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The Limits of Limited Liability: Evidence from Industrial Pollution

Citations

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Cited by:

  1. Juyoung Lee & Pratima Bansal, 2024. "Sweeping it under the rug: Positioning and managing pollution‐intensive activities in organizational hierarchies," Strategic Management Journal, Wiley Blackwell, vol. 45(6), pages 1151-1179, June.
  2. Choy, Stacey & Jiang, Shushu & Liao, Scott & Wang, Emma, 2024. "Public environmental enforcement and private lender monitoring: Evidence from environmental covenants," Journal of Accounting and Economics, Elsevier, vol. 77(2).
  3. Hasan, Iftekhar & Manfredonia, Stefano & Noth, Felix, 2021. "Cultural resilience, religion, and economic recovery: Evidence from the 2005 hurricane season," IWH Discussion Papers 9/2021, Halle Institute for Economic Research (IWH).
  4. Verberi, Can & Yasar, Sema & Sugozu, Ibrahim Halil, 2023. "Capital liberalization, growth and moral hazard: Lessons from the global financial crisis," International Review of Financial Analysis, Elsevier, vol. 90(C).
  5. Khan, Sarfraz & Wald, John K., 2025. "Which governance mechanisms matter for firm pollution?," The British Accounting Review, Elsevier, vol. 57(5).
  6. Wei Li & Qiping Xu & Qifei Zhu, 2025. "CEO Hometown Preference in Corporate Environmental Policies," Management Science, INFORMS, vol. 71(10), pages 8783-8806, October.
  7. Karel Hrazdil & Deniz Anginer & Jiyuan Li & Ray Zhang, 2024. "Climate Reputation and Bank Loan Contracting," Journal of Business Ethics, Springer, vol. 192(4), pages 875-896, July.
  8. Agostino Capponi & Zhaonan Qu, 2025. "Handling Sparse Non-negative Data in Finance," Papers 2509.01478, arXiv.org.
  9. Amin, Abu & Hossain, Md Miran & Lee, Narae & Saadi, Samir, 2025. "Corporate political activities and firms' carbon emissions," Journal of Corporate Finance, Elsevier, vol. 95(C).
  10. Zhu, Xiaoyu (Ross) & Zhou, Changyun & Zeng, Hanzhe, 2025. "Can inclusive finance curb sustainability regulatory risk for corporations?," Research in International Business and Finance, Elsevier, vol. 77(PA).
  11. Davis, Yehuda & Govindaraj, Suresh & Suslava, Kate, 2024. "Does the stock market anticipate events and supreme court decisions in corporate cases?," Global Finance Journal, Elsevier, vol. 60(C).
  12. Cheng, Qiang & Lin, An-Ping & Yang, Mengjie, 2025. "Green innovation and firms’ financial and environmental performance: The roles of pollution prevention versus control," Journal of Accounting and Economics, Elsevier, vol. 79(1).
  13. Mbanyele, William & Huang, Hongyun & Liu, Ying & Qu, Xinwei, 2025. "Foreign bank entry and corporate emissions: Evidence from staggered deregulations in China," Journal of Multinational Financial Management, Elsevier, vol. 79(C).
  14. Magnus Schauf & Eline Schoonjans, 2022. "Better Safe than Sorry: Toxic Waste Management after Unionization," Working Papers 220, Bavarian Graduate Program in Economics (BGPE).
  15. Hao Zhao & Chuanqing Wu & Yang Wen, 2023. "Determinants of Corporate Fossil Energy Assets Impairment and Measurement of Stranded Assets Risk," Energies, MDPI, vol. 16(17), pages 1-14, August.
  16. Xin Li & Fei Guo & Qiong Xu & Siwei Wang & Hongyun Huang, 2023. "Strategic or substantive innovation? The effect of government environmental punishment on enterprise green technology innovation," Sustainable Development, John Wiley & Sons, Ltd., vol. 31(5), pages 3365-3386, October.
  17. Ugur Lel, 2025. "Toxic Chief Executive Officers; Environmental, Social, and Governance Institutional Investors as Watchdogs; and the Labor Market Outcomes," Management Science, INFORMS, vol. 71(7), pages 5722-5745, July.
