Browsing by Author "Fang, Z."
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Item Open Access Government’s awareness of Environmental protection and corporate green innovation: A natural experiment from the new environmental protection law in China(Economic Society of Australia Inc., 2021-06) Fang, Z.; Kong, X.; Şensoy, Ahmet; Cui, X.; Cheng, F.Based on the impact of the new environmental protection law promulgated by the Chinese government in 2015, we employ the difference-in-differences (DID) approach to investigate the impact of government environmental regulation on corporate green innovation. The evidence shows that government environmental regulation can significantly increase the number of green patents of heavily polluting industries. This result holds after a series of robustness tests. The analysis of the economic mechanism indicates that the new environmental protection law brings supervision pressure to heavily polluting firms, prompting them to improve the quality of information disclosure, thus improving green innovation. In addition, the regional economic development level, government subsidies, and public supervision can significantly affect the positive impact of the new environmental protection law. Meanwhile, the effect is more prominent in non-state-owned enterprises and in firms with small scale, low profitability, and weak internal governance.Item Open Access Investor attention and environmental information disclosure quality: Evidence from heavy pollution industries in China(John Wiley & Sons Ltd., 2023-03-20) Yao, S.; Li, T.; Şensoy, Ahmet; Fang, Z.; Cheng, F.Using listed firms from 16 heavy pollution industries in China, we show that investor attention can significantly improve the quality of corporate environmental information disclosure. By examining the heterogeneity effects of investor attention under different firm characteristics, locations, and external supervision, we reveal that this improvement effect is more pronounced for smaller firms, state-owned enterprises, firms with weaker corporate governance, and firms located in China's western regions (regions with poor economic development). We further find that public's attention to environmental issues promotes the investor attention level on firms in heavy pollution industries, thus improving firms' environmental information disclosure quality. Overall, our results emphasize the role of external investor attention on corporate environmental issues.