Public Pension Policy and Corporate Environmental Performance: Evidence From China
研究中国2019年养老金改革降低企业缴费负担后，企业环境参与度显著提升，表现为绿色创新增加、空气质量改善和企业价值提高，且效果在缴费降幅大、增长机会少、融资约束低或治理好的企业中更明显。
ABSTRACT This paper examines how China's 2019 public pension reform, which reduced firms' contribution burdens, affects corporate environmental performance. We find that firms significantly improved their environmental engagement following the reform. The increase is not driven by the COVID‐19 pandemic and is more pronounced among firms with greater contribution reductions, fewer growth opportunities, lower financial constraints, or better governance. The enhanced efforts are reflected in increased green innovation, improved local air quality, and higher firm value, supporting the hypothesis that reduced labour costs free up resources so that firms could enhance their environmental engagement.