of environmental regulation on green total factor productivity (GTFP), while ignoring the effect of internal force of market competition on GTFP. Using the panel data of Chinese manufacturing industries, this paper measures China's GTFP with the global frontier MML index which is based on the EBM model. The paper then studies the effect of environmental regulation and market competition on GTFP. The combined effect of environmental regulation and market competition on enhancing GTFP is further investigated. The results are as follows: 1) The GTFP of the manufacturing industry has progressed during the study period and the progress of green technology plays a crucial role in promoting GTFP improvement. 2) The environmental regulation and market competition both have an obvious nonlinear effect of U-type on GTFP. Relying solely on the external constraint force of environmental regulation or the internal force of market competition does not promote the improvement of GTFP quickly. 3) As for the combined effect, improving market competition is beneficial to the positive effect of environmental regulation on GTFP. Market competition and environmental regulation show a significant combined positive effect, accelerating the arrival of environmental regulation inflection point. Thus the rapid improvement of GTFP requires the combined effect to be effectively exerted. However, only when the level of environmental regulation is strong or the level of market competition is high can a combined positive effect appear. The conclusion provides China with a meaningful reference for better implementing the policy of environmental regulation and market-oriented reforms to promote green economic transformation. [ABSTRACT FROM AUTHOR]

Green investment is crucial to achieving the green transformation goal. Under increasingly strict environmental protection laws and regulations, whether it can induce the "Porter Hypothesis" effect and stimulate the green investment of enterprises is still controversial. This paper takes the China's new environmental protection law (NEPL) as a quasi-natural experiment, uses the green investment data of listed companies in China's heavy pollution industry, and applies the method of propensity score matching and difference-in-difference (PSM-DID) to verify whether the implementation of the law conforms to the "strong Porter Hypothesis." The results show that as a strict command-and-control environmental regulation tool, the implementation of NEPL has significantly promoted corporate's green investments in heavily polluting industries. The implementation of the NEPL guides to more standardized environmental disclosure regulation, stricter environmental enforcement, and severer financial constraints, and thus propel corporate's green investment. In addition, heterogeneity analysis indicates that the effect of NEPL is more significant in those samples of enterprises located in the regions with higher industrial concentration degree or with higher level of government environmental governance, enterprises of small and medium type, and enterprises with better financial performance and higher degree of equity incentive. To achieve the carbon peaking and carbon neutrality goals, this paper provides evidence to test whether "Porter Hypothesis" is established in transition economies from the view of environmental investment and provides reference for how developing country can further enrich their environmental regulation system and optimize enterprise's environmental protection strategies. [ABSTRACT FROM AUTHOR]

This paper estimates the effect of the closure and relocation of chemical enterprises along the Yangtze River on housing prices in China. With a difference-in-differences (DiD) model and detailed data on polluting enterprises, house transactions, and environmental complaints, we find that environmental regulation led to a 1.7% increase in housing prices and a 43.3% reduction in perceived environmental risks, as measured by environmental complaints from surrounding residents. In addition, we observe a greater change in property values among taller buildings than among shorter buildings. This paper elucidates how developing countries can benefit from environmental regulation by influencing residents' risk perceptions. [ABSTRACT FROM AUTHOR]

Using the panel data of 31 provinces in China between 2000 and 2018, this study theoretically and empirically analyses the impact of environmental regulations on the adjustment of the agriculture industrial structure from the perspectives of rationalisation and optimisation. Overall, variability in the impact of environmental regulation on the adjustment of the agricultural industrial structure is identified: a negative influence on the rationalisation of agricultural industrial structure and a positive influence on the optimisation of agricultural industrial structure. The impact of environmental regulations on the adjustment of agricultural industrial structure also reflects "large country characteristics": environmental regulations are more significant at the medium and low industrial structure levels. Environmental regulation significantly impacts the rationalisation of agricultural industrial structure in central and western regions and its optimisation in eastern and central regions. Through the panel threshold model test, this paper further finds that the effect of environmental regulations on the adjustment of agricultural industrial structure is not invariant. However, there is a non-linear relationship with significant threshold characteristics. Based on the above results, some countermeasures are suggested. [ABSTRACT FROM AUTHOR]

