Abstract：Using panel data of 82 enterprises and 53 prefectures from 2011 to 2019, this study measures formal and informal environmental regulations and the economic resilience of carbon-neutral enterprises. It then empirically tests the linear and nonlinear relationships between heterogeneous environmental regulations and the economic resilience of carbon-neutral enterprises through fixed effects, systematic GMM, mediating effects, and threshold regression models. The results show that the current informal environmental regulations have a “spurring a willing horse” effect on the economic resilience of carbon-neutral firms, which weakens the economic resilience of carbon-neutral firms through signaling effects and financing constraints. The effect of environmental regulations on the economic resilience of carbon-neutral firms shifts from negative to positive as investor confidence increases. Furthermore, the heterogeneity analysis shows that the effects of formal and informal environmental regulations varies across regions.
王韶华，杨志葳，张伟，张世龙. 异质性环境规制对碳中和企业经济韧性的影响研究[J]. 管理学报, 2023, 20(12): 1771-.
WANG Shaohua，YANG Zhiwei，ZHANG Wei，ZHANG Shilong. The Impact of Heterogeneous Environmental Regulation on the Economic Resilience of Carbon-Neutral Enterprises. Chinese Journal of Management, 2023, 20(12): 1771-.
