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Zhu H, Cai P, Fang H, Zhu Z, Li Y, Zhu R. Environmental regulation, industrial structure and energy efficiency: Evidence from 30 provinces in China. PLoS One 2024; 19:e0299731. [PMID: 38768191 PMCID: PMC11104590 DOI: 10.1371/journal.pone.0299731] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [Abstract] [MESH Headings] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Received: 10/31/2023] [Accepted: 02/15/2024] [Indexed: 05/22/2024] Open
Abstract
The government's environmental protection policy can significantly contribute to alleviating resource shortages and curbing environmental pollution, but the impact of various policy instruments implemented by the government on energy efficiency is unclear. Based on the panel data of 30 provinces in China from 2005 to 2021, this paper analyses the impact of environmental regulation and the industrial structure on energy efficiency from the perspective of resource taxes. The U-shaped relationship between environmental regulation and energy efficiency and between the optimization of industrial structure can significantly improve energy efficiency, and the optimization of industrial structure is conducive to weakening the initial inhibitory effect of environmental regulation. In addition, the analysis of regional heterogeneity showed that the impact of environmental regulation was stronger in the central and western regions, while the impact of industrial structure was stronger in the eastern and western regions. The conclusions of this study can help to expand the understanding of the relationship between environmental regulation and industrial structure on energy efficiency, provide policy enlightenment for the realization of green development and high-quality development, and provide Chinese examples and experiences for developing countries to improve energy efficiency.
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Affiliation(s)
- Haicheng Zhu
- School of Economics, Zhejiang University of Finance & Economics, Hangzhou, China
- Department of Sinology, KU Leuven, Leuven, Belgium
| | - Penghui Cai
- School of Economics, Zhejiang University of Finance & Economics, Hangzhou, China
| | - Hao Fang
- School of Economics, Zhejiang University of Finance & Economics, Hangzhou, China
| | - Zhengyu Zhu
- School of Economics, Zhejiang University of Finance & Economics, Hangzhou, China
| | - Yao Li
- School of Economics, Zhejiang University of Finance & Economics, Hangzhou, China
| | - Ruoqing Zhu
- Architecture and Design Department, University of Genoa, Genoa, Italy
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Li X, Cao A, Zhang Y, Zhao Y, Chen L, Jiang P, Liu L. Practical effects of carbon emissions trading system on energy efficiency. Sci Rep 2024; 14:279. [PMID: 38167943 PMCID: PMC10761875 DOI: 10.1038/s41598-023-50621-3] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [Abstract] [Key Words] [Grants] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Received: 10/07/2023] [Accepted: 12/22/2023] [Indexed: 01/05/2024] Open
Abstract
The carbon emissions trading system (CETS) is a helpful policy instrument for separating carbon emissions from economic expansion, and it significantly impacts energy efficiency (EE). This study uses 30 Chinese provinces from 2007 to 2020 as its research samples, and classifies energy efficiency into single-factor energy efficiency (SFE) and total-factor energy efficiency (TFE), using the difference-in-differences model to examine the effect and mechanism of the CETS on EE. As an additional tool to assess the efficacy of the CETS, the corresponding evolution of the rebound effect of energy-related carbon emissions (RECE) is also calculated. This study shows that the CETS can significantly improve EE in China's pilot provinces. The influence mechanism indicates that the effect of the CETS on EE is influenced by the level of government governance, green innovation, and industrial structure optimization. Further study finds that after the CETS was carried out, the RECE in pilot provinces was higher than that in non-pilot provinces, and 31.4% of carbon emissions reduced by EE improvement rebounded. Therefore, the CETS has yet to realize its full carbon reduction potential. The study offers specific policy proposals for the enhancement of China's CETS in light of the aforementioned findings.
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Affiliation(s)
- Xue Li
- School of Economics and Management, Southwest University of Science and Technology, Mianyang, 621010, China
- School of Environment and Resources, Southwest University of Science and Technology, Mianyang, 621010, China
| | - Aochen Cao
- School of Economics, Central University of Finance and Economics, Beijing, 102206, China
| | - Yuhan Zhang
- School of Economics and Management, Southwest University of Science and Technology, Mianyang, 621010, China
| | - Yuting Zhao
- School of Economics and Management, Southwest University of Science and Technology, Mianyang, 621010, China
| | - Lulu Chen
- School of Economics and Management, Southwest University of Science and Technology, Mianyang, 621010, China
| | - Pan Jiang
- School of Economics and Management, Southwest University of Science and Technology, Mianyang, 621010, China
- School of Environment and Resources, Southwest University of Science and Technology, Mianyang, 621010, China
| | - Liang Liu
- School of Economics and Management, Southwest University of Science and Technology, Mianyang, 621010, China.
