187
Views
1
CrossRef citations to date
0
Altmetric
Research Article

Market Reactions to the Announcement of China’s Resource Tax Law

ORCID Icon & ORCID Icon

References

  • Arora, S., and S. Gangopadhyay. 1995. Toward a theoretical model of voluntary over-compliance. Journal of Economic Behaviour and Organization 28 (3):289–309. doi:10.1016/0167-2681(95)00037-2.
  • Brown, S. J., and J. B. Warner. 1985. Using daily stock returns: The case of event studies. Journal of Financial Economics 14 (1):3–31. doi:10.1016/0304-405x(85)90042-x.
  • Bushnell, J. B., H. Chong, and E. T. Mansur. 2013. Profiting from regulation: Evidence from the European carbon market. American Economic Journal: Economic Policy 5 (4):78–106. doi:10.1257/pol.5.4.78.
  • Guo, M., Y. Kuai, and X. Liu. 2020. Stock market response to environmental policies: Evidence from heavily polluting firms in China. Economic Modelling 86:306–16. doi:10.1016/j.econmod.2019.09.028.
  • Harrington, W. 1988. Enforcement leverage when penalties are restricted. Journal of Public Economics 37 (1):29–53. doi:10.1016/0047-2727(88)90003-5.
  • He, Y., C. Wen, and J. He. 2020. The influence of China environmental protection tax law on firm performance–evidence from stock markets. Applied Economics Letters 27 (13):1044–47. doi:10.1080/13504851.2019.1659488.
  • He, Y., C. Wen, and H. Zheng. Forthcoming. Does China’s environmental protection tax law effectively influence firms? Evidence from stock markets. Emerging Markets Finance and Trade 1–12. doi:10.1080/1540496x.2020.1822810.
  • Hu, H., W. Dong, and Q. Zhou. 2021. A comparative study on the environmental and economic effects of a resource tax and carbon tax in China: Analysis based on the computable general equilibrium model. Energy Policy 156:112–460. doi:10.1016/j.enpol.2021.112460.
  • Jiang, H. D., W. T. Hao, Q. Y. Xu, and Q. M. Liang. 2020. Socio-economic and environmental impacts of the iron ore resource tax reform in China: A CGE-based analysis. Resources Policy 68:101–775. doi:10.1016/j.resourpol.2020.101775.
  • Keele, D. M., and S. DeHart. 2011. Partners of USEPA climate leaders: An event study on stock performance. Business Strategy and the Environment 20 (8):485–97. doi:10.1002/bse.704.
  • Koh, S., R. B. Durand, L. Dai, and M. Chang. 2015. Financial distress: Lifecycle and corporate restructuring. Journal of Corporate Finance 33:19–33. doi:10.1016/j.jcorpfin.2015.04.004.
  • Lanoie, P., J. Laurent-lucchetti, N. Johnstone, and S. Ambec. 2011. Environmental policy, innovation and performance: New insights on the Porter hypothesis. Journal of Economics and Management Strategy 20 (3):803–42. doi:10.1111/j.1530-9134.2011.00301.x.
  • Lee, K. H., and B. Min. 2015. Green R&D for eco-innovation and its impact on carbon emissions and firm performance. Journal of Cleaner Production 108:534–42. doi:10.1016/j.jclepro.2015.05.114.
  • Lee, K. H., B. Min, and K. H. Yook. 2015. The impacts of carbon (CO2) emissions and environmental research and development (R&D) investment on firm performance. International Journal of Production Economics 167:1–11. doi:10.1016/j.ijpe.2015.05.018.
  • Li, H., Z. Xiong, and Y. Xie. 2018. Resource tax reform and economic structure transition of resource-based economies. Resources, Conservation, and Recycling 136:389–98. doi:10.1016/j.resconrec.2018.05.014.
  • Lin, B., and Z. Jia. 2019. How does tax system on energy industries affect energy demand, CO2 emissions, and economy in China? Energy Economics 84:104–496. doi:10.1016/j.eneco.2019.104496.
  • Nakamura, M., T. Takahashi, and I. Vertinsky. 2001. Why Japanese firms choose to certify: A study of managerial responses to environmental issues. Journal of Environmental Economics and Management 42 (1):23–52. doi:10.1006/jeem.2000.1148.
