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Valuation Impacts of Environmental Protection Taxes and Regulatory Costs in Heavy-Polluting Industries

2020Journal article Open access
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dc.contributor.authorTu, Wen-Jun
dc.contributor.authorYue, Xiao-Guang
dc.contributor.authorLiu, Wei
dc.contributor.authorCrabbe, M. James C.
dc.date.accessioned2022-01-06T11:02:05Z
dc.date.available2022-01-06T11:02:05Z
dc.date.issued2020
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.pt_PT
dc.description.sponsorshiphis research was sponsored by Ministry of Education of Humanities and Social Science Project (grant number: 19JYC630158) and K.C.Wong Magna Fund in Ningbo University.pt_PT
dc.description.versioninfo:eu-repo/semantics/publishedVersionpt_PT
dc.identifier.doi10.3390/ijerph17062070pt_PT
dc.identifier.urihttp://hdl.handle.net/10400.22/19330
dc.language.isoengpt_PT
dc.peerreviewedyespt_PT
dc.publisherMDPIpt_PT
dc.relation19JYC630158pt_PT
dc.relation.publisherversionhttps://www.mdpi.com/1660-4601/17/6/2070pt_PT
dc.rights.urihttp://creativecommons.org/licenses/by-nc/4.0/pt_PT
dc.subjectEnvironmental protection taxpt_PT
dc.subjectMarket investor responsept_PT
dc.subjectRegulatory costspt_PT
dc.subjectEnvironmental disclosurept_PT
dc.subjectRegional legal institutionspt_PT
dc.subjectChinapt_PT
dc.titleValuation Impacts of Environmental Protection Taxes and Regulatory Costs in Heavy-Polluting Industriespt_PT
dc.typejournal article
dspace.entity.typePublication
oaire.citation.issue6pt_PT
oaire.citation.startPage2070pt_PT
oaire.citation.titleInternational Journal of Environmental Research and Public Healthpt_PT
oaire.citation.volume17pt_PT
rcaap.rightsopenAccesspt_PT
rcaap.typearticlept_PT

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