Due to the increased frequency of extreme weather events and the implementation of the China's dual-carbon target, thermal power companies have been under pressure to construct green infrastructure and to actively pursue low-carbon transformation in response to stricter environmental regulations. This research thus selects 30 listed thermal power enterprises in China as study objects and assesses their green investment efficiency in the low-carbon transition process using three-stage DEA evaluation model with environmental regulation as an exogenous variable. Based on this, a benchmark regression model is used to corroborate the relationship between environmental regulation and green investment. Simultaneously, we carry out analysis to compare the correlation between thermal power firms' green investment efficiency and their focus on green investments. The results show in terms of total efficiency that environmental regulation significantly improves the total efficiency of 80% of thermal power enterprises compared to the absence of this exogenous variable. With the addition of environmental regulation, firms' total efficiency declines gradually in general from 2018 to 2022, with the mean value of efficiency falling by 0.068. In terms of stage-specific efficiency, the efficiency of the green investment stage of the majority of firms is between 0.3 and 0.6, which is much lower than that of the operational stage and the market performance stage. In terms of sub-indicator efficiency, both green investment efficiency and social donation efficiency among thermal power enterprises show obvious polarization, with 30% of them having an efficiency of 1 and 30% less than 0.1. In terms of green investment focus, thermal power unit renovation has a more obvious role in boosting the green investment efficiency of thermal power enterprises than do wind power and photovoltaic projects. Therefore, both governmental departments and thermal power enterprises need to take active measures in order to achieve green transformation from the perspective of green investment efficiency. Through the segmentation of important projects of green investment, this paper provides a reasonable investment direction reference for the sustainable transformation of China's thermal power industry. It also provides a rich and novel theoretical basis for the Chinese government to further improve the relevant environmental protection laws and regulations of thermal power industry. [ABSTRACT FROM AUTHOR]

Environmental regulation would often limit production, causing conflicts between environmental protection and industrial development. The fundamental reason is the weak compatibility between environmental regulation goals and pig production goals. In order to improve the compatibility, this paper analysed how the herd structure adjusts the impact of environmental regulation on pig production based on the rational theory on small farmer. With the use of inter-provincial panel data from 2008 to 2020 in China, a dual moderation effect model is constructed for the empirical analysis. The results show that: (1) Strengthening environmental regulation would inhibit pig production. (2) Herb structure not only affects pig production directly, but also the nonlinear impact of environmental regulation on pig production, which would be used as a specific guideline to improve the compatibility. (3) Moderate adjustment on herb structure would help to weaken the inhibitory effect of environmental regulation on pig production and realize the sustainable development of the pig industry. [ABSTRACT FROM AUTHOR]

Environmental governance in China is a hybrid of mandatory and voluntary regulations in both implementation and enforcement. This paper aims to explore how voluntary environmental regulations (VERs) affect corporate green innovation (CGI) and the role of mandatory environmental regulations (MERs). The study uses panel data of 1,232 Chinese-listed manufacturing firms from 2004 to 2016 and the main findings are: first, VERs have a significant positive effect on CGI. Second, no significant effect has been found of MERs on firms' CGI. Third, in areas where mandatory environmental regulations are weak, voluntary environmental regulation can better serve as a supplement to promote firms' green innovation. The results are robust to a series of sensitivity checks. This study provides evidence that voluntary environmental regulation is more effective in encouraging enterprises to engage in green innovation activities, and it is an important supplement to mandatory environmental regulation. [ABSTRACT FROM AUTHOR]

