Reward or punishment? The impact of heterogeneous environmental regulatory intervention on the firm market value
研究2010-2020年间212家中国上市公司334起环境监管事件，发现货币奖励比非货币奖励更能提升市场价值，运营中断惩罚比非中断惩罚更降低市场价值，监管实施层级无调节作用。
Abstract Environmental regulations are important organizational strategic drivers. Environmental regulatory mechanisms include “carrots” or “sticks”—they can be incentive or coercion‐based. This study empirically investigates stock market reactions to various environmental regulatory mechanisms. Using a sample of 334 environmental regulatory events reported by 212 listed Chinese firms between 2010 and 2020, we find that monetary reward has a greater positive market reaction towards governmental reward than non‐monetary reward. We also find that governmental operational disruption penalties have a greater negative market reaction than operational non‐disruption penalties. Governmental levels of the environmental regulation implementation subject do not play a moderating role in the relationship between governmental regulations and firm market value. These findings provide various policy and organizational insights as businesses seek to meet legitimacy gains in response environmental regulatory mechanisms.