Tax incentives, environmental regulation and firms’ emission reduction strategies: Evidence from China
Policy interaction is an important way to deal with increasingly complex environmental problems. This paper examines the investment-related tax cuts and the policy interaction with environmental regulation on firms' emission reduction strategies. Taking China's value-added tax (VAT) reform...
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| Published in | Journal of environmental economics and management Vol. 117; p. 102750 |
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| Main Authors | , , |
| Format | Journal Article |
| Language | English |
| Published |
Elsevier Inc
01.01.2023
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| Abstract | Policy interaction is an important way to deal with increasingly complex environmental problems. This paper examines the investment-related tax cuts and the policy interaction with environmental regulation on firms' emission reduction strategies. Taking China's value-added tax (VAT) reform as a quasi-natural experiment and considering the interaction with the emission reduction target policy, our difference-in-differences estimation shows that: the average effect of the VAT reform reduces firms' sulfur dioxide (SO2) emission intensity by 16.6%, due to the adoption of emissions reduction strategies in the production processes; the interaction effect between the VAT reform and environmental regulation incentivizes firms to additionally reduce SO2 emission intensity, due to the adoption of both production processes and end-of-pipe reduction strategies. Our findings are more evident for firms with tight financial constraints. Overall, this paper reveals the micro-mechanisms of how the tax policies incentivize firms to choose emission reduction strategies and highlights the importance of the interaction effects between environmental and non-environmental policies, thus providing implications for the policy mix of environmental regulation and tax-cut incentives to promote pollution reduction and improve business performance. |
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| AbstractList | Policy interaction is an important way to deal with increasingly complex environmental problems. This paper examines the investment-related tax cuts and the policy interaction with environmental regulation on firms' emission reduction strategies. Taking China's value-added tax (VAT) reform as a quasi-natural experiment and considering the interaction with the emission reduction target policy, our difference-in-differences estimation shows that: the average effect of the VAT reform reduces firms' sulfur dioxide (SO2) emission intensity by 16.6%, due to the adoption of emissions reduction strategies in the production processes; the interaction effect between the VAT reform and environmental regulation incentivizes firms to additionally reduce SO2 emission intensity, due to the adoption of both production processes and end-of-pipe reduction strategies. Our findings are more evident for firms with tight financial constraints. Overall, this paper reveals the micro-mechanisms of how the tax policies incentivize firms to choose emission reduction strategies and highlights the importance of the interaction effects between environmental and non-environmental policies, thus providing implications for the policy mix of environmental regulation and tax-cut incentives to promote pollution reduction and improve business performance. |
| ArticleNumber | 102750 |
| Author | Qi, Yu Chen, Jianwei Zhang, Jianshun |
| Author_xml | – sequence: 1 givenname: Yu surname: Qi fullname: Qi, Yu email: Z0004447@zuel.edu.cn organization: School of Public Finance and Taxation, Zhongnan University of Economics and Law, China – sequence: 2 givenname: Jianshun surname: Zhang fullname: Zhang, Jianshun email: snowzjs@163.com organization: School of Government Audit, Nanjing Audit University, China – sequence: 3 givenname: Jianwei surname: Chen fullname: Chen, Jianwei email: chenjianwei@uibe.edu.cn organization: Institute of Education and Economy Research, Academy of China Open Economy Studies, University of International Business and Economics, China |
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| Title | Tax incentives, environmental regulation and firms’ emission reduction strategies: Evidence from China |
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