This paper analyzes the spatial and temporal distribution characteristics of carbon emissions in China's construction industry, and studies the key influencing factors of carbon emission intensity in China's construction industry at the spatial level through spatial spillover effects, so as to reveal the inter-regional influence mechanism. The results show that：the total carbon emissions of China's construction industry are generally on the rise, the carbon emission intensity is generally declining first and then stable, and the carbon emission intensity has intra-regional convergence and inter-regional heterogeneity；the proportion of housing construction industry, the scale of construction industry, regional economic level, environmental regulation, and nationalization rate of construction enterprises have a significant inhibitory effect on the carbon emission intensity, while the technological progress, the regional economic level and environmental regulation have a significant negative spatial spillover effect on the carbon emission intensity. Accordingly, relevant measures to promote the effective emission reduction of the construction industry are proposed. [ABSTRACT FROM AUTHOR]

As the world's largest emitter of carbon, China has implemented a series of environmental regulatory policies to reduce emissions. However, most of these environmental regulations have been at the expense of increased corporate environmental costs. Therefore, research on how to efficiently control these costs is of significant practical importance. This paper uses the China's carbon trading policy (CTP) implemented in 2013 as a quasi-natural experiment, utilizing data from Chinese listed manufacturing firms between 2008 and 2020. Employing a difference-in-differences (DID) model, the study investigates the impact of market-incentive environmental regulatory policies (ERP) on environmental costs. The findings reveal that CTP significantly reduced the environmental costs of firms, confirming the positive and vital role market-incentive ERP can play in environmental protection and cost control. These conclusions remain robust after a series of stability tests. Mechanism analysis suggests that the cost reductions brought by market-incentive ERP are primarily achieved through increasing green innovation. Heterogeneity analysis shows that non-state-owned enterprises (non-SOEs), key polluting firms, firms with lower financial constraints, and firms with lower total production efficiency benefit more from market-incentive environmental regulatory policies. This study provides new empirical evidence for government policy-making aimed at achieving long-term sustainable development. [ABSTRACT FROM AUTHOR]

From a spatial perspective, this paper constructs a spatial Durbin model based on the adjacent weight matrix to analyze the impact of environmental regulation on the development of renewable energy in 30 provinces (autonomous regions and municipalities directly under the Central Government) in China from 2007 to 2020. The results show that (1) both environmental regulation and renewable energy development have positive spatial autocorrelation and form relatively similar spatial agglomeration areas, specifically showing the characteristics of "high-high" agglomeration in resource-rich areas and "low-low" agglomeration in resource-scarce areas. (2) Environmental regulation significantly promotes the development of local renewable energy and has a significant spatial spillover effect on the development of renewable energy in neighboring provinces. (3) The moderating effect results show that renewable energy installed capacity and electricity demand play an inverse moderating role between environmental regulation and renewable energy development. (4) From the perspective of different regions, the impact of environmental regulation on the development of renewable energy is heterogeneous. Based on the research conclusions, this paper finally provides corresponding policy suggestions from three aspects: regional cooperation, technical support, and differentiation. [ABSTRACT FROM AUTHOR]

Environmental protection is receiving more and more attention in China. Chinese government and society have implemented well-designed environmental regulations (ERs). While ERs have economic and environmental implications, whether they favor or stifle technological innovation is uncertain and shows paradoxical tension between different viewpoints. To reconcile it, this paper distinguishes three types of environmental regulations: Command-and-control environmental regulation (CER), market-based environmental regulation (MER), and Public-participation environmental regulation (PER). With data from Chinese A-share listed companies from 2008 to 2017, this study finds that CER and PER favor enterprise innovation, while MER does the opposite. Further analysis suggests that government subsidies positively moderate the influence of MER and PER on enterprise innovation. However, executive political experience negatively moderates the impact of three types of ERs on enterprise innovation. The heterogeneity analysis suggests that ERs' influence varies among enterprises with different life cycles and ownership, and in different regions and industries. [ABSTRACT FROM AUTHOR]

