Capital market liberalization and corporate environmental performance: Evidence from the Shanghai–Hong Kong Stock Connect
Abstract
The implementation of the Shanghai-Hong Kong Stock Connect marks the maturity of China's capital market, and the effect of the implementation has been the focus of academic attention. Based on this quasi-natural experiment, we select 3248 samples of heavily polluting enterprises listed in China in 2010-2020 to examine the impact of capital market liberalization and on corporate environmental performance. The results show that capital market liberalization significantly improves the environmental performance of heavy polluting enterprises. The results of the heterogeneity analysis indicate that the positive effect varies across firms with different ownership and internal controls. Finally, mechanism analysis results find that capital market liberalization promotes the environmental performance of heavily polluting firms by increasing environmental assets, reducing stock price volatility, and improving the quality of information disclosure.
This README file was generated on 2024-10-19 by Qian Zhong.
GENERAL INFORMATION
- Title of Dataset: Capital market liberalization and corporate environmental performance: Evidence from the ShanghaiHong Kong Stock Connect
- Author Information
Qian Zhong
School of BusinessSuqian university,Suqian .China.
E-mail:21074@squ.edu.cn - Date of data collection (single date, range, approximate date): 2010-2020
- Geographic location of data collection: Suqian university,Suqian .China.
- Information about funding sources that supported the collection of the data: Philosophy and Social Science Project of Colleges and Universities in Jiangsu Province (2023SJYB2339). Suqian College Youth Research Fund Project (2023XQNA10).
SHARING/ACCESS INFORMATION
- Licenses/restrictions placed on the data: CC0 1.0 Universal (CC0 1.0) Public Domain
- Links to publications that cite or use the data:
Qian Zhong (2024). Capital market liberalization and corporate environmental performance: Evidence from the ShanghaiHong Kong Stock Connect
- Links to other publicly accessible locations of the data: None
- Links/relationships to ancillary data sets: None
- Was data derived from another source? No
A. If yes, list source(s): NA
DATA & FILE OVERVIEW
- File List:
A) Data.xsls
- Relationship between files, if important: None
- Additional related data collected that was not included in the current data package: None
- Are there multiple versions of the dataset? No
A. If yes, name of file(s) that was updated: NA
i. Why was the file updated? NA
ii. When was the file updated? NA
A) DATA-SPECIFIC INFORMATION FOR: Data.xsls
- Number of variables: 15
- Number of cases/rows: 3270
- Variable List:
-
Firm: JIAT - Zjqy stands for Heavy Polluting Enterprises Selected by Shanghai–Hong Kong Stock Connect including Thermal Power, Iron and Steel, Cement, Electrolytic Aluminum, Coal, Metallurgy, Chemicals, Petrochemicals, Building Materials, Paper Manufacturing, Brewing, Pharmaceuticals, Fermentation, Textiles, Tanning, and Mining.
