Heterogeneous Paths to Sustainability: How Formal and Informal Environmental Regulations Shape Corporate Sustainability
持続可能性への異質な道筋：公式および非公式の環境規制が企業の持続可能性をどのように形成するか (AI 翻訳)
Qingyang Han, Hongying Gao, Xin Guo
🤖 gxceed AI 要約
日本語
中国のA株上場企業2011年～2023年のデータを用い、公式および非公式の環境規制が企業の持続可能性に与える影響を比較分析。結果、両規制とも持続可能性を高めるが、国有企業、非重汚染企業、中部・東部地域で効果が顕著。資金制約やR&D投資などの経路が異なる役割を果たし、両規制は補完的に異なる持続可能性の次元を促進する。
English
Using data from Chinese A-share listed companies (2011-2023), this study compares how formal and informal environmental regulations affect corporate sustainability. Both types enhance sustainability, with stronger effects for state-owned, non-heavily polluting firms, and in central/eastern regions. Financing constraints and R&D investment mediate differently under each regulation, and the two regulations complement each other in promoting different sustainability dimensions.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
中国の企業データに基づくが、公式規制（政策）と非公式規制（市場・社会圧力）の両面が企業の持続可能性に与える影響を分析した点は、日本のGX政策（GXリーグなど）やステークホルダー圧力の理解に示唆を与える。
In the global GX context
This paper provides empirical evidence from China on how formal and informal environmental regulations interact to drive corporate sustainability. It contributes to global understanding of regulatory design for ESG outcomes, especially relevant for frameworks like ISSB that consider regulatory context.
👥 読者別の含意
🔬研究者:This paper provides a comparative analysis of formal and informal environmental regulations' impact on corporate sustainability, offering insights into mediating channels and complementary effects.
🏢実務担当者:Corporate sustainability teams can learn how both regulatory compliance and stakeholder pressure influence sustainability outcomes; useful for prioritizing engagement with regulators and communities.
🏛政策担当者:Policymakers should consider the complementary role of informal regulations (e.g., media/public scrutiny) alongside formal regulations to enhance corporate sustainability.
📄 Abstract（原文）
The impact of environmental regulation (ER) on corporate sustainability has been widely studied, but few studies have comparatively analyzed this process from the dual perspectives of formal and informal environmental regulation (FER&IER). The impacts of top-down FER and bottom-up IER on firms remain an area that warrants further investigation. This study uses data from Chinese A-share listed companies between 2011 and 2023 to compare and analyze the impact of FER and IER on corporate sustainability. The results reveal that: (a) Both FER and IER enhance corporate sustainability, with the effect being more pronounced among state-owned enterprises, non-heavily polluting firms, and in the central and eastern regions. (b) Financing constraints, free cash flow, labor input, and R&D investment play differentiated roles under varying environmental regulatory contexts, and these channels collectively shape corporate sustainability. (c) FER and IER complement each other, promoting different sustainability dimensions. This research provides novel insights into the theoretical and empirical link between environmental regulation and long-term corporate development.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1177/21582440251415128first seen 2026-05-15 21:49:28
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