Since the reform and opening-up, China has developed into the world's number one manufacturing country. Meanwhile, China's environmental protection efforts continue to strengthen. So, will changes in the intensity of environmental regulatory policies have an impact on the technological development level and international competitiveness of China's high-tech manufacturing industries? In response to this issue, we have reviewed relevant research in the field of environmental regulation and export technology complexity, and then selected appropriate indicators to quantify the environmental regulation and export technology complexity of high-tech manufacturing industries in different regions of China. Furthermore, the entropy method was used to calculate the intensity of environmental regulations in different regions of China. In the subsequent empirical analysis, based on relevant indicator data from 30 provinces in China, excluding Tibet, from 2006 to 2021, we quantitatively analyzed the impact of China's environmental regulations on the complex export technology of high-tech manufacturing industries. The degree of influence and the robustness of the benchmark regression results was proved through endogeneity testing and robustness testing. The main conclusions are as follows: (1) from 2006 to 2021, China's environmental regulation intensity and the technological complexity of high-tech industry exports have shown an upward trend. (2) The empirical analysis results show that the increase in intensity has a significant "U-shaped" impact on the technological complexity of exports of high-tech manufacturing industries. (3) The "U-shaped" impact of environmental regulation on the technological complexity of exports of high-tech manufacturing industries has regional differences. However, the high-tech manufacturing industry does not show obvious industry differences. (4) Environmental regulations will affect the level of export technology complexity of the high-tech manufacturing industry through foreign direct investment, human capital, and innovative R D investment, which cause indirect effects. Based on those conclusions, this paper has suggested corresponding policy measures and future research directions. [ABSTRACT FROM AUTHOR]

In order to evaluate the effect of market-oriented environmental management measures on regional carbon emission intensity in the pilot areas better, this paper adopts a quasinatural experiment of energy-use rights trading (EURT) policy by using the difference-in-difference method from the perspective of cities in China from 2006 to 2019. The results show that the policy of EURT can significantly reduce regional carbon emission intensity, which varies in different regions and different scales of cities. The main goal of implementing the policy is to reduce regional carbon emission intensity by improving the energy consumption structure and promoting the improvement of industrial structure and green innovation. In addition, the spatial impact of the EURT pilot project is demonstrated by its ability to not only reduce local carbon emission intensity but also decrease carbon intensity in and around the designated areas. [ABSTRACT FROM AUTHOR]

When the incentive mechanism of green finance fails to fully promote green technology innovation in industrial enterprises, local government environmental regulations become an important tool in correcting this market failure. However, due to the "follow the cost" hypothesis, the moderating effect of the local government environmental regulation is heterogeneous. In order to explore the impact mechanism of green finance development on the efficiency of green technology innovation in industrial enterprises, spatial effects as well as the heterogeneous moderating effect of local government environmental regulation, this paper systematically evaluates the development level of green finance in 30 provinces in China from 2009 to 2019. It estimates the efficiency of green technology innovation in industrial enterprises using the super-efficiency SBM model, and empirically analyzes the impact mechanism and moderating effect using the spatial Durbin model. The results show that: (1) green finance not only positively impacts the efficiency improvement of green technology innovation in industrial enterprises but also has significant spatial spillover effects; (2) local government environmental regulation has a nonlinear "inverted U-shaped" moderating effect between the green finance development and the efficiency of green technology innovation in industrial enterprises. Based on the research conclusions, this paper proposes policy recommendations from the perspectives of deepening the regional connectivity of green finance and promoting joint regulation by local governments. [ABSTRACT FROM AUTHOR]

