How do environmental policies affect capital market reactions? Evidence from China's construction waste treatment policy

Liu, Haiyue; Wang, Yile; Shi, Xiaoshuang; Pang, Lina

doi:10.1016/j.ecolecon.2022.107461

Cited by 9 publications

(2 citation statements)

References 62 publications

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“…In other words, the treatment group and the control group share the identical change trend in the allocation efficiency of medical resources in each province before the policy shock of the comprehensive medical reform pilot strategy. According to the research of Liu et al [ 44 ] and Li et al [ 45 ], the event analysis method is further used in this paper to assess the parallel trends and dynamic effects between the treatment group and the control group. The particular model is depicted in Formula (2) :

…”

Section: Methodsmentioning

confidence: 99%

Can Comprehensive Medical Reform Improve the Efficiency of Medical Resource Allocation? Evidence From China

Sun,

Xu,

Adnan

et al. 2023

Int J Public Health

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Objectives: To evaluate the impact of comprehensive medical reform on the efficiency of medical resource allocation in China.Methods: This study employs the Slacks-Based Measure- Directional Distance Function (SBM-DDF) to estimate the efficiency of medical resource allocation (MRAE) in China, using panel data from 30 provinces during 2009–2021. Moreover, a multi-period Difference in differences (DID) model is developed to explore the effect of the comprehensive medical reform pilot (CMRP) strategy on efficiency of medical resource allocation in China.Results: The results show that the average value of China’s medical resources allocation efficiency is 0.861 during the sample period. Coastal area has a higher MRAE than that in the inland area. The DID results show that the comprehensive medical reform pilot strategy has a good, long-lasting impact on the efficiency of medical resource allocation. And the results remain valid after a series of robustness analysis. Additionally, the comprehensive medical reform policy has heterogeneous impact on efficiency of medical resource allocation. The promotion effect is only statistically significant in the eastern and central regions, the groups of higher MRAE and larger population size.Conclusion: China’s comprehensive medical reform policy can effectively promote the improvement of regional efficiency of medical resource allocation.

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…”

Section: Methodsmentioning

confidence: 99%

Can Comprehensive Medical Reform Improve the Efficiency of Medical Resource Allocation? Evidence From China

Sun,

Xu,

Adnan

et al. 2023

Int J Public Health

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“…Scholars have examined the impact of environmental policy enactments on specific stock markets, mainly in large economies, such as the US Clean Air Act Amendments of 1990 (Hughes, 2000), Chinese environmental policies (Guo et al, 2020;Liu, Wang, et al, 2022), and European Union climate change-related policies (Birindelli & Chiappini, 2021). However, results vary across policies, industries, and regions.…”

Section: Environmental Regulations and Firm Market Valuementioning

confidence: 99%

Reward or punishment? The impact of heterogeneous environmental regulatory intervention on the firm market value

Sun,

Bai,

Sarkis

2024

Bus Strat Env

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Environmental regulations are important organizational strategic drivers. Environmental regulatory mechanisms include “carrots” or “sticks”—they can be incentive or coercion‐based. This study empirically investigates stock market reactions to various environmental regulatory mechanisms. Using a sample of 334 environmental regulatory events reported by 212 listed Chinese firms between 2010 and 2020, we find that monetary reward has a greater positive market reaction towards governmental reward than non‐monetary reward. We also find that governmental operational disruption penalties have a greater negative market reaction than operational non‐disruption penalties. Governmental levels of the environmental regulation implementation subject do not play a moderating role in the relationship between governmental regulations and firm market value. These findings provide various policy and organizational insights as businesses seek to meet legitimacy gains in response environmental regulatory mechanisms.

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Impact assessment of construction waste policy intensity on environmental efficiency based on system generalized method of moments

Wu,

Gao,

Xie

et al. 2024

Environ Sci Pollut Res

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With the acceleration of urbanization in recent years, China has witnessed large-scale construction across its provinces, generating massive amounts of construction waste that pose challenges to environmental protection and sustainable development. This study evaluated the impact of construction waste policy intensity on its environmental efficiency. Firstly, the content analysis method was used to analyze the construction waste policy text quantitatively. Second, this study constructed a slack-based measure (SBM) model based on data envelopment analysis (DEA), considering resource input and construction waste output to measure environmental efficiency. Finally, we built and tested an econometric model of how policies affect environmental efficiency using the system generalized method of moments (SYS-GMM). The findings indicate a non-linear U-shaped link between policy intensity and environmental efficiency. Among all five control variables, population density, urbanization level, and technological innovation enhance environmental efficiency, while economic development and highway density will lower it. This study advances the research on construction waste policies and offers some insights for the construction industry to pursue sustainable development.

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How do environmental policies affect capital market reactions? Evidence from China's construction waste treatment policy

Cited by 9 publications

References 62 publications

Can Comprehensive Medical Reform Improve the Efficiency of Medical Resource Allocation? Evidence From China

Can Comprehensive Medical Reform Improve the Efficiency of Medical Resource Allocation? Evidence From China

Reward or punishment? The impact of heterogeneous environmental regulatory intervention on the firm market value

Impact assessment of construction waste policy intensity on environmental efficiency based on system generalized method of moments

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