Affiliation:
1. School of Management Nanjing University of Posts and Telecommunications Nanjing China
2. School of Economics and Management East China Normal University Shanghai China
3. Business School Hohai University Nanjing China
4. Business School Shandong Normal University Jinan China
5. School of International Economics & Business Nanjing University of Finance & Economics Nanjing China
Abstract
AbstractCurrently, the effects of financial openness (FO) on the environment have not been assessed at the micro level of enterprises. This article uses the difference‐in‐differences method to explore the pollution abatement effect of FO. The results show that FO can effectively promote pollution abatement with a significant environmental performance enhancement effect. In addition, the pollution abatement effect of FO is stronger in large, heavy industrial, and state‐owned enterprises. Besides, FO significantly alleviates financing constraints and promotes the pollution abatement by driving R&D investment and strengthening the intensity of end‐of‐pipe treatment. Policy recommendations are given to steadily expand the FO pattern, improve the financial disclosure system of small and medium‐sized enterprises, and optimize subsidies for increased R&D investment to stimulate pollution abatement. A reference for other emerging economies, especially transitioning economies, is provided to fully utilize the financial system under construction or improvement to realize the value of pollution control.
Subject
Development,Renewable Energy, Sustainability and the Environment
Cited by
1 articles.
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