In the context of tightening resource and environmental constraints globally, it is urgent to promote enterprise's green technological innovation through environmental regulation. This paper uses the panel data of Chinese listed companies from 2009 to 2019 to empirically test the relationship between environmental regulation and green technological innovation, and it also explores the transmission mechanism of executive compensation between these two. The main conclusions are as follows: (1) environmental regulation can promote enterprise green technological innovation. (2) Environmental regulation negatively influences the enterprise green technological innovation by reducing executive compensation. (3) The effect of environmental regulation on the promotion of green technological innovation of enterprise is higher in coastal areas than inland areas of China; while the effect of environmental regulation on the promotion of green technological innovation of enterprise is higher in state-owned enterprises than others. [ABSTRACT FROM AUTHOR]

This paper investigates the interaction between corporate environmental responsibility (CER) and corporate financial performance (CFP). Moreover, the moderating effect of environmental regulation and internal control on this relationship is also examined. Based on the panel data of 790 China's A-shares listed companies of heavily polluting industries from 2006 to 2019, the results show that while CFP has a significant positive impact on CER, the positive impact of CER on CFP is not significant. Further analysis reveals that environmental regulation plays a positive moderating role in the impact of CFP on CER, and the positive impact of CER on CFP become significant in higher internal control quality firms. The results indicate that good environmental performance is a consequence of earlier good financial performance, and the costs of implementing sustainable and responsible projects are not always offset by revenues sufficient to generate increases in profit. Our findings suggest that firms should improve the quality of internal control and government should increase environmental supervision to achieve a virtuous circle connecting CER and CFP. [ABSTRACT FROM AUTHOR]

Decoupling of crop-livestock systems increases the risks of pollution, waste of nutrient resources, and biodiversity loss. Crop-livestock integration (CLI) is an effective solution to these problems, and motivating farmers to adopt CLI is the key. Many countries have implemented environmental regulations (ER) aiming to influence farmers' CLI adoption decisions. Based on a field study of 316 hog farmers from Shaanxi Province of China, this paper applies the triple-hurdle model to empirically examine the impacts of economic expectations (EE) and ER on CLI adoption decisions. It also verifies the income effect of CLI. The results are as follows: 90.5% of farmers are willing to adopt CLI, but the adoption rate is only 40.8% and the average integration degree is only 0.236; CLI not been widely popularized. EE and ER promote farmers' CLI adoption significantly, while the impact of interaction between EE and ER on CLI adoption differs. IER weakens the positive impact of EE on farmers' CLI integration degree, which has a "crowding out effect." GER negatively moderates the impact of EE on farmers' adoption willingness of CLI. CER strengthens the positive effect of EE on farmers' adoption behavior and CLI integration degree. CLI increases the farmers' income. These results contribute to our understanding of the mechanisms of CLI adoption decisions and sustainable policy optimization for green agricultural development. [ABSTRACT FROM AUTHOR]

Amidst pressing global needs for environmental protection and sustainable development, the international community expects corporations to play a vital role, balancing profit pursuits with environmental responsibility. As the world's second-largest economy and a manufacturing giant, China's environmental governance and corporate models become a research centerpiece. Using the panel data of Chinese A-share heavy polluting industry listed companies from 2013 to 2020, and adopting the Linear-In-Means Model, this paper proposes for the first time that the corporate environmental financial integration is significantly influenced by the peer enterprises. Further research finds that: 1) Peer effect is more significant in private enterprises than state-owned enterprises. 2)The peer effect of environmental pollution integration of heavily polluting enterprises is sticky, mainly reflected in the effect of focus enterprises following peer enterprises to reduce their own environmental financial integration is stronger than the effect of following peer enterprises to upgrade synchronously. And this kind of stickiness is more significant in private enterprises. 3) The institutional pressure has a role in promoting the peer effect of enterprise environmental financial integration, and more significant in state-owned enterprises. Delving into the dynamics of Chinese enterprises in environmental management and financial strategies serves not only to excavate lessons from China's experience but also contributes to the global reservoir of wisdom on environmental protection and green development. [ABSTRACT FROM AUTHOR]

