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Environmental protection tax on enterprise environmental, social and governance performance: A multi-perspective analysis based on financing constraints
This article fills the research gaps of existing studies on the mechanism between environmental policy and corporate performance in environmental, social, and governance (ESG). The study finds that implementing environmental protection tax can improve the ESG performance of heavily polluting firms....
Ausführliche Beschreibung
This article fills the research gaps of existing studies on the mechanism between environmental policy and corporate performance in environmental, social, and governance (ESG). The study finds that implementing environmental protection tax can improve the ESG performance of heavily polluting firms. By examining the mediating effects of factors based on financing constraints, the study further explores the link between environmental protection tax introduction and ESG performance of companies. In addition, the heterogeneity analysis in terms of tax preference, total operating cost, and monopoly power, shows that heavily polluting firms with higher tax preferences, higher total operating costs, or weaker monopoly power are more likely to enhance their performance on ESG issues after introducing the environmental tax. This research provides essential theoretical and practical implications for revealing the connection that exists between environmental tax policy and the sustainability of companies. Ausführliche Beschreibung