Policy effect of the “blue sky plan” on air pollution, ESG investment, and financial performance of china’s steel industry
Policy effect of the “blue sky plan” on air pollution, ESG investment, and financial performance of china’s steel industry
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DOI：
10.3389/fenvs.2022.955906
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发表时间：
2022-08
期刊：
影响因子：
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通讯作者：
Pei-shan Lu;S. Hamori;Shuairu Tian
中科院分区：
文献类型：
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作者：
Pei-shan Lu;S. Hamori;Shuairu Tian
本研究旨在考察《打赢蓝天攻坚战三年行动计划》对中国钢铁行业和大气污染的政策效应。具体而言，我们分析了蓝天计划对中国钢铁企业ESG投资、企业财务业绩以及废气中二氧化硫和氮氧化物排放的影响。我们的证据表明，ESG对钢铁公司的投资可能会导致财务业绩大幅下降。蓝天计划弥补了约三分之一的企业ESG投资损失，对钢铁企业ESG投资起到了显著的促进作用。此外，我们还发现，实施“蓝天计划”后，废气中二氧化硫和氮氧化物的排放量明显减少。
This study aims to examine the policy effects of the “Three-Year Action Plan to Win the Blue Sky War” on the steel industry and air pollution in China. Specifically, we analyze the impact of the “Blue Sky Plan” on Chinese steel companies’ ESG investments, corporate financial performance, and the emissions of sulfur dioxide and nitrogen oxides in the exhaust gas. Our evidence suggests that ESG investment in steel companies can lead to a significant decrease in financial performance. The “Blue Sky Plan” compensated for about one-third of corporate ESG investment losses and played a significant role in promoting the ESG investment of steel companies. In addition, we found that after the implementation of the “Blue Sky Plan,” the emissions of sulfur dioxide and nitrogen oxides in the exhaust gases were significantly reduced.