  18. Bettina Chlond & Robert Germeshausen, 2025. "Impacts of Ownership Changes on Emissions and Industrial Production: Evidence from Europe," Journal of the Association of Environmental and Resource Economists, University of Chicago Press, vol. 12(6), pages 1493-1526.
  19. Malloy, Christopher, 2026. "The consequences of wildfire liability for firm precaution: Evidence from power shutoffs in California," Journal of Public Economics, Elsevier, vol. 253(C).
  20. Garel, Alexandre & Petit-Romec, Arthur, 2022. "CEO exposure to abnormally hot temperature and corporate carbon emissions," Economics Letters, Elsevier, vol. 210(C).
  21. Alexandre Garel & Arthur Petit-Romec, 2022. "CEO exposure to abnormally hot temperature and corporate carbon emissions," Post-Print hal-03515464, HAL.
  22. Zhenyu Zhu & Yixiang Tian & Xiaoying Zhao & Huiling Huang, 2025. "Green Washing, Green Bond Issuance, and the Pricing of Carbon Risk: Evidence from A-Share Listed Companies," Sustainability, MDPI, vol. 17(11), pages 1-23, May.
  23. Muchenje, Linda Tinofirei, 2025. "Stock liquidity and corporate climate performance: evidence from China," Journal of Financial Stability, Elsevier, vol. 77(C).
  24. Su, Yueying & Li, Jialong & Li, Zhicheng & Wu, Cathy, 2025. "CEO inside debt holdings and climate risk concerns in corporate acquisition," Finance Research Letters, Elsevier, vol. 71(C).
  25. Li, Wenquan & Neupane, Suman & Tan, Kelvin Jui Keng, 2025. "Environmental externalities of corporate culture: Evidence from firm pollution," The British Accounting Review, Elsevier, vol. 57(5).
  26. Chen, Jason, 2025. "Redeploying dirty assets: The impact of environmental," Journal of Financial Economics, Elsevier, vol. 170(C).
  27. Yan, Jingjing & Guo, Yaoqi & Wen, Fenghua, 2025. "Carbon risk and the cost of equity capital: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 99(C).
  28. Sana Ullah & Osamu Ohsawa & Tehmeena Ishaq & Motahira Hashmi & Muhammad Nauman Sarwar & Chunhong Zhu & Yan Ge & Yeonju Jang & Ick Soo Kim, 2023. "Fabrication of Novel Hemp Charcoal Nanofiber Membrane for Effectual Adsorption of Heavy Metal Ions from Wastewater," Sustainability, MDPI, vol. 15(12), pages 1-15, June.
  29. Baridhi Malakar, 2024. "Essays on Responsible and Sustainable Finance," Papers 2406.12995, arXiv.org.
  30. Martinsson, Gustav & Sajtos, László & Strömberg, Per & Thomann, Christian, 2022. "Carbon Pricing and Firm-Level CO2 Abatement: Evidence from a Quarter of a Century-Long Panel," HoSS Working Paper Series 2022-10, Stockholm School of Economics, House of Sustainable Society (HoSS).
  31. Li, Lidan & Han, Jie & Mo, Shenwei & Yang, Yupeng, 2024. "Tackling competition by reducing emissions: Private firms’ polluting behavior under peer IPOs," International Review of Economics & Finance, Elsevier, vol. 89(PB), pages 232-249.
  32. Ashrafee Tanvir Hossain & Amir Hossain & Tom Cooper & Majidul Islam, 2024. "Corporate sexual orientation equality and carbon emission," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 64(2), pages 1491-1524, June.
  33. Chircop, Justin & Tarsalewska, Monika & Trzeciakiewicz, Agnieszka, 2025. "Learning to be green: Accounting comparability and environmental violations," The British Accounting Review, Elsevier, vol. 57(5).
  34. Chen, Jianqiang & Hsieh, Pei-Fang & Hsu, Po-Hsuan & Levine, Ross, 2025. "Environmental liabilities, borrowing costs, and pollution prevention activities: The nationwide impact of the Apex Oil ruling," Journal of Corporate Finance, Elsevier, vol. 91(C).