Realizing environmental protection and employment stability when facing strict environmental regulations is an essential issue of concern for many developing countries, including China. Based on a dataset of Chinese listed companies and a dataset of Chinese individual labor-force surveys, this paper uses an estimation technique pairing propensity score matching with a difference-in-differences estimator to examine the impact of the new Environmental Protection Law (EPL) on the supply and demand of labor at the micro level and the reallocation effect of interindustry labor at the macro level. The results show that the new EPL generated employment losses at the micro level. The policy reduces firms' labor demand by lowering firms' output and total investment expenditures and, in the process, does not stimulate firms' innovative behavior. Moreover, implementing the new EPL reduces the wage income of workers, which in turn reduces the labor supply. Conversely, at the macro level, the new EPL promotes the transfer of labor from polluting to cleaner industries, realizes the reallocation of labor between industries, and thus promotes the transformation and upgrading of regional industrial structure. [ABSTRACT FROM AUTHOR]

Coordinated efforts to reduce haze and carbon emissions are important in promoting global climate governance and sustainable development. In this paper, based on prefecture-level data of China from 2005 to 2019, we investigate the impact of environmental regulatory intensity on the emissions of the concentration of PM2.5 and carbon dioxide (CO2). The research indicates that environmental regulation facilitates synergistic governance for PM2.5 reduction and carbon mitigation. Green technological advancement emerges as the primary mechanism through which environmental regulation achieves haze reduction and carbon mitigation. This conclusion remains robust after a series of robustness tests. Furthermore, the results from quantile regression reveal that the haze reduction and carbon mitigation effects of environmental regulation are subject to certain conditional dependencies. Environmental regulation exhibits a significant negative impact on carbon emissions across various quantile points. However, their influence on different quantile levels of PM2.5 concentration displays an asymmetric pattern. Finally, threshold regression findings suggest that there is no significant threshold effect of environmental regulation on CO2 emissions, but there are dual threshold effects on the PM2.5 concentration. Therefore, it is recommended that local governments judiciously implement environmental regulatory intensity, establish interregional policies for haze reduction and carbon mitigation, and fully harness the driving force of green technology to promote a comprehensive green transformation of economic and social development. [ABSTRACT FROM AUTHOR]

Industrial development has greatly promoted China's economic growth. Under the dual pressure of resources and the environment, high-quality economic development has become an inevitable requirement of China's new era. Under the new development pattern of the Yangtze River Economic Belt, which is 'to step up conservation of the Yangtze River and stop its over-development,' it is of great significance to explore the transmission mechanism of the impact of environmental regulations on the economic belt's high-quality economic development. Based on the panel data of 108 cities in the Yangtze River Economic Belt from 2005 to 2019, this paper constructed an index system of high-quality economic development and verified the mediation effect of environmental regulations on its high-quality economic development by using the mediation effect model. Intermediate variables, including technological input and industrial structure, were used. In addition, the dynamic threshold model was used to verify the impact of environmental regulations on high-quality economic development under different threshold variable levels. The results found that: (1) The results of the mediation effect test showed that both technological input and industrial structure had a partial mediation effect in the impact of environmental regulations on high quality economic development. Environmental regulations helped to improve the level of technological input and optimize the adjustment of industrial structure, which in turn had a positive impact on the quality of economic development. (2) The results of the threshold model showed that when technological input and industrial structure were the threshold variables of environmental regulations, environmental regulations had a threshold effect on high quality economic development. In regions with high technology input and a backward industrial structure, environmental regulations could better promote high quality economic development. (3) The results of the heterogeneity of the threshold effects showed that a temporal heterogeneity existed in the threshold effects of technology input and industrial structure variables and that factors such as the policy orientation of technological inputs and the rigidity of industrial structure affected the implementation effect of environmental regulation policies. Based on the above conclusions, the following policy recommendations are put forward: (1) Formulate differentiated environmental regulation policies and promote the effective implementation of environmental regulation policies. (2) Improve the level of technological input and provide new impetus for high-quality economic development. (3) Optimize industrial structure, and accelerate the green development and transformation of industries. (4) Clarify the mechanism of environmental compensation and special governance, and promote the synergistic development of regional economy and environmental regulations. [ABSTRACT FROM AUTHOR]

