Foreign shareholding and corporate environmental expenditure: Evidence from China
区分IPO前和IPO后的外资投资者，发现IPO前的外资投资显著增加中国上市公司的环境支出，而IPO后的外资影响不显著，这一效应在民营企业、沿海地区、重污染行业以及管理层缺乏环保经验的企业中更为明显。
Abstract This paper estimates the effects of foreign investments on the environmental expenditure of listed companies in China by differentiating pre‐IPO foreign investors from post‐IPO foreign investors. Our findings indicate that while pre‐IPO foreign investments make significant and positive contributions, the influence of post‐IPO foreign investments is negligible. These results are particularly pronounced for enterprises that are privately owned, located in coastal China, operating in heavily polluting industries, and whose management lacks prior experience in environmental protection and international vision. Furthermore, research efforts are devoted to uncovering potential channels through which pre‐IPO foreign investments affect corporate environmental expenditure, including environmental regulations in home countries or regions, government attention to environmental issues, media coverage, and corporate financial constraints.