  35. Jin, Ling & Liu, Bai, 2025. "How carbon disclosure impacts corporate risk-taking: A heterogeneous structure perspective," Finance Research Letters, Elsevier, vol. 85(PE).
  36. James R Brown & Gustav Martinsson & Christian Thomann, 2022. "Can Environmental Policy Encourage Technical Change? Emissions Taxes and R&D Investment in Polluting Firms," The Review of Financial Studies, Society for Financial Studies, vol. 35(10), pages 4518-4560.
  37. Hirschbühl, Dominik & Ceglar, Andrej & Emambakhsh, Tina & Pasqua, Carlo & Cojoianu, Theodor & Qi, Yifan & Rho, Caterina & Hu, Elsie & Petracco, Marco & Biganzoli, Fabrizio & de Jager, Alfred & Herrero, 2025. "The climate-biodiversity-pollution nexus: the pricing of environmental credit risks for European," Working Paper Series 3164, European Central Bank.
  38. Ashrafee Hossain & Samir Saadi & Abu S. Amin, 2023. "Does CEO Risk-Aversion Affect Carbon Emission?," Journal of Business Ethics, Springer, vol. 182(4), pages 1171-1198, February.
  39. Haidar, Md Ismail & Kroll, Mark & Nguyen, Nam H., 2025. "Does brand capital influence corporate environmental policies? Evidence from toxic release inventory data," Journal of Corporate Finance, Elsevier, vol. 95(C).
  40. Essaddam, Naceur & Mrad, Fatma & Sassi, Syrine, 2026. "The green side of corporate culture," International Review of Economics & Finance, Elsevier, vol. 105(C).
  41. Fabio Antoniou & Manthos D. Delis & Steven Ongena & Chris Tsoumas, 2026. "Pollution Permits and Financing Costs," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 58(3), pages 637-679, April.
  42. Trinks, Arjan & Hille, Erik, 2026. "Carbon costs and industrial firm performance: Evidence from international microdata," Energy Economics, Elsevier, vol. 153(C).
  43. D'Acunto, Francesco & Xie, Jin & Yao, Jiaquan, 2022. "Trust and contracts: Empirical evidence," LawFin Working Paper Series 32, Goethe University, Center for Advanced Studies on the Foundations of Law and Finance (LawFin).
  44. Po‐Hsuan Hsu & Kai Li & Chi‐Yang Tsou, 2023. "The Pollution Premium," Journal of Finance, American Finance Association, vol. 78(3), pages 1343-1392, June.
  45. Gustav Martinsson & László Sajtos & Per Strömberg & Christian Thomann, 2024. "The Effect of Carbon Pricing on Firm Emissions: Evidence from the Swedish CO2 Tax," The Review of Financial Studies, Society for Financial Studies, vol. 37(6), pages 1848-1886.
  46. Feng, Qiyangfan & Zhang, Ziyue, 2025. "Limited liability, piercing the corporate veil and pollution abatement: Evidence from China," China Economic Review, Elsevier, vol. 94(PA).
  47. Venturini, Alessio, 2022. "Climate change, risk factors and stock returns: A review of the literature," International Review of Financial Analysis, Elsevier, vol. 79(C).
  48. Ho, Kung-Cheng & Yan, Cheng & Mao, Zhicheng & An, Jiafu, 2023. "Corporate sustainability policies and corporate investment efficiency: Evidence from the quasi-natural experiment in China," Energy Economics, Elsevier, vol. 127(PB).
  49. Yao, Wenyun & Zhang, Yi & Ma, Jingwen & Cui, Guanghui, 2023. "Does environmental regulation affect capital-labor ratio of manufacturing enterprises: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 86(C).
  50. Jake Thomas & Wentao Yao & Frank Zhang & Wei Zhu, 2022. "Meet, beat, and pollute," Review of Accounting Studies, Springer, vol. 27(3), pages 1038-1078, September.
  51. Bartram, Söhnke M. & Hou, Kewei & Kim, Sehoon, 2022. "Real effects of climate policy: Financial constraints and spillovers," Journal of Financial Economics, Elsevier, vol. 143(2), pages 668-696.
