Impact of the New “Environmental Protection Law” on the Efficiency of Listed Companies in Heavily Polluting Industries in China——Based on the Research Perspective of “Porter Hypothesis”

Abstract

Abstract: This paper takes the new Environmental Protection Law as a quasi-natural experiment, and uses the data of listed companies in heavy polluting industries in China from 2011 to 2019 to analyze whether the policy is consistent with the "Strong Porter Hypothesis" by using the differential propensity score matching method (PSM-DID). The results show that:(1) The new Environmental Protection Law, as the strictest environmental regulation law in history, significantly improves the efficiency of listed companies in heavy polluting industries in China, and the policy effect becomes more significant with the extension of the implementation time in the policy window period. (2) The implementation of the new "Environmental Protection Law" has effectively promoted the innovation of heavy-polluting enterprises, thereby improving the efficiency of enterprises, that is, there is a channel mechanism for technological innovation. (3) The impact of the new Environmental Protection Law on the efficiency of listed companies in heavy polluting industries in China is heterogeneous. The higher the ownership concentration, the more significant the impact of the policy is. Compared with non-state-owned holding enterprises, state-owned holding enterprises are not significantly affected by the policy. The policy has a significant impact on smaller companies. In other words, the new Environmental Protection Law conforms to the "strong Porter hypothesis" for listed companies in heavy polluting industries in China.

Key words: new Environmental Protection Law, PSM-DID, Strong Porter Hypothesis, business efficiency

Yang Youcai, Niu Xiaotong. Impact of the New “Environmental Protection Law” on the Efficiency of Listed Companies in Heavily Polluting Industries in China——Based on the Research Perspective of “Porter Hypothesis”[J]. Management Review, 2021, 33(10): 55-69.

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