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Does Green Credit Policies Improve Corporate Environmental Social Responsibility——The Perspective of External Constraints and Internal Concerns

SI Li-Juan;CAO Hao-Yu;School of Economics, Lanzhou University;Institute of Green Finance,Lanzhou University;  
Green credit is a policy innovation that guides enterprises to participate in environmental governance and promotes the transformation of economic development mode.Using the corporate data of China's listed companies from 2006 to 2020 and Difference-in-Differences model, the paper takes the “Green Credit Guidelines” issued in 2012 as a quasi-natural experiment, to evaluate the impact of green credit policies on corporate environmental social responsibility and its mechanisms.The paper found that the green credit policy significantly improved the probability of enterprises to improve environmental treatment at source and green office.Moreover, the policy accelerated the transformation of corporate environmental governance from end-of-pipe treatments to the others.The baseline results have conditional heterogeneity, the scale of commercial credit financing and the efficiency of capital take different moderating effects on the implementation of green credit policies.Mechanistically, the green credit policy affects the level of environmental social responsibility of enterprises by increasing capital costs, narrowing external constraints on financing channels, and increasing corporate environmental concerns.The treatment effects are heterogeneous on enterprises with different characteristics.Enterprises located in areas with high environmental regulation intensity and with better executive education background are more likely to be affected by green credit.The implication of the paper lies in the further improvement of the green credit policy system and the attention to the impact of corporate behavior.At the same time, it attaches great importance to the cultivation of enterprises' internal environmental governance awareness, and organically combines the command-based environmental regulation and incentive mechanism to promote the coordinated development of the enterprises.
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