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Conference Paper: The Effects of Mandatory Pollution Abatement on Corporate Investment and Performance: Theory and Evidence from a U.S. Regulation
Title | The Effects of Mandatory Pollution Abatement on Corporate Investment and Performance: Theory and Evidence from a U.S. Regulation |
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Authors | |
Issue Date | 2019 |
Publisher | Financial Management Association International. |
Citation | 2019 Financial Management Association European Conference, Glasgow,Scotland, UK, 12-14 June 2019 How to Cite? |
Abstract | This paper analyses the effect of mandatory pollution abatement on U.S. corporate
investment and performance and shows that environmental regulation can stimulate
investment in innovation. The following set of theoretical and empirical results are presented.
For financially unconstrained firms, mandatory pollution abatement leads to more current
R&D investment, more future investment in pollution abatement, reduces current profits,
increases future profits and reduces the market value of the firm. However, if firms are
financially constrained three of the five consequences are different. It leads to less current
R&D investment, less future investment in pollution abatement and lower future profits. |
Description | Session 20 - Determinants of Corporate Investments |
Persistent Identifier | http://hdl.handle.net/10722/278809 |
DC Field | Value | Language |
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dc.contributor.author | Dang, TV | - |
dc.contributor.author | Wang, Y | - |
dc.contributor.author | Wang, Z | - |
dc.date.accessioned | 2019-10-21T02:14:26Z | - |
dc.date.available | 2019-10-21T02:14:26Z | - |
dc.date.issued | 2019 | - |
dc.identifier.citation | 2019 Financial Management Association European Conference, Glasgow,Scotland, UK, 12-14 June 2019 | - |
dc.identifier.uri | http://hdl.handle.net/10722/278809 | - |
dc.description | Session 20 - Determinants of Corporate Investments | - |
dc.description.abstract | This paper analyses the effect of mandatory pollution abatement on U.S. corporate investment and performance and shows that environmental regulation can stimulate investment in innovation. The following set of theoretical and empirical results are presented. For financially unconstrained firms, mandatory pollution abatement leads to more current R&D investment, more future investment in pollution abatement, reduces current profits, increases future profits and reduces the market value of the firm. However, if firms are financially constrained three of the five consequences are different. It leads to less current R&D investment, less future investment in pollution abatement and lower future profits. | - |
dc.language | eng | - |
dc.publisher | Financial Management Association International. | - |
dc.relation.ispartof | 2019 Financial Management Association European Conference | - |
dc.title | The Effects of Mandatory Pollution Abatement on Corporate Investment and Performance: Theory and Evidence from a U.S. Regulation | - |
dc.type | Conference_Paper | - |
dc.identifier.email | Wang, Z: wangzg@hku.hk | - |
dc.identifier.authority | Wang, Z=rp02039 | - |
dc.identifier.hkuros | 307588 | - |