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Government-led voluntary environmental regulation and corporate investment efficiency: Evidence from the green factory certification in China

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  • Yu, Lianchao
  • Sha, Haobin
  • Ji, Peinan

Abstract

Unlike command-based environmental regulation (CER), market-based environmental regulation (MER), and environmental management system certification (EMSC), which represent a society-led voluntary environmental regulation (VER), green factory certification (GFC) constitutes a government-led VER that mobilizes multi-level supervision and improves resource integration to advance corporate sustainable development. Using the implementation of China's GFC as a quasi-natural experiment, this study employs a staggered difference-in-differences approach to examine the effect of government-led VER on corporate investment efficiency. The findings demonstrate that GFC significantly improves corporate investment efficiency by strengthening environmental supervision and optimizing resource acquisition. Cross-sectional analysis indicates a more pronounced effect in regions with underdeveloped green finance environments and in firms with weaker green governance or poorer green information environments. Comparative effectiveness analysis shows that GFC is more effective than CER, MER, and EMSC in enhancing investment efficiency. Economic consequences analysis reveals that GFC-induced improvements in investment efficiency significantly increase corporate market value. Spillover effects analysis confirms that GFC indirectly enhances investment efficiency for peers within the same industry or region. Overall, this study underscores the important role of government-led VER in improving resource allocation efficiency.

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  • Yu, Lianchao & Sha, Haobin & Ji, Peinan, 2025. "Government-led voluntary environmental regulation and corporate investment efficiency: Evidence from the green factory certification in China," Energy Economics, Elsevier, vol. 152(C).
    • Handle: RePEc:eee:eneeco:v:152:y:2025:i:c:s0140988325008345
    DOI: 10.1016/j.eneco.2025.109004
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