The impact of environmental regulation on green total factor productivity: An empirical analysis
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ABSTRACT:
SUBMITTER: He Q
PROVIDER: S-EPMC8559937 | biostudies-literature |
REPOSITORIES: biostudies-literature
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Project description:Digital transformation plays a crucial role in improving the quality development of companies in this era of digital economy with ever-changing technologies. This paper empirically investigates the impact of corporate digital transformation on total factor productivity and the mechanism of action, using A-share listed companies in Shanghai and Shenzhen from 2011-2021 as the research sample, and found that the digital transformation of companies significantly improves total factor productivity, with the plausibility of the findings being verified by a series of robustness tests. Based on the heterogeneity study, it is found that such effect is stronger for private companies, non-high-tech companies, and companies with a high degree of industry competition. The mechanism test indicates that digital transformation facilitates total factor productivity through four ways: strengthening company technological innovation, reducing operational costs, increasing resource allocation efficiency, and improving human capital structure. The findings of this paper support a better understanding of the micro effects of digital transformation and provide empirical evidence for policy formulation and adjustment.
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Project description:The development of information technology has created conducive conditions for the digital economy. The digital economy is regarded as a critical pathway for transforming traditional economic models. Green total factor productivity serves as an indicator for assessing the quality of economic development. During pivotal periods of economic transition, the digital economy and green total factor productivity have emerged as two prominent themes for achieving sustainable economic development. But the impact of digital economy on green total factor productivity is less discussed. Innovation environment refers to a confluence of conditions shaped by factors such as talent, funding, cultural atmosphere and government policies, all of which collectively support innovative activities within a region. The institutional environment encompasses the aggregate of economic, political, social, and legal rules. Currently, there is little discussion on bringing innovation environment and institutional environment into the impact of digital economy on green total factor productivity. To fill the research gap, this paper adopts the Slack based measure-Directional distance function model and Malmquist-Luenberger productivity index to measure green total factor productivity in each region based on the panel data collected from 30 provinces in China from 2004 to 2019. Generalized Method of Moments method is constructed to carry out an empirical study on the impact of digital economy on green total factor productivity. This paper constructs a panel threshold model with innovation environment and institutional environment as threshold variables. In further analysis, this paper employs panel quantile regression for the empirical analysis of the impact of the digital economy on green total factor productivity. Further analysis elucidates the evident disparities in the influence of the digital economy on green total factor productivity at various levels. The research results can provide a guide for discussing the green value of the digital economy and its role in fostering the development of a green economy.
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Project description:Innovation and green are the directions to promote the circular economy and environmental sustainability at the corporate level. This paper examines the impact of environmental regulation (pollution charge) on green technology innovation and the mediating role of corporate environmental responsibility. Our results indicate that: (1) Environmental regulations stimulate manufacturing enterprises' environmental responsibility and green technology innovation. It is worth noting that corporate environmental responsibility strengthens the relationship between environmental regulation and green technology innovation. (2) Further investigation reveals that R&D expenditure and environmental investment have greatly strengthened the positive effect of environmental regulation on green technology innovation. (3) With more detailed disclosure about enterprises' environment-related information, the more outstanding stimulation effects of environmental regulation. Discussions on the features of enterprise location have revealed that, if the goal of environmental protection is set too high or if the fiscal decentralization is too strong, implementation of environmental regulation would not achieve desirable results. Accordingly, we need to optimize the collection of environmental taxes, strengthen the enterprises' environmental responsibility, and increase investment in R&D and environment protection. Meanwhile, the execution of environmental regulation should also take into account the institutional environment and governance features of the enterprise locations.
