The relationship between air pollution and company risk-taking: The moderating role of digital finance
Air pollution, an influencing factor for decision-making behavior, is closely related to company risk-taking, which affects high-quality economic development. Based on a fixed effect model, using the panel data of non-financial listed companies from China’s A-share markets from 2011 to 2019, this st...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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Frontiers Media S.A.
2022-08-01
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| Series: | Frontiers in Environmental Science |
| Subjects: | |
| Online Access: | https://www.frontiersin.org/articles/10.3389/fenvs.2022.988450/full |
| Summary: | Air pollution, an influencing factor for decision-making behavior, is closely related to company risk-taking, which affects high-quality economic development. Based on a fixed effect model, using the panel data of non-financial listed companies from China’s A-share markets from 2011 to 2019, this study empirically analyzes the influence of air pollution on company risk-taking and the moderating role of digital finance. The benchmark regression results reveal that air pollution has a significantly negative impact on company risk-taking. Mechanism analysis reveals that digital finance that is not “green development-oriented” can strengthen such relationship. The results of the heterogeneity analysis demonstrate that the negative impact of air pollution on risk-taking is more significant within private companies and those located in the eastern and central regions. Digital finance impacts companies with strict financing constraints more significantly. This study provides a reference for reducing the negative impact of air pollution on high-quality economic development. |
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| ISSN: | 2296-665X |