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The impact of environmental regulations on industry performance is a current worldwide concern. There are several different viewpoints on the effects of environmental regulations. Whether environmental regulations could hamper industrial performance is worth to be assessed in China. We use panel data for six samples from manufacturing industry in China from 1996 to 2011 in an empirical analysis of the impact of environmental regulations on industry performance. The results show that environmental regulations have a signifi cant positive relationship with productivity and have a certain role in promoting the performance of manufacturing industries. This leads to a different conclusion from the general point of view, and the Porter Hypothesis is verifi ed to a certain degree.

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Purpose This study aims to examine the impact of corporate social responsibility (CSR) awards on firms’ market value considering these awards as a signal and proxy for the effectiveness of CSR practice. Design/methodology/approach There are 342 announcements of CSR awards in China from 2006 to 2017 screened and analyzed using the event study methodology. Findings The stock market reacts significantly negatively to CSR award announcements in the short term. Firms that are state-owned, belong to the manufacturing industry, outside east China, repeatedly win awards and are listed in the Chinese H-share market, experience a stronger stock market reaction. Interestingly, the long-term stock returns of award winners are significantly positive for multiyear holding periods. Practical implications The findings offer stakeholders clear guidelines on how to manage communications in the market to extract enhanced financial performance from CSR award announcements. Originality/value This study chooses CSR awards as a proxy for the effectiveness of excellent CSR practice. This study also contributes to the CSR literature by analyzing how investors use the award information to make investment decisions.