Luo, Jingbo - In: China journal of accounting research : CJAR 10 (2017) 4, pp. 359-378
This study examines the effect of environmental regulations on the investment behavior of high-polluting enterprises. Our data are from A-share listed firms in China from 2006 to 2014. We use a sudden surge in the PM2.5 index as an exogenous event to conduct a natural experiment. We find that...