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

    Access Status
    Fulltext not available
    Authors
    Huang, J.C.
    Cao, June
    Hasan, T.
    Zhao, J.
    Date
    2021
    Type
    Journal Article
    
    Metadata
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    Citation
    Huang, J.C. and Cao, J. and Hasan, T. and Zhao, J. 2021. Low-carbon city initiatives and firm risk: A quasi-natural experiment in China. Journal of Financial Stability. 57: Article No. 100949.
    Source Title
    Journal of Financial Stability
    DOI
    10.1016/j.jfs.2021.100949
    Faculty
    Faculty of Business and Law
    School
    School of Accounting, Economics and Finance
    URI
    http://hdl.handle.net/20.500.11937/86085
    Collection
    • Curtin Research Publications
    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.

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