The full form of (JIAT - Zjqy) is shown below:
JIAT-jiatong,Aajg-aiaijinggong,Aljj-ailijiaju,Algf-anligufen,Angf-annigufen,Atjt-antaijituan,Aygt-anyanggangtie,Aggf-anganggufen,
Ard-aoruide,Bygt-bayigangtie,Byys-baiyinyouse,Bygf-baiyagufen,Bggf-baoganggufen,Baoggf-baoganggufen,Bld-baolidi,Btgf-baotaigufen,
Bwmy-baowumeiye,Bfty-beifangtongye,Bfxt-beifangxitu,Bjlr-beijinglier,Bxjc-beixinjiancai,Bgb-bengangB,Bgbc-bengangbancai,
Bhzy-bohuizhiye,Bsgf-boshengufen,Bwhj-boweihejin,Czmz-cangzhoumingzhu,Chgf-chahuagufen,Cljt-changlvjituan,Cmb-chenmingB,
Cmzy-chenmingzhiye,Cjxc-chujiangxincai,Chjt-chuanhuankeji,Cxxc-chuangxinxincai,Cgkj-chunguankeji,Ddx-dadixiong,Ddn-dadongnan,
Dsd-dashengda,Dlxc-daileixincai,Degf-daoengufen,Dgxc-deguanxincai,Dlgf-deligufen,Dwt-deweitui,Dojj-Dioujiaju,Dghj-diangonghejin,
Dsxc-dingshengxincai,Dfgy-dongfanggaoye,Dfty-dongfangtanye,Dfyh-dongfangyuhong,Dpkg-dongpengkonggu,Eeds-eerduosi,
Ejgf-enjiegufen,Ftgf-fantaigufen,Fywt-fanyaweitou,Fdtx-fangdatansu,Fdtg-fangdategang,Flh-feilihua,Fmgf-fengmaogufen,
Fsgf-fengshengufen,Fskj-fusukeji,Fjsn-fujianshuini,Flt-fulaite,Fybl-fuyaoboli,Fstg-fushuntegang,Gfly-ganfengliye,Gygn-gangyangaona,
Gygf-gongyuanfufen,GDkj-gudikeji,Gwxc-guangweixincai,Gdtg-guangdategang,Gyby-guiyanboye,Gzlt-guizhouluntai,Gegf-guoengufen,
Gfxc-guofengxincai,Gjfc-guojifucai,Gtgf-guotonggufen,Hdgf-haidagufen,Hld-hailide,Hlgf-hailianggufen,Hlsn-hailuoshuini,Hlxc-hailuoxincai,
Hnxz-hainanxinze,Hxxc-haixiangxincai,Hyxc-haiyouxincai,Hzsc-haizhengxincai,Hdgt-handangangtie,Hjhs-hanjianheshan,Hrgy-hanruiguye,
Hggf-hangganggufen,Hzgx-hangzhougaoxin,Hmxc-haomeixincai,Hyhl-haoyuehuli,Hjtz-hejintouzi,Hxbz-hexxingbaozhuang,Hskj-heshunkeji,
Hggf-heganggufen,Hbgf-hengbanggufen,Hdxc-hengdaxincai,Hfzy-hengfengzhiye,Hsxc-hengshenxincai,Hthl-hengtianhailong,
Hysh-hengyishihua,Hhjm-henghejimi,Hckg-hengchuankonggu,Hhkj-honghekeji,Hnby-hunanbaiyin,Hcgf-huacigufen,Hfcx-huafengchaoxian,
Hfhx-huafenghuaxue,Hfly-huafenglvye,Hlgt-hualinggangtie,Htgf-huataigufen,Hwkj-huawangkeji,Hxgf-huaxigufen,Hxsn-huaxinshuini,
Hxxc-huaxinxincai,Hyxc-huayangxincai,Hygy-huayouguye,Hqyw-huanqiuyinwu,Hhxf-huanghexuanfeng,Hlkj-huilongkeji,Htgf-huitonggufen,
Hdwy-huidaweiyu,JlHX-jilinhuaxian,Jdsn-jidongshuini,Jlkj-jialiankeji,Jfjt-jianfengjituan,Jljj-jianlinjiaju,Jpjj-jianpaijiaju,Jngx-jiannangaoxian,
Jsby-jiangsuboyun,Jxty-jiangxitongye,Jzwf-jiaozuowanfang,Jmt-jiemeite,Jtsw-jieteshengwu,Jbgf-jinbogufen,Jfkj-jinfakeji,Jfkj-jinfukeji,
Jggf-jingangguangfu,Jgt-jingangtui,Jjkj-jinjingkeji,Jlyc-jinliyongci,Jty-jintaiyang,Jtgf-jintiangufen,Jyjt-jinyujituan,Jsxc-jinshenxincai,
Jhjg-jinhuajiguang,Jxjn-jingxuejieneng,Jygf-jinyigufen,Jxzy-jingxingzhiye,Jhxg-jiuhongxingang,Jlwh-juliwenhua,Jsl-jusailong,Jshx-jushihuaxue,
Jdd-jundingda,Kegf-kaiergufen,Kegf-kaiergufen,Kegf-kaiengufen,Klgf-kailungufen,Kssw-kaisaishengwu,Ksxn-kaishengxinneng,
