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Greening through trade

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  • Kong, Dongmin
  • Liu, Chenhao
  • Ye, Wenxu

Abstract

We examine the impact of environmental regulations in export destinations on firms’ pollution emissions. Leveraging the passage of Permanent Normal Trade Relations (PNTR) by the United States – which eliminated tariff policy uncertainty for Chinese exports – we provide evidence that 1% increase of exports to highly regulated markets reduces smoke, SO2, and waste gas emissions by 0.267%, 0.239%, and 0.026%, and water and coal usage by 0.185% and 0.242%, respectively. Our mechanism analysis reveals that firms adapt their environmental practices to comply with foreign regulations due to compliance costs, reputational concerns, and future growth opportunities.

Suggested Citation

  • Kong, Dongmin & Liu, Chenhao & Ye, Wenxu, 2026. "Greening through trade," Journal of Corporate Finance, Elsevier, vol. 96(C).
    • Handle: RePEc:eee:corfin:v:96:y:2026:i:c:s0929119925001749
    DOI: 10.1016/j.jcorpfin.2025.102906
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    JEL classification:

    • F18 - International Economics - - Trade - - - Trade and Environment
    • Q52 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Pollution Control Adoption and Costs; Distributional Effects; Employment Effects
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies

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