Corporate financial decision under green credit guidelines: evidence from China

References

• Aizawa, M., and C. F. Yang. 2010. “Green Credit, Green Stimulus, Green Revolution? China’s Mobilization of Banks for Environmental Cleanup.” The Journal of Environment & Development 19 (2): 119–144. doi:10.1177/1070496510371192.
   Web of Science ®Google Scholar
• Allen, F., J. Qian, and M. J. Qian. 2005. “Law, Finance, and Economic Growth in China.” Journal of Financial Economics 77 (1): 57–116. doi:10.1016/j.jfineco.2004.06.010.
   Web of Science ®Google Scholar
• Andersen, Dana C. 2017. “Do Credit Constraints Favor Dirty Production? Theory and Plant-Level Evidence.” Journal of Environmental Economics and Management 84: 189–208. doi:10.1016/j.jeem.2017.04.002.
   Web of Science ®Google Scholar
• Axelrod, Robert. 2006. “An Evolutionary Approach to Norms. American Political Science Review 80.” American Political Science Review 100 (04): 682–683. doi:10.1017/S0003055406362569.
   Google Scholar
• Bertrand, M., E. Duflo, and S. Mullainathan. 2004. “How Much Should we Trust Differences-in-Differences Estimates?” The Quarterly Journal of Economics 119 (1): 249–275. doi:10.1162/003355304772839588.
   Web of Science ®Google Scholar
• Brandt, L., and H. B. Li. 2003. “Bank Discrimination in Transition Economies: ideology, Information or Incentives?” Journal of Comparative Economics 31 (3): 387–413. doi:10.1016/S0147-5967(03)00080-5.
   Web of Science ®Google Scholar
• Cai, X., B. Zhu, H. Zhang, L. Li, and M. Xie. 2020. “Can Direct Environmental Regulation Promote Green Technology Innovation in Heavily Polluting Industries? Evidence from Chinese Listed Companies.” The Science of the Total Environment 746: 140810. doi:10.1016/j.scitotenv.2020.140810.
   PubMed Web of Science ®Google Scholar
• Carfora, A., R. V. Pansini, A. A. Romano, and G. Scandurra. 2018. “Renewable Energy Development and Green Public Policies Complementarities: The Case of Developed and Developing Countries.” Renewable Energy 115: 741–749. doi:10.1016/j.renene.2017.09.008.
   Web of Science ®Google Scholar
• Chang, K., Q. Wan, Q. C. Lou, Y. L. Chen, and W. H. Wang. 2020. “Green Fiscal Policy and Firms’ Investment Efficiency: New Insights into Firm-Level Panel Data from the Renewable Energy Industry in China.” Renewable Energy 151: 589–597. doi:10.1016/j.renene.2019.11.064.
   Web of Science ®Google Scholar
• Chen, S. Y., and J. Golley. 2014. “Green’ Productivity Growth in China’s Industrial Economy.” Energy Economics 44 (1): 89–98. doi:10.1016/j.eneco.2014.04.002.
   Google Scholar
• Clarkson, P. M., Y. Li, G. D. Richardson, and F. P. Vasvari. 2008. “Revisiting the Relation between Environmental Performance and Environmental Disclosure: An Empirical Analysis.” Accounting Organizations & Society 33 (4–5): 303–327. doi:10.1016/j.aos.2007.05.003.
   Web of Science ®Google Scholar
• Demirguc-Kunt, A., and V. Maksimovic. 1996. “Stock Market Development and Financing Choices of Firms.” The World Bank Economic Review 10 (2): 341–369. doi:10.1093/wber/10.2.341.
   Web of Science ®Google Scholar
• Du, Y., Z. Li, J. Du, N. Li, and B. Yan. 2019. “Public Environmental Appeal and Innovation of Heavy-Polluting Enterprises.” Journal of Cleaner Production 222: 1009–1022. doi:10.1016/j.jclepro.2019.03.035.
   Web of Science ®Google Scholar
• Fan, H. Ch., Y. Ch. Peng, H. H. Wang, and Z. W. Xu. 2021. “Greening through Finance?” Journal of Development Economics 152: 102683. doi:10.1016/j.jdeveco.2021.102683.
