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dc.contributor.authorTu, Wen-Junen
dc.contributor.authorYue, Xiao-Guangen
dc.contributor.authorLiu, Weien
dc.contributor.authorCrabbe, M. James C.en
dc.date.accessioned2020-03-31T09:42:48Z
dc.date.available2020-03-31T09:42:48Z
dc.date.issued2020-03-20
dc.identifier.citationTu W-J, Yue X-G, Liu W, Crabbe MJC (2020) 'Valuation impacts of environmental protection taxes and regulatory costs in heavy-polluting industries', International Journal of Environmental Research and Public Health, 17 (6)en
dc.identifier.issn1661-7827
dc.identifier.pmid32244988
dc.identifier.doi10.3390/ijerph17062070
dc.identifier.urihttp://hdl.handle.net/10547/623917
dc.description.abstractIn 2016, the issue of the Environmental Protection Tax Law indicated the enhancement of environmental protection in China. This study examines the market reaction to firms in heavy-polluting industries, and the effects of external legal institutional quality and internal environmental disclosure on firm value around the passage of Environmental Protection Tax Law. Using an event study approach coupled with ordinary least square regressions, the researchers find a significantly negative market reaction to firms in heavy-polluting industries, but this negative reaction varies depending on the expected increase in future regulatory costs. Specifically, the above negative reaction is stronger when the firm reveals that itself or its subsidiary belongs to heavy-polluting industry, however it would be mitigated when a firm is in a region with better quality of legal institutions or discloses environmental improvement activities. Overall, the results are consistent with the market perceiving that the environmental protection tax law enacted would increase regulatory costs for firms in heavy-polluting industries, and also show the higher-quality regional legal institutions and more efforts on environmental protection could relieve the market’s pessimism caused by uncertainty.
dc.language.isoenen
dc.publisherMDPIen
dc.relation.urlhttps://www.mdpi.com/1660-4601/17/6/2070en
dc.rightsGreen - can archive pre-print and post-print or publisher's version/PDF
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/*
dc.subjectpollutionen
dc.subjectenvironmental protectionen
dc.subjectH223 Environmental Impact Assessmenten
dc.titleValuation impacts of environmental protection taxes and regulatory costs in heavy-polluting industriesen
dc.typeArticleen
dc.identifier.eissn1660-4601
dc.contributor.departmentNingbo Universityen
dc.contributor.departmentEuropean University Cyprusen
dc.contributor.departmentPorto Polytechnicen
dc.contributor.departmentQingdao Universityen
dc.contributor.departmentOxford Universityen
dc.contributor.departmentUniversity of Bedfordshireen
dc.contributor.departmentShanxi Universityen
dc.identifier.journalInternational Journal of Environmental Research and Public Healthen
dc.date.updated2020-03-31T09:38:10Z
dc.description.noteopen access article
html.description.abstractIn 2016, the issue of the Environmental Protection Tax Law indicated the enhancement of environmental protection in China. This study examines the market reaction to firms in heavy-polluting industries, and the effects of external legal institutional quality and internal environmental disclosure on firm value around the passage of Environmental Protection Tax Law. Using an event study approach coupled with ordinary least square regressions, the researchers find a significantly negative market reaction to firms in heavy-polluting industries, but this negative reaction varies depending on the expected increase in future regulatory costs. Specifically, the above negative reaction is stronger when the firm reveals that itself or its subsidiary belongs to heavy-polluting industry, however it would be mitigated when a firm is in a region with better quality of legal institutions or discloses environmental improvement activities. Overall, the results are consistent with the market perceiving that the environmental protection tax law enacted would increase regulatory costs for firms in heavy-polluting industries, and also show the higher-quality regional legal institutions and more efforts on environmental protection could relieve the market’s pessimism caused by uncertainty.


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