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Title: Do state subsidies increase corporate environmental spending?
Authors: Wang, Y
Zhang, Y 
Issue Date: Nov-2020
Source: International review of financial analysis, Nov. 2020, v. 72, 101592, p. 1-11
Abstract: This study investigates the impact of state subsidies on corporate environmental spending of Chinese listed firms between 2011 and 2018, using a hand-collected data from corporate annual and environmental responsibility reports. We find a positive relationship between state subsidies and corporate environment spending, indicating firms receiving government subsidies are more likely to behave more environmentally responsible. In addition, the positive relationships are more pronounced among the non-state-owned enterprises (non-SOEs) and the firms experiencing financial constraints. It is because, non-SOEs are more likely to lose government support comparing to their SOE peers, thus making more efforts to address corporate pollution. Moreover, firms subject to financial difficulties tend to build an environmental responsible image and to contribute more in environment protection.
Keywords: Environmental spending
Financial constraints
State subsidies
State-owned enterprises
Publisher: Elsevier
Journal: International review of financial analysis 
EISSN: 1057-5219
DOI: 10.1016/j.irfa.2020.101592
Rights: © 2020 Elsevier Inc. All rights reserved.
© 2020. This manuscript version is made available under the CC-BY-NC-ND 4.0 license
The following publication Wang, Y., & Zhang, Y. (2020). Do state subsidies increase corporate environmental spending? International Review of Financial Analysis, 72, 101592 is available at
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