Is There Really a Trade-off Between Environmental Protection and Corporate Development?

Abstract

Abstract:

Ignoring the heterogeneity of firms, complexity of contingency factors and equivalence of the pattern often result in the conclusion of effects of environmental regulation from regional and industry level, or environment performance and corporate financial performance from firm level. This paper selects the data of 204 Chinese heavy pollution listed companies in 2013 to 2014 as research samples, by using fuzzy-set Qualitative Comparative Analysis to answer the trade-off between environmental protection and corporate development. The study finds that investment in single environment protection cannot improve firm value effectively, while multidimensional combination is the optimal choice. But there is no need to pursue completeness due to the limited resources and threshold of the stakeholder perception. The pattern for enhancing or reducing the firm value is not unique and different patterns can result in the same effect. But among those patterns aimed at environmental protection, investor relationship management should be at the core position, and the level of stakeholders should be clarified. The listing process of state-owned enterprises has weakened social goals to some extent, but the patterns are not as diverse as non-state-owned enterprises. The conclusions of this paper have strong guiding significance for achieving a win-win situation for firms.

Key words: environmental protection, corporate development, heavy pollution firms, fuzzy-set qualitative comparative analysis

Tang Pengcheng, Yang Shuwang. Is There Really a Trade-off Between Environmental Protection and Corporate Development?[J]. , 2018, 30(8): 224-234.

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