Financial Constraints and Corporate Environmental Policies
研究发现财务约束会促使美国上市公司增加有毒排放，因为企业在减排成本与潜在法律责任之间权衡；放松财务约束则减少排放，尤其在监管和外部监督较弱时效果更明显。
Abstract This paper documents evidence that financial constraints increase firms’ toxic emissions given that firms actively trade off abatement costs against potential legal liabilities. Exploring three quasi-natural experiments in which firms’ financial resources are likely exogenously affected, we find that relaxing financial constraints reduces U.S. public firms’ toxic releases. The effects of financial constraints on toxic releases are amplified when regulatory enforcement and external monitoring weaken. Overall, our evidence highlights the real effects of financial constraints in the form of environmental pollution, which is a costly negative externality imposed on society and public health.