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.
WANG Shaohua,YANG Zhiwei,ZHANG Wei等. The Impact of Heterogeneous Environmental Regulation on the Economic Resilience of Carbon-Neutral Enterprises[J]. Chinese Journal of Management, 2023, 20(12): 1771-.
