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Low-carbon city initiatives and firm risk: A quasi-natural experiment in China

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  • Huang, Jingchang
  • Cao, June
  • Hasan, Tahseen
  • Zhao, Jing

Abstract

This study contributes to the low-carbon city (LCC) related literature by providing causal evidence on the impact of carbon reduction regulation on firm risk. Using staggered adoption of LCC program shocks in China as a quasi-natural experiment, we implement a difference-in-differences (DiD) analysis to investigate the impact of the low-carbon city initiatives on firm risk. We find that low-carbon city initiatives are significantly correlated with firm total risk, systematic risk, and idiosyncratic risk. The results are more pronounced for firms with greater changes of investment in fixed assets and R&D and for firms in provinces with stronger legal enforcement. Our study provides in-depth insights into the low-carbon city initiatives and the firm-level impact of its implementation.

Suggested Citation

  • Huang, Jingchang & Cao, June & Hasan, Tahseen & Zhao, Jing, 2021. "Low-carbon city initiatives and firm risk: A quasi-natural experiment in China," Journal of Financial Stability, Elsevier, vol. 57(C).
    • Handle: RePEc:eee:finsta:v:57:y:2021:i:c:s157230892100108x
    DOI: 10.1016/j.jfs.2021.100949
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    More about this item

    Keywords

    Low-carbon city pilot program; Total risk; Systematic risk; Idiosyncratic risk;
    All these keywords.

    JEL classification:

    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy

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