摘要
以2010—2019年沪深A股重污染行业上市企业为样本,以CEO家乡认同为切入点,考察了非正式制度的环境后果,实证检验了CEO家乡认同对企业环境违规的影响以及融资约束的调节作用。结果表明,CEO家乡认同减少了企业环境违规,而融资约束削弱了CEO家乡认同对企业环境违规的影响。进一步的研究发现:当企业位于外部环境监管较弱的地区或市场竞争较激烈的行业,CEO家乡认同能够有效降低企业环境违规的发生频率;当外部环境规制较强、市场竞争程度较低时,即使面临较高的融资约束,CEO家乡认同也能够有效降低企业环境违规发生的可能性。
Based on the sample of Chinese A-share listed firms in heavy-pollution industry from 2010 to 2019,this paper takes CEO hometown identity as the entry point,investigates the environmental consequences of informal institution,and empirically examines the direct impact of CEO hometown identity on corporate environmental violations and the moderating role of financial constraints.The results show that CEO hometown identity reduces corporate environmental violations,while financial constraints weaken the effect of CEO hometown identity on corporate environmental violations.Further research results show that when enterprises are located in areas with weak external environmental supervision or industries with fierce market competition,CEO hometown identity can effectively reduce the frequency of environmental violations,that when the external environmental regulation is strong and the market competition is low,the CEO hometown identity can effectively reduce the possibility of corporate environmental violations,even if faced with higher financing constraints.
作者
周志方
韩尚杰
史琦
聂磊
ZHOU Zhifang;HAN Shangjie;SHI Qi;NIE Lei(School of Business,Central South University,Changsha 410083,China;Collaborative Innovation Center of Two-oriented Society and Ecological Civilization,Changsha 410083,China)
出处
《中南大学学报（社会科学版）》
北大核心
2023年第1期82-95,共14页
Journal of Central South University：Social Sciences
基金
湖南省自然科学基金杰出青年项目“涉矿类环境政策的时空规制效应及其优化研究”(2022JJ10085)
湖南省自然科学基金面上项目“碳规制、企业低碳生产行为与碳绩效跃迁机制研究:基于政策工具组合视角”(2021JJ30890)。
关键词
家乡认同
社会认同
环境违规
融资约束
hometown identity
social identity
environmental violation
financial constraints