Improving carbon productivity is of great significance to China's "30 · 60" carbon target, while the development of the digital economy is a driving force for green transformation. However, few studies discuss the relationship between the digital economy and carbon productivity. We investigate the influence of digital economic development on carbon productivity using panel data from 30 Chinese provinces from 2011 to 2020. Spatial econometric and moderating effects are considered. The results show that (i) digital economy has a positive direct and negative spatial spillover effect on carbon productivity, and this conclusion is still valid after the robustness test and endogeneity test; (ii) digital infrastructure has a greater impact on carbon productivity than digital industrialization and industrial digitalization; (iii) the mechanism analysis shows that environmental regulation negatively moderates the relationship between the digital economy and carbon productivity; (iv) heterogeneity analysis shows that the effect of the digital economy on carbon productivity is more obvious in the central region compared to the western region, while it is not significant in the eastern region. Overall, this paper not only provides a new analytical perspective for understanding the improvement of carbon productivity in the digital economy but also provides policy inspiration for promoting carbon peak and carbon neutrality goals. [ABSTRACT FROM AUTHOR]

Agricultural carbon emission reduction is inseparable from discussions about government systems, especially in countries with distinctive institutional arrangements such as China. Environmental regulation may influence the impact of environmental decentralisation on agricultural carbon intensity. Using panel data from 30 provinces in mainland China from 2000 to 2015, this paper depicts the spatiotemporal pattern and dynamic evolution of environmental decentralisation, environmental regulation, and agricultural carbon intensity. It uses the spatial Durbin model to empirically study the internal connections between the three. The empirical results show that the enhancement of environmental decentralisation, environmental administrative decentralisation, environmental supervision decentralisation, and environmental monitoring decentralisation is not conducive to reducing agricultural carbon intensity. The results also show that the enhancement of the intensity of environmental regulation of "terminal governance type" and "front-end governance type" is conducive to reducing agricultural carbon intensity, but this effect has a negative "space spillover" phenomenon. Other findings are as follows: (1) the enhancement of the two types of environmental regulation intensity is conducive to changing the impact of environmental decentralisation on agricultural carbon intensity from a "grabbing-hand" to a "helping-hand"; (2) compared with balanced grain-producing and marketing areas and major grain-marketing areas, environmental decentralisation and two types of environmental regulations have a greater negative impact on the agricultural carbon intensity of major grain-producing areas. Therefore, the central government should change how it evaluates political performance; accelerate the construction of a diversified performance evaluation system; increase the weight of low-carbon, green, and other indicators that reflect the friendly development of agriculture in the system; and encourage local governments to adjust the direction of agricultural production. [ABSTRACT FROM AUTHOR]

This paper looks at the relationship between enterprise size and pollution abatement costs using firm-level datasets in China, where size-dependent distortions may exist in the distribution of enterprises of different sizes. We find that the pollution abatement costs decrease with enterprise size. Compared to the smallest size, the magnitudes of marginal decreases in pollution abatement costs per 1000 CNY of industrial output in the largest size are 3.29 CNY, 0.54 CNY and 2.60 CNY for gas, SO2 and dust, respectively. Moreover, we further explore the potential mechanisms for the decrease of pollution abatement costs from three perspectives: environmental protection-related investment, regulation intensity, and technological capability. Our findings suggest that the decrease in the intensity of environmental protection-related investment for large enterprises may be directly reduce the intensity of pollution abatement costs. Although large enterprises have low intensity of pollution abatement costs, this does not mean that they are subject to weaker environmental regulation. More importantly, we find that large enterprises may have more adoption of abatement technologies. For SO2 and dust, the pollutant removal efficiency of the largest enterprises is 4.92% and 1.82% higher than that of the smallest enterprises, respectively. Our results are robust to different specifications. These findings help us enact appropriate policies for enterprises based on their size, thereby improving the efficacy of pollution abatement and achieving the optimal level of pollution abatement for the entire society. [ABSTRACT FROM AUTHOR]