   Web of Science ®Google Scholar
• Faulkender, M., and M. A. Petersen. 2006. “Does the Source of Capital Affect Capital Structure?[J].” Review of Financial Studies 19 (1): 45–79. doi:10.1093/rfs/hhj003.
   Web of Science ®Google Scholar
• Feng, S. Z. B. 2011. Equator Principles Best Practice of Banking Industry’s Sustainable Development, 1st ed. Shanghai Jiao Tong University Press: Shanghai, China, 200–240.
   Google Scholar
• Feng, Y. M. C. F. Wang, and Z. M. Fang. 2007. “Effects of Information Asymmetry on Listed Companies’ Debt Financing: Evidence from China.” Paper Presented at the IEEE International Conference on Wireless Communications, Networking and Mobile Computing, Shanghai, China, July.
   Google Scholar
• Guo, P. Y. 2014. “Financial Policy Innovation for Social Change: A Case Study of China's Green Credit Policy.” International Review of Sociology 24 (1): 69–76. doi:10.1080/03906701.2014.894347.
   Google Scholar
• Hao, Y., B. Ye, M. Z. Gao, Z. Y. Wang, W. Z. Chen, Z. F. Xiao, and H. T. Wu. 2020. “How Does Ecology of Finance Affect Financial Constraints? Empirical Evidence from Chinese Listed Energy-and Pollution-Intensive Companies.” Journal of Cleaner Production 246: 119061. doi:10.1016/j.jclepro.2019.119061.
   Web of Science ®Google Scholar
• He, L. Y., R. Y. Liu, Z. Q. Zhong, D. Q. Wang, and Y. F. Xia. 2019. “Can Green Financial Development Promote Renewable Energy Investment Efficiency? A Consideration of Bank Credit.” Renewable Energy. 143: 974–984. doi:10.1016/j.renene.2019.05.059.
   Web of Science ®Google Scholar
• He, L. Y., L. H. Zhang, Z. Q. Zhong, D. Q. Wang, and F. Wang. 2019. “Green Credit, Renewable Energy Investment and Green Economy Development: Empirical Analysis Based on 150 Listed Companies of China.” Journal of Cleaner Production 208: 363–372. doi:10.1016/j.jclepro.2018.10.119.
   Web of Science ®Google Scholar
• Jin, J. Y., and L. Y. Han. 2018. “Assessment of Chinese Green Funds: Performance and Industry Allocation.” Journal of Cleaner Production 171: 1084–1093. doi:10.1016/j.jclepro.2017.09.211.
   Web of Science ®Google Scholar
• Lemmon, M., and M. R. Roberts. 2010. “The Response of Corporate Financing and Investment to Changes in the Supply of Credit.” Journal of Financial and Quantitative Analysis 45 (3): 555–587. doi:10.1017/S0022109010000256.
   Web of Science ®Google Scholar
• Li, Z. H., G. K. Liao, Z. Z. Wang, and Z. H. Huang. 2018. “Green Loan and Subsidy for Promoting Clean Production Innovation.” Journal of Cleaner Production 187: 421–431. doi:10.1016/j.jclepro.2018.03.066.
   Web of Science ®Google Scholar
• Ling, S., G. Han, D. An, W. C. Hunter, and H. Li. 2020. “The Impact of Green Credit Policy on Technological Innovation of Firms in Pollution-Intensive Industries: evidence from China.” Sustainability 12 (11): 4493. doi:10.3390/su12114493.
   Web of Science ®Google Scholar
• Liu, X. H., E. X. Wang, and D. T. Cai. 2018. “Environmental Regulation and Corporate Financing-Quasi-Natural Experiment Evidence from China.” Sustainability 10 (11): 4028. doi:10.3390/su10114028.
   Web of Science ®Google Scholar
• Liu, X. H., E. X. Wang, and D. T. Cai. 2019. “Green Credit Policy, Property Rights and Debt Financing: quasi-Natural Experimental Evidence from China.” Finance Research Letters 29 (C): 129–135. doi:10.1016/j.frl.2019.03.014.
