Public environmental concern, CEO turnover, and green investment: Evidence from a quasi-natural experiment in China
Public environmental concern, CEO turnover, and green investment: Evidence from a quasi-natural experiment in China
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DOI：
10.1016/j.eneco.2021.105379
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发表时间：
2021-06-09
期刊：
影响因子：
12.8
通讯作者：
Gozgor, Giray
中科院分区：
文献类型：
--
作者：
Gu, Yan;Ho, Kung-Cheng;Gozgor, Giray
本文以2011年底中国PM2.5极端事件为例，从CEO更替的角度研究了公众环境关注（PEC）对企业绿色投资的影响。与非重污染企业相比，在PEC激增的情况下，重污染企业的CEO离职概率显著增加。重污染企业通过增加绿色投资缓解压力。除了环境法规等硬监管措施外，PEC作为一种软监管形式也使企业管理更加注重环境责任。
We investigate the impact of public environmental concern (PEC) on corporate green investments from the perspective of CEO turnover using the extreme event of PM 2.5 surge at the end of 2011 in China as a quasinatural experiment. Compared with non-heavily polluting companies, the probability of CEO turnover in heavily polluting ones has significantly increased amid the surge of PEC. Heavily polluting companies ease the pressure by increasing green investment. In addition to the hard regulative measures such as environmental regulations, the PEC as a form of soft regulation also makes corporate management more focused on environmental responsibility.