The Impact of Environmental Regulation on Firm Performance: Evidence from the Pulp and Paper Industry in China
In areas with serious pollution problems, the government designates a special emission limit (SEL) for pollution control and environmental protection in China. This paper examines the effects of chemical oxygen demand (COD) SEL on firms' production activity and market performance in the pulp an...
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| Veröffentlicht in: | International journal of environmental research and public health 2023-02, Vol.20 (4), p.2982 |
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| description | In areas with serious pollution problems, the government designates a special emission limit (SEL) for pollution control and environmental protection in China. This paper examines the effects of chemical oxygen demand (COD) SEL on firms' production activity and market performance in the pulp and paper industry in the Lake Tai area in China. Using firm-level data, we employ a difference-in-differences strategy and find that SEL has a negative impact on the production scale, profitability, and market size of the regulated firms, while showing no significant impact on firm exports. The heterogeneity tests suggest that the impact of SEL on production and market performance varies with firm ownership, firm size, and target market. The reallocation effect of production shifts extra production from exited firms to existing firms, which explains the expansion of production scale and market size for SOEs and large-sized regulated firms. Compared with the decline of production scale, the inventory alleviation effect reduces the negative impact of stricter environmental regulation on firm performance. |
| doi_str_mv | 10.3390/ijerph20042982 |
| format | Article |
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This paper examines the effects of chemical oxygen demand (COD) SEL on firms' production activity and market performance in the pulp and paper industry in the Lake Tai area in China. Using firm-level data, we employ a difference-in-differences strategy and find that SEL has a negative impact on the production scale, profitability, and market size of the regulated firms, while showing no significant impact on firm exports. The heterogeneity tests suggest that the impact of SEL on production and market performance varies with firm ownership, firm size, and target market. The reallocation effect of production shifts extra production from exited firms to existing firms, which explains the expansion of production scale and market size for SOEs and large-sized regulated firms. Compared with the decline of production scale, the inventory alleviation effect reduces the negative impact of stricter environmental regulation on firm performance.</description><identifier>ISSN: 1660-4601</identifier><identifier>ISSN: 1661-7827</identifier><identifier>EISSN: 1660-4601</identifier><identifier>DOI: 10.3390/ijerph20042982</identifier><identifier>PMID: 36833686</identifier><language>eng</language><publisher>Switzerland: MDPI AG</publisher><subject>Algae ; Aquatic ecosystems ; Chemical oxygen demand ; China ; Conservation of Natural Resources ; Economic development ; Economics ; Environmental law ; Environmental Pollution - prevention & control ; Environmental protection ; Environmental regulations ; Heterogeneity ; Industry ; International economic relations ; Labor economics ; Laws, regulations and rules ; Ownership ; Paper industry ; Pollutants ; Pollution control ; Profitability ; Pulp & paper industry ; Pulp industry ; Regulated industries ; Regulation ; Seafood industry ; Water quality</subject><ispartof>International journal of environmental research and public health, 2023-02, Vol.20 (4), p.2982</ispartof><rights>COPYRIGHT 2023 MDPI AG</rights><rights>2023 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https://creativecommons.org/licenses/by/4.0/). 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This paper examines the effects of chemical oxygen demand (COD) SEL on firms' production activity and market performance in the pulp and paper industry in the Lake Tai area in China. Using firm-level data, we employ a difference-in-differences strategy and find that SEL has a negative impact on the production scale, profitability, and market size of the regulated firms, while showing no significant impact on firm exports. The heterogeneity tests suggest that the impact of SEL on production and market performance varies with firm ownership, firm size, and target market. The reallocation effect of production shifts extra production from exited firms to existing firms, which explains the expansion of production scale and market size for SOEs and large-sized regulated firms. 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| subjects | Algae Aquatic ecosystems Chemical oxygen demand China Conservation of Natural Resources Economic development Economics Environmental law Environmental Pollution - prevention & control Environmental protection Environmental regulations Heterogeneity Industry International economic relations Labor economics Laws, regulations and rules Ownership Paper industry Pollutants Pollution control Profitability Pulp & paper industry Pulp industry Regulated industries Regulation Seafood industry Water quality |
| title | The Impact of Environmental Regulation on Firm Performance: Evidence from the Pulp and Paper Industry in China |
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