   Google Scholar
• Liu, J. Y., Y. Xia, Y. Fan, S. M. Lin, and J. Wu. 2017. “Assessment of a Green Credit Policy Aimed at Energy-Intensive Industries in China Based on a Financial CGE Model.” Journal of Cleaner Production 163: 293–302. doi:10.1016/j.jclepro.2015.10.111.
   Web of Science ®Google Scholar
• Moser, P., and A. Voena. 2012. “Compulsory Licensing: Evidence from the Trading with the Enemy Act.” American Economic Review 102 (1): 396–427. doi:10.1257/aer.102.1.396.
   Web of Science ®Google Scholar
• Myers, S. C., and N. S. Majluf. 1984. “Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have.” Journal of Financial Economics 13 (2): 187–221. doi:10.1016/0304-405X(84)90023-0.
   Web of Science ®Google Scholar
• Nunn, N., and N. Qian. 2011. “The potato's contribution to population and urbanization: evidence from a historical experiment.” The Quarterly Journal of Economics 126 (2): 593–650. doi:10.1093/qje/qjr009.
   PubMed Web of Science ®Google Scholar
• Shao, S., Z. Tian, and L. Yang. 2017. “High Speed Rail and Urban Service Industry Agglomeration: Evidence from China’s Yangtze River Delta Region.” Journal of Transport Geography 64: 174–183. doi:10.1016/j.jtrangeo.2017.08.019.
   Web of Science ®Google Scholar
• Wang, L, and T. F. Da. 2018. “The Research on the Relationship between Financing Channels and R&D Investment of Chinese Listed Enterprises.” Western China: Sichuan, China, 107–115.
   Google Scholar
• Wang, E. X., X. H. Liu, J. P. Wu, and D. T. Cai. 2019. “Green Credit, Debt Maturity, and Corporate investment-Evidence from China.” Sustainability 11 (3): 583. doi:10.3390/su11030583.
   Web of Science ®Google Scholar
• Wang, K., and X. D. Zhang. 2021. “The Effect of Media Coverage on Disciplining Firms’ Pollution Behaviors: Evidence from Chinese Heavy Polluting Listed Companies.” Journal of Cleaner Production 280 (1): 123035. doi:10.1016/j.jclepro.2020.123035.
   Google Scholar
• Yang, Z. B., M. T. Fan, S. Shao, and L. L. Yang. 2017. “Does Carbon Intensity Constraint Policy Improve Industrial Green Production Performance in China? A quasi-DID Analysis.” Energy Economics 68: 271–282. doi:10.1016/j.eneco.2017.10.009.
   Web of Science ®Google Scholar
• Zeng, Y., P. Guo, and B. Li. 2021. “The Impact of Government Subsidies on Company Debt Financing: New Evidence from Chinese Listed Companies.” Emerging Markets Finance and Trade 57 (7): 1843–1858. doi:10.1080/1540496X.2019.1627519.
   Web of Science ®Google Scholar
• Zhang, Q., L. Xu, K. Y. Wang, and X. P. Shi. 2021. “What Effect Did the Green Credit Policy Have on China’s Energy or Emission Intensive Firms?” International Journal of Emerging Markets doi:10.1108/IJOEM-04-2021-0555.
   Web of Science ®Google Scholar
• Zhao, X. L., Q. Cai, C. B. Ma, Y. N. Hu, K. Y. Luo, and W. Li. 2017. “Economic Evaluation of Environmental Externalities in China’s Coal-Fired Power Generation.” Energy Policy 102 (16): 307–317. doi:10.1016/j.enpol.2016.12.030.
   Google Scholar
• Zhu, X. D., R. R. Gu, B. B. Wu, and S. Managi. 2017. “Does Hazy Weather Influence Earnings Management of Heavy-Polluting Enterprises? A Chinese Empirical Study from the Perspective of Negative Social Concerns.” Sustainability 9 (12): 2296. doi:10.3390/su9122296.
   Web of Science ®Google Scholar
• Zhu, L., and W. Y. Yu. 2011. “Analysis on the Interests among the Main Participants of Green Credit Policy.” Journal of Southern Agriculture 42 (8): 1025–1028.
   Google Scholar