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Project description:Under the new development pattern, both "digital" and "low-carbon" development have entered the fast track, and digital transformation has become an important path to promote green development and enhance total factor productivity in agriculture. Based on the data of agricultural companies, this paper empirically verifies the impact of voluntary environmental regulations on total factor productivity. The empirical results show that voluntary environmental regulation has a significant positive impact on total factor productivity of agribusiness. In the mechanistic analysis, it is found that voluntary environmental regulations accelerate the digital transformation process of firms, which in turn increases their total factor productivity. In addition, the level of government environmental concern contributes to the increase of voluntary environmental regulations on firms' total factor productivity. The findings have practical implications for the sustainable development of agribusiness, providing empirical evidence for policy formulation and adjustment, and helping the agricultural economy to achieve high-quality development.
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Project description:As an important embodiment of a country's economic strength and national health, pharmaceutical manufacturing industry has made rapid development in China in recent years. But at the same time, the pharmaceutical manufacturing industry is facing many environmental problems, such as large pollution emissions, complex pollution components, controlling difficulties and so on. This paper measures the total factor productivity of pharmaceutical manufacturing industry (HTFP) by using data envelopment analysis with unexpected output, which is more accurate and effective than the traditional model. It also studies the effect of environmental regulation on the total factor productivity of pharmaceutical manufacturing industry (HTFP) by establishing panel data regression model and spatial econometric model based on 30 provinces in China from 2004 to 2019, which enriches the research results in the field of cleaning in pharmaceutical manufacturing industry. The conclusions are as follows: (1) Environmental regulation and total factor productivity of pharmaceutical manufacturing industry have significant spatial autocorrelation, showing "high-high" or "low-low" spatial aggregation characteristics; (2) Environmental regulation has a significant promoting effect on improving pharmaceutical manufacturing total factor productivity in local and surrounding areas, and there are differences in the impact of eastern, central and western regions; (3) Green technology, production technology and industrial structure play an important role in the impact of environmental regulation on pharmaceutical manufacturing total factor productivity, which provides theoretical guidance and policy recommendations for improving the level of total factor productivity of pharmaceutical manufacturing industry in the environmental aspect.
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Project description:Improving green total factor productivity (GTFP) is a fundamental solution to help the strategic mineral industry to achieve green and sustainable development. This study incorporates the dual negative externalities of resource depletion and environmental pollution into the GTFP measurement to capture the 'green' elements. By employing a truncated third-order (TTO) translog cost function and the feasible generalized least squares (FGLS) approach, we evaluate the GTFP growth performance and its components in China's strategic minerals industry from 1998 to 2017. Moreover, we explore the bias of technological progress toward the resource and environmental factors to grasp the green factor saving effects. The results show that: (1) during the sample period, the average GTFP growth rate of China's strategic minerals industry was 0.46%, but there were variances between mineral sectors. Nevertheless, after 2012, the GTFP of all mineral sectors experienced different degrees of decrease. (2) The main driver of adjustments in GTFP growth shifted from technological progress to changes in scale efficiency, with technological progress contributing less to GTFP growth. This is particularly evident in the metal and energy minerals sectors. (3) Green technological progress is biased toward saving environmental factor input but enhancing resource extraction. Therefore, the current development of China's strategic minerals industry falls into a non-sustainable mode of being environmentally friendly but not resource-saving.
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Project description:In the context of the growing environmental pollution and resource depletion caused by traditional manufacturing industries, the need for sustainable and eco-friendly practices has become a critical issue for the upgrading and transformation of the manufacturing industry worldwide. Based on data from listed manufacturing companies in China, which is the world's largest manufacturing country and exhibits significant diversity regarding the ownership, scale and level of enterprises, the impact of manufacturing output servitization on green total factor productivity (GTFP), which is a measurement of economic efficiency that takes into account environmental impacts, is analyzed in this article. The results show that manufacturing output servitization can improve the GTFP of enterprises, and this can be achieved through mechanisms such as increased profitability and innovation capabilities. The positive effect on the GTFP of enterprises in less developed regions is greater than that in developed regions and is more significant for private and foreign-funded enterprises than for state-owned enterprises. The companies that adhere to the Global Reporting Initiative framework for environmental, social and governance reporting experience a more significant positive impact on GTFP as a result of their manufacturing output servitization efforts. This research offers valuable insights into the potential of servitization as a strategy for enhancing GTFP and provides actionable guidance for policy-makers and industry stakeholders seeking to align manufacturing practices with sustainability goals.