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Feng Y, Gao Y, Meng X, Shi J, Shi K, Hu S, Jia F. The impacts of casual environmental regulation on carbon intensity in China: Dual mediating pathways of energy low-carbon reconstitution and industrial structure upgrading. ENVIRONMENTAL RESEARCH 2023; 238:117289. [PMID: 37797671 DOI: 10.1016/j.envres.2023.117289] [Citation(s) in RCA: 1] [Impact Index Per Article: 1.0] [Reference Citation Analysis] [Abstract] [Key Words] [MESH Headings] [Track Full Text] [Subscribe] [Scholar Register] [Received: 08/14/2023] [Revised: 09/15/2023] [Accepted: 10/02/2023] [Indexed: 10/07/2023]
Abstract
In the new era of global net zero, how to reduce carbon intensity became a hot topic, while few attentions had been paid to the impacts of casual environmental regulation, especially in the emerging economy such as China. In this regard, this study uses the panel data of 30 provinces in China from 2003 to 2019 to study the impacts of causal environmental regulation on the carbon intensity, with the adoption of multiple econometric models. The empirical results show that causal environmental regulation has a significant inhibitory effect on carbon intensity, while at current stage, causal environmental regulation cannot inhibit carbon intensity through the mediating of green innovation and renewable energy production. Fortunately, energy low-carbon reconstitution and industrial structure upgrading are proved to effectively act as the intermediary channels. In addition, the spatial spillover effects and the spatial heterogeneity are supported in the empirical analysis. In a summary, this study starts with the case of China to provide a realistic reference case for the international community, enriches the theory, policy and practice related to environmental regulation, and provides a realistic reference example for emerging economics in a developing country.
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Affiliation(s)
- Yanchao Feng
- Business School, Zhengzhou University, Zhengzhou, 450001, China.
| | - Yue Gao
- Business School, Zhengzhou University, Zhengzhou, 450001, China.
| | - Xiangxu Meng
- Business School, Shandong University, Weihai, 264209, China; Research Institute of Free Trade Zone, Shandong University, Weihai, 264209, China.
| | - Jiaxin Shi
- Business School, Zhengzhou University, Zhengzhou, 450001, China.
| | - Ke Shi
- Business School, Zhengzhou University, Zhengzhou, 450001, China.
| | - Shilei Hu
- School of Economics and Management, Harbin Institute of Technology Weihai, Weihai, 264209, China.
| | - Fulin Jia
- Business School, Zhengzhou University, Zhengzhou, 450001, China.
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Jiang Y, Chen N, Zhu D, Huang M. The impact of environmental supervision on firms' energy efficiency: evidence from the Environmental Protection Admonishing Talk policy in China. ENVIRONMENTAL SCIENCE AND POLLUTION RESEARCH INTERNATIONAL 2023; 30:37775-37790. [PMID: 36575258 DOI: 10.1007/s11356-022-24675-1] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [Abstract] [Key Words] [MESH Headings] [Track Full Text] [Subscribe] [Scholar Register] [Received: 09/21/2022] [Accepted: 12/06/2022] [Indexed: 06/17/2023]
Abstract
Enhancing energy efficiency is an important issue for countries facing pressures from energy shortages and environment pollution. Given increasing interest in the role of environmental supervision and the current lack of empirical evidence on this topic, this study investigates the impact of environmental supervision on firms' energy efficiency by taking the Environmental Protection Admonishing Talk (EPAT) policy in China as a quasi-natural experiment. Using the difference-in-differences method and the panel data of more than 3 million firms in China from 2008 to 2016, we find that environmental supervision improves firms' energy efficiency. This finding is validated by robustness tests and the difference-in-differences method combined with propensity score matching. The EPAT policy has varying effects on firms based on their location and size. A mechanism analysis shows that the EPAT policy improves firms' energy efficiency mainly by incentivizing them to adopt new technologies and transforming their modes of production. These findings can provide novel microscopic evidence on environmental supervision and energy efficiency and offer clues for the improvement of environmental enforcement in developing countries.
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Affiliation(s)
- Ying Jiang
- School of Economics, Sichuan University, Chengdu, 610065, China
| | - Na Chen
- School of Economics, Sichuan University, Chengdu, 610065, China
| | - Dandan Zhu
- College of Economics, Sichuan Agricultural University, Chengdu, 611130, China.
