环保管理体系认证是否能让企业摆脱困境? 来自股票价格崩盘风险的证据
Hongyu Liu1, Qin Binbin2, Pengliang Qiao1
1School of Management, Guangzhou College of Technology and Business, Foshan City, China.
PloS one
|January 8, 2025
概括
环境管理系统 (EMS) 认证显著降低了污染公司的股价崩盘风险. 这项自愿性法规提高了企业的环境绩效和信息透明度,作为治理和信息工具.
科学领域:
- 环境经济学环境经济学
- 企业金融公司财务
- 可持续性研究 可持续性研究
背景情况:
- 企业越来越多地采用自愿的环境法规.
- 环境管理系统 (EMS) 认证是一个关键的自愿参与式环境监管.
- 了解EMS认证的经济后果,特别是对财务风险的影响,至关重要.
研究的目的:
- 调查EMS认证对股价崩盘风险的影响.
- 探索EMS认证影响股价崩盘风险的机制.
- 检查媒体关注在这种关系中的调节作用.
主要方法:
- 分析了2008-2020年间污染严重的上市公司的样本数据.
- 计量经济学分析控制内源性.
- 强度测试用于验证发现.
主要成果:
- 通过EMS认证,可以显著抑制股价崩盘的风险.
- 这种影响在国有企业和市场化程度较高的企业中更为明显.
- 这些机制包括改善环境绩效和提高信息透明度.
结论:
- 环境管理体系认证是环境治理和提高企业信息透明度的有效工具.
- 它显然抑制了股票价格崩盘的风险.
- 调查结果为环境监管机构提供理论和实践支持,并为企业的可持续性战略提供信息.
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