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Project description:As China's strategic support belt, the green development of industry in the Yangtze River Economic Zone is of great significance to promote the construction of China's ecological civilization, build a modern industrial system and accelerate high-quality economic development. The study of green total factor productivity of industry in the Yangtze River Economic Zone has important theoretical and practical value for exploring the green development path of China's industry. This Paper takes the Yangtze River Economic Zone, a key strategic region in China, as the research object, selects the input and output data of industrial production from 2006 to 2018, based on DEA model. To construct an MML index considering expected and unexpected output, and to quantitatively analyze the changes of industrial GTFP in the Yangtze River Economic Zone. The results show that: (1) During the sample period, the industrial green total factor productivity in the Yangtze River Economic Zone shows the spatial characteristics of differential growth and the temporal characteristics of volatile growth. It shows the fluctuation characteristics of "N" shape. (2) According to the order of "upper, middle, and lower" reaches, the spatial pattern of industrial green total factor productivity is characterized by "lower ladder". But the difference between the upper and middle reaches is small. (3) Cities with higher green total factor productivity and lower green total factor productivity each form the characteristics of "club convergence" of spatial agglomeration. (4) Technological efficiency and technological progress efficiency have heterogeneous effects on different river basins in the upper, middle, and lower reaches, and technological progress efficiency is conducive to promoting the evolution of green total factor productivity to a high level. According to the above empirical results, this paper finally puts forward the policy recommendations to improve the industrial green total factor productivity of the Yangtze River Economic Zone and the policy recommendations to reduce the industrial differences between the Yangtze River Economic Zone.
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Project description:Today, environmental protection has become a global issue, and various environmental regulations have been actively adopted. However, are these measures promoting or harming enterprise values? Is this effect the same for enterprises with different ownership backgrounds? In order to address these problems, we conducted an empirical analysis of China's A-share market to investigate the relationship between the New Environmental Protection Law (NEPL) launched in China and corporate financial performance, and further explore the impact of environmental supervision intensity (ESI) from the perspective of ownership. The empirical results show that there is a negative correlation between NEPL and the financial performance of high pollution enterprises. Further analysis demonstrates that there is an inverted U-shape relationship between ESI and corporate financial performance for both state-owned enterprises (SOEs) and non-state-owned enterprises (non-SOEs), while the financial performance of SOEs is more sensitive and tolerant to environmental regulation than that of non-SOEs. Finally, we make recommendations for the future direction of China's ecological civilization construction and sustainable development of enterprises based on three aspects: environmental awareness, policy considerations, and sustainable development. The innovation of this paper lies in putting NEPL and corporate financial performance in the same analytical framework for the first time, which enriches the research in this field. Meanwhile, it provides a new perspective for understanding the relationship between ESI and corporate financial performance through the analysis of nonlinearity and owner heterogeneity.
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Project description:Deeply investigating the relationship between foreign direct investment (FDI), fiscal expenditure and green total-factor productivity (GTFP) is beneficial to formulating effective policies to promote the high-quality development in China. Based on theoretical mechanism analysis, with panel data of China's mainland 30 provinces during 2003-2017, this paper utilizes spatial econometric model to empirically explore the effects of FDI, fiscal expenditure and their interaction item on the growth of GTFP in China. The results show that FDI significantly promote the growth of the local and its neighboring GTFP, and both fiscal expenditure and the interaction between FDI and fiscal expenditure exert significantly negative effects on the growth of GTFP in the local and its neighboring regions. A series of robustness checks and the endogeneity test can ensure the reliability of these results. In addition, great heterogeneity can be found across China's different regions in the relationship between FDI, fiscal expenditure and GTFP. The conclusions suggest that it is necessary to give fully play to the synergy between FDI and fiscal expenditure and formulate regionally targeted policies to improve GTFP and promote high-quality development in China.
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