| | - Meibo Huang
- International Development Cooperation Academy, Shanghai University of International Business and Economics, Shanghai, 200336, China
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Lee CC, Yahya F, Razzaq A. The asymmetric effect of temperature, exchange rate, metals, and investor sentiments on solar stock price performance in China: evidence from QARDL approach. ENVIRONMENTAL SCIENCE AND POLLUTION RESEARCH INTERNATIONAL 2022; 29:78588-78602. [PMID: 35691947 PMCID: PMC9188854 DOI: 10.1007/s11356-022-21341-4] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [Abstract] [Key Words] [MESH Headings] [Track Full Text] [Figures] [Subscribe] [Scholar Register] [Received: 01/05/2022] [Accepted: 06/03/2022] [Indexed: 06/15/2023]
Abstract
The study investigates the asymmetric effect of temperature, exchange rate, metals (rare metals and electrical conductors), and investor sentiments on solar stock price performance in China. The novel econometric techniques, i.e., QARDL (quantile autoregressive distributive lag) approach and Granger causality-in-quantiles to analyze the results. In both short- and long-run estimations, the findings suggest that rare metals (cadmium, germanium, indium, and selenium) and electrical conductors (silver, aluminum, and copper) have significant and positive linkage with solar energy stocks at different quantiles based on bullish, bearish, and normal market conditions. On the other hand, negative effects are found for temperature, RMB exchange rate, and investor sentiments in both the short- and long-run. In the short run, the effect of exchange rate varies across different quantiles but it confines to only lower quantiles (bearish market condition) in the longer run. Solar stocks are more prone to investor sentiments under higher quantiles (bullish market conditions). Lastly, we find that temperature is not merely a behavioral anomaly for the solar energy market as it spreads across middle quantiles (normal market conditions) in the longer run. The findings of Granger causality in quantiles further confirm the results of QARDL.
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Affiliation(s)
- Chien-Chiang Lee
- School of Economics and Management, Nanchang University, Nanchang, China
- Research Center of the Central China for Economic and Social Development, Nanchang University, Nanchang, China
| | - Farzan Yahya
- Department of Business Administration, Institute of Southern Punjab, Multan, Pakistan
| | - Asif Razzaq
- School of Economics and Management, Dalian University of Technology, Dalian, People’s Republic of China
- Department of Business Administration, ILMA University, Karachi, Pakistan
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Xie G, Yang Y, Jiang K, Chen Z. The effect of the new Environmental Protection Law on corporate financialization in China. ENVIRONMENTAL SCIENCE AND POLLUTION RESEARCH INTERNATIONAL 2022; 29:83596-83611. [PMID: 35764736 DOI: 10.1007/s11356-022-21639-3] [Citation(s) in RCA: 6] [Impact Index Per Article: 3.0] [Reference Citation Analysis] [Abstract] [Key Words] [MESH Headings] [Track Full Text] [Subscribe] [Scholar Register] [Received: 05/18/2022] [Accepted: 06/20/2022] [Indexed: 06/15/2023]
Abstract
Using data from non-financial listed firms in China from 2008 to 2020, this study investigates the effect of the new Environmental Protection Law on corporate financialization based on the difference-in-differences model. Findings show that the law's implementation significantly increases the financialization behaviors of corporations in polluting industries. This effect remains robust after a series of robustness checks. Heterogeneity analyses suggest that the policy effect of the law is more pronounced for non-state-owned enterprises, enterprises with high fixed assets ratios, and enterprises in regions with excellent market competition. The new Environmental Protection Law also promotes the financialization of enterprises by increasing costs, reducing commercial credit financing capabilities, increasing risks, and hindering innovation. This article provides new evidence for understanding macro-environmental regulation and micro-firm effects.
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Affiliation(s)
- Guanxia Xie
- School of Economics, Jinan University, Guangzhou, 510632, China
| | - Yongcong Yang
- Institute of Studies for the Greater Bay Area, Guangdong University of Foreign Studies, Guangzhou, 51042, China
| | - Kangqi Jiang
- School of Economics, Jinan University, Guangzhou, 510632, China
| | - Zhongfei Chen
- School of Economics, Jinan University, Guangzhou, 510632, China.
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The Effect of Environmental Regulation on Corporate Environmental Governance Behavior and Its Mechanisms. SUSTAINABILITY 2022. [DOI: 10.3390/su14159050] [Citation(s) in RCA: 1] [Impact Index Per Article: 0.5] [Reference Citation Analysis] [Abstract] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 11/16/2022]
Abstract
Environmental regulation is an institutional guarantee for achieving green and sustainable economic development, and the implementation effect of environmental regulation policies is a concern for all sectors of society. This paper empirically examines the impact of environmental regulation on firms’ environmental governance behavior using a double difference model with the help of a quasi-natural experiment, the new Environmental Protection Law, and analyzes the mediating effect of central environmental protection inspectors using data from listed companies in China from 2011 to 2020. It was found that environmental regulation significantly enhances firms’ motivation to participate in environmental governance and central environmental protection inspectors play a mediating role in the impact of environmental regulation on firms’ environmental governance behavior. Furthermore, heterogeneity analysis shows that the enhancement effect of environmental regulation on firms’ environmental governance behavior mainly exists in large-scale firms and nonstate enterprises.
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