This paper explores the influence of Confucian culture on firms' emissions. We measure Confucian culture during the Ming and Qing dynasties using the density of jinshi in that region and test the causal relationship between Confucian culture and firms' emissions using the Annual Survey of Industrial Firms (ASIF) and China's Environmental Statistics Database (CESD) from 1998 to 2013. Our research reveals that regions with a stronger Confucian cultural influence have a significant reduction in pollution emissions from their firms. Further analysis demonstrates that the government in regions with a strong Confucian cultural influence attaches more importance to environmental protection and enforces stricter environmental regulations on firms. Besides, the people demonstrate heightened environmental awareness, incorporating it into economic development, thus reducing firms' pollution emissions. In addition, Confucian culture can reduce pollution emissions by improving the total factor productivity of firms. [ABSTRACT FROM AUTHOR]

While the literature shows that stricter environmental regulations deter exports and inward foreign direct investment (FDI), few studies examine the impacts on outward FDI, especially for developing countries. In this paper, we analyse this issue in the context of China, which is the largest developing country in terms of FDI. We collect the transaction-level data of all the overseas mergers and acquisitions (M&As) by Chinese firms from 2000 to 2019. For the identification of the causal effect, we exploit the implementation of the Environmental Protection Law in 2015 as a quasi-natural experiment and carry out the difference-in-difference-in-differences analysis (DDD). The results show significant impacts of stricter environmental regulations on outward FDI. When the provincial emission reduction target increases by 10% points, the number of overseas M&A transactions in the high-polluting industries has increased by 32 every year since 2015. Moreover, the investments are more likely towards countries with better environmental protection. This suggests that firms aim at gaining cleaner technologies via M&As rather than transferring pollution abroad. [ABSTRACT FROM AUTHOR]

The upgrade of industrial structure is one type of momentum for improving urban ecological efficiency, and exploring the nexus between them can help implement the concept of green development. Using data from 284 cities in China between 2004 and 2019, this research employs a series of econometric models to examine how improving industrial structure contributes to the growth of urban ecological efficiency. The research results reveal that urban ecological efficiency can be significantly improved by industrial structure upgrade, while ecological efficiency is inhibited by low-quality GDP and financial development models and insignificantly decreased by industrial structure rationalization. In addition, industrial structure upgrading has failed to play a mediating role in promoting eco-efficiency through technological innovation and the reduction of pollutant emission intensity. Moreover, officials' turnover plays a negative moderating influence on the role of industrial upgrading in increasing ecological efficiency, while environmental regulation plays the opposite role. This study further conducts triple heterogeneity tests including city size, resource endowment, and regional heterogeneity, which provide a feasible way for further implementation of relevant policies. [ABSTRACT FROM AUTHOR]

Securing long-term environmental pollution control in a system where local leaders in China hold tenure for only a short term is a challenge. The innovative Chinese accountability audit of natural resources (AANR) pilot project attempts to address this problem by mandating lifelong accountability for local leaders. Using this pilot as a quasi-natural experiment, we explored macro-effectiveness and micro-mechanisms of AANR. The results show that AANR has a positive impact on the environmental investment behaviour of enterprises. This paper finds that AANR stimulates enterprises' investments in the environment by improving the environmental behaviour of local leaders. During mobilisation meetings, local leaders convey signals on environmental matters. Political connections are bridges which convey the signals of mobilisation to enterprises. Those enterprises receive the signals and increase environmental investment. AANR thus promotes collaborative governance by ensuring that the interests of key stakeholders are aligned to prevent pollution. [ABSTRACT FROM AUTHOR]