AUTHOR=Wang Yiqiu , Xu Yang , Guo Chong , Xie Meng TITLE=Can carbon risk restrain corporate financialization? Evidence from China JOURNAL=Frontiers in Environmental Science VOLUME=12 YEAR=2024 URL=https://www.frontiersin.org/journals/environmental-science/articles/10.3389/fenvs.2024.1429110 DOI=10.3389/fenvs.2024.1429110 ISSN=2296-665X ABSTRACT=

Using data on Chinese A-share listed companies from 2010 to 2021, we employ the difference-in-differences (DID) estimation method as an exogenous impact of a quasi-natural experiment and analyze the effects of carbon risk on corporate financialization. We observe that increased carbon risk decreases with corporate financialization, which is more pronounced for financially constrained and state-owned enterprises. Furthermore, we find that carbon risk increases green innovation, which restrains corporate financialization. Our research not only enriches the relevant influence on carbon risk and corporate financialization but also provides Chinese evidence for the Porter hypothesis.