  • Pástor, Ľ., L. A. Taylor, and P. Veronesi. 2009. Entrepreneurial learning, the IPO decision, and the post-IPO drop in firm profitability. The Review of Financial Studies 22 (8):3005–46. doi:10.1093/rfs/hhn082.
  • Porter, M. E., and C. van der Linde. 1995. Toward a new conception of the environment-competitiveness relationship. Journal of Economic Perspectives 9 (4):97–118. doi:10.1257/jep.9.4.97.
  • Ramiah, V., B. Martin, and I. Moosa. 2013. How does the stock market react to the announcement of green policies? Journal of Banking and Finance 37 (5):1747–58. doi:10.1016/j.jbankfin.2013.01.012.
  • Riutort, J., and E. A. Dardati. 2011. Investment and environmental regulation: Evidence on the role of cash flow. Documentos De Trabajo 21 (1):25–40. doi:10.2139/ssrn.1928922.
  • Shi, J., L. Tang, and L. Yu. 2015. Economic and environmental effects of coal resource tax reform in China: Based on a dynamic CGE approach. Procedia Computer Science 55:1313–17. doi:10.1016/j.procs.2015.07.114.
  • Tamechika, H. 2020. Effects of environment-related stimulus policies: An event study approach. Case Studies on Transport Policy 8 (3):895–900. doi:10.1016/j.cstp.2020.05.012.
  • Tang, L., J. Shi, L. Yu, and Q. Bao. 2017. Economic and environmental influences of coal resource tax in China: A dynamic computable general equilibrium approach. Resources, Conservation and Recycling 117:34–44. doi:10.1016/j.resconrec.2015.08.016.
  • Veith, S., J. R. Werner, and J. Zimmermann. 2009. Capital market response to emission rights returns: Evidence from the European power sector. Energy Economics 31 (4):605–13. doi:10.1016/j.eneco.2009.01.004.
  • Wang, C. 2005. Ownership and operating performance of Chinese IPOs. Journal of Banking and Finance 29 (7):1835–56. doi:10.1016/j.jbankfin.2004.07.003.
  • Wang, J., X. Chen, X. Li, J. Yu, and R. Zhong. 2020. The market reaction to green bond issuance: Evidence from China. Pacific-Basin Finance Journal 60:101–294. doi:10.1016/j.pacfin.2020.101294.
  • Wei, P., X. Mao, and X. Chen. 2020. Institutional investors’ attention to environmental information, trading strategies, and market impacts: Evidence from China. Business Strategy and the Environment 29 (2):566–91. doi:10.1002/bse.2387.
  • Xu, X., X. Xu, Q. Chen, and Y. Che. 2015. The impact on regional “resource curse” by coal resource tax reform in China-A dynamic CGE appraisal. Resources Policy 45:277–89. doi:10.1016/j.resourpol.2015.06.007.
  • Yang, C. H., Y. H. Tseng, and C. P. Chen. 2012. Environmental regulations, induced R&D, and productivity: Evidence from Taiwan’s manufacturing industries. Resource and Energy Economics 34:514–32. doi:10.1016/j.reseneeco.2012.05.001.
  • Yang, M., and Y. He. 2019. How does the stock market react to financial innovation regulations? Finance Research Letters 30:259–65. doi:10.1016/j.frl.2018.10.006.
  • Zhang, D., and S. A. Vigne. 2021. The causal effect on firm performance of China’s financing-pollution emission reduction policy: Firm-level evidence. Journal of Environmental Management 279:111–609. doi:10.1016/j.jenvman.2020.111609.
  • Zhang, G., C. Fang, W. Zhang, Q. Wang, and D. Hu. 2019. How does the implementation of the new environmental protection law affect the stock price of heavily polluting enterprises? Evidence from China’s capital market. Emerging Markets Finance and Trade 55 (15):3513–38. doi:10.1080/1540496x.2019.1648250.
  • Zhao, X., Y. Fan, M. Fang, and Z. Hua. 2018. Do environmental regulations undermine energy firm performance? An empirical analysis from China’s stock market. Energy Research and Social Science 40:220–31. doi:10.1016/j.erss.2018.02.014.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.