  52. Ren, Yangqiu & Hu, Guoliu & Wan, Qing, 2024. "Environmental Protection tax and diversified transition of heavily polluting enterprises: Evidence from a quasi-natural experiment in China," Economic Analysis and Policy, Elsevier, vol. 81(C), pages 1570-1592.
  53. Sharon Belenzon & Honggi Lee & Andrea Patacconi, 2023. "Managing risk in corporate groups: Limited liability, asset partitioning, and risk compartmentalization," Strategic Management Journal, Wiley Blackwell, vol. 44(12), pages 2888-2921, December.
  54. Song, Yunling & Xu, Chengying & Wei, Li, 2024. "External guarantees and ESG performance in China: Resource constraints or impression management?," International Review of Financial Analysis, Elsevier, vol. 96(PB).
  55. Yuqi Gu, 2023. "Environmental performance and employee welfare: Evidence from health benefit costs," International Review of Finance, International Review of Finance Ltd., vol. 23(3), pages 484-501, September.
  56. Hirschbuehl Dominik & Ceglar Andrej & Cojoianu Theodor & Emambakhsh Tina & Qi Yifan & Rho Caterina & Hu Elsie & Petracco Marco & Biganzoli Fabrizio & De Jager Alfred & Garcia Herrero Laura & Mandrici , 2025. "The Climate-Biodiversity-Pollution Nexus: The pricing of environmental credit risks for European industrial polluters," JRC Working Papers in Economics and Finance 2025-10, Joint Research Centre, European Commission.
  57. Dang, Tri Vi & Wang, Youan & Wang, Zigan, 2022. "The role of financial constraints in firm investment under pollution abatement regulation," Journal of Corporate Finance, Elsevier, vol. 76(C).
  58. Ma, Ruichen & Pan, Xiaofei & Suardi, Sandy, 2024. "The quest for green horizons: Can political turnovers drive green investments? New evidence from China," Energy Economics, Elsevier, vol. 132(C).
  59. Cohn, Jonathan B. & Liu, Zack & Wardlaw, Malcolm I., 2022. "Count (and count-like) data in finance," Journal of Financial Economics, Elsevier, vol. 146(2), pages 529-551.
  60. Aymeric Bellon, 2026. "Fresh Start or Fresh Water: The impact of Environmental Lender Liability," Working Papers 26-05, Center for Economic Studies, U.S. Census Bureau.
  61. Chen Chen & Sudipto Dasgupta & Thanh D. Huynh & Ying Xia, 2023. "Product Market Competition and Corporate Relocations: Evidence from the Supply Chain," Management Science, INFORMS, vol. 69(9), pages 5147-5173, September.
  62. Wei Zhang & Xinyu Li & Guanying Wang & Xiangqian Li, 2026. "Environmental pollution and IPO pricing efficiency: evidence from heavily polluting firms in China," Review of Quantitative Finance and Accounting, Springer, vol. 66(2), pages 757-798, February.
  63. Xiaoyi Lyu & Chenyu Shan & Dragon Yongjun Tang, 2025. "Does Traditional Debt Financing Hurt the Environment? Evidence from Toxic Releases," Journal of Business Ethics, Springer, vol. 200(4), pages 957-985, September.
  64. Huang, Yin-Siang & Lee, Cheng-Few & Lin, Chih-Yung, 2023. "Applications of fixed effect models to managerial risk-taking incentives," The Quarterly Review of Economics and Finance, Elsevier, vol. 92(C), pages 249-261.
  65. John Xuefeng Jiang & Jing Kong, 2024. "Green dies in darkness? environmental externalities of newspaper closures," Review of Accounting Studies, Springer, vol. 29(4), pages 3564-3599, December.
  66. He, Qiyang & Qiu, Buhui, 2025. "Environmental enforcement actions and corporate green innovation," Journal of Corporate Finance, Elsevier, vol. 91(C).
  67. Konark Saxena & Mandeep Singh, 2024. "Investors reward countries for participating in climate agreements," Nature Communications, Nature, vol. 15(1), pages 1-11, December.
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