Kdt-kaidetui,Kcxy-kechuangxinyuan,Ksgf-keshungufen,Kkgf-kekaogufen,Ktgf-kentefufen,Kckj-kuncaikeji,Lggf-laiganggufen,
Lfyl-lanfanyiliao,Lbkj-langbokeji,Ldjt-langdijituan,Lhkc-lihekechuang,Llzs-liliangzuanshi,Lntb-linuotebo,Lzjt-lizhongjituan,
Lakj-liankeji,Lygf-liyuangufen,Lllt-linglongluntai,Lggf-lingganggufen,Lggf-liuganggufen,Lld-longlide,Lqgf-longquangufen,Ldgf-longdagufen,
Lyjn-luyangjieneng,Lsxc-lushanxincai,Lpzd-luopingzidian,Lpsj-luopusijin,Mggf-maganggufen,Mcgf-meichuanggufen,Mly-meiliyun,
Mxkj-meixinkeji,Mys-meiyingsen,Mnls-mengnalisha,Mtgx-mengtaigaoxin,Mftz-minfengtezhi,Mfly-minfalvye,Mgxc-mingguanxincai,
Mtly-mingguanlvye,Ncgf-nachuangufen,Negf-naergufen,Nba-nanboa,Nbb-nanbob,Nggf-nanganggufen,Njhx-nanjinghuaqian,
Njjl-nanjingjulong,Nsly-nanshanlvye,Nwkj-nanwangkeji,Nbfb-ningbofubang,Nbsm-ningbosemu,Nbys-ningboyunsheng,Nxxc-ningxiaxincai,
Plgf-penglinggufen,Pxzy-pengxinziyuan,Padg-pingandiangong,Pngf-punaigufen,Plt-pulite,Qfxc-qifengxincai,Qdgf-qidegufen,Qbjt-qibinjituan,
Qdsx-qingdaoshuangxing,Qlzy-qinglongzhiye,Qsjh-qingsongjianhua,Qwkj-quanweikeji,Rshb-rongshenghuanbao,Ret-ruierte,Rtkj-ruitaikeji,
Rykj-ruiyangkeji,Sllt-sailunluntai,Swkj-saiwukeji,Scxc-samchaoxincai,Sgmg-sanguangminguang,Shgz-sanheguangzhuang,Sjlt-sanjiaoluntai,
Sls-sanlishi,Swgf-sanweigufen,Sxxc-sanxiaxincai,Sxxc-sanxiangxincai,Sxgf-sanxinggufen,Slbz-senlinbaozhuang,Sql-senqilin,
Sggf-shaganggufen,Xmwy-xiamenwuye,Sdbx-shandongboxian,Sdgt-shandonggangtie,Sdhp-shandonghuapeng,Sdyb-shandongyaobo,
Sygf-shanyinggufen,Sfsn-shangfengshuini,Sfal-shangfengailu,Shyh-shanghaiyahong,Stkj-shangtaikeji,Szxx-shenzhengxinxing,
Shgf-shenhuogufen,Smgf-shenmagufen,Sbgf-shengbanggufen,Shzy-shengheziyuan,Sxln-shengxinlineng,Sygf-shiyinggufen,
Sdxc-shidaixincai,Sggf-shouganggufen,Sjgf-shuangjiangufen,Sxgf-shuangxianggufen,Sxxc-shuangxingxincai,Sykj-shuangyikeji,
Shgf-shunhaogufen,Swgf-shunweigufen,Sdk-sidike,Srxc-siruixincai,Scjd-sichuangjinding,Scsm-sichuanshuangma,Sfd-sifangda,
Sfxc-sifangxincai,Stgf-sitonggufen,Sfgf-songfagufen,Slkj-songlinkeji,Syzy-songyangziyuan,Szlj-suzhoulongjie,Stfz-suotongfazhan,
Tpjt-tapaijituan,Tgbx-taigangbuxiu,Tyzy-taiyangzhiye,Thxc-tahexincai,Tygy-tengyuanguye,Taxc-tiananxincai,Tsxc-tianshengxincai,
Tlgf-tianlonggufen,Tpgf-tianpugufen,Tqly-tianqiliye,Tsgf-tianshangufen,Tsly-tianshanlvye,Ttgf-tiantiegufen,Tzgf-tianzhengufen,
Tdcz-tongdachuangzhi,Tygf-tongyonggufen,Tdgf-tongdagufen,Tyz-tongyizhong,Tkgf-tongkungufen,Tlys-tonglingyouse,Tngf-tunangufen,
Tsje-tuishijien,Tsxy-tuishixinyi,Tsyg-tuishiyinge,Wls-wanlishi,Wnq-wannianqing,Wsxc-wanshunxincai,Wzxc-wangzixincai,Wkkj-weikekeji,
Wxxc-weixinxincai,Wht-wenhuatui,Wtgf-wotegufen,Wzzy-wuzhouzhiye,Wggf-wuganggufen,Wjbx-wujinbuxiu,Xbcl-xibucailiao ,
Xbcd-xibuchaodao,Xbjs-xibujianshe,Xztl-xizangtianlu,Xntg-xiningtegang,Xtt-xitantui,Xygf-xiyegufen,Xyzh-xiyuezhihang,Xhgf-xianhegufen,
Xyxc-xiangyuanxincai,Xfh-xiangfenghua,Xlwy-xiangluwuye,Xygf-xinyegufen,Xfm-xinfengming,Xggf-xinganggufen,Xjf-xinjufeng,Xlf-xinlaifu,
Xtl-xintonglian,Xxhx-xinxianghuaxian,Xbgf-xinbogufen,Xkcl