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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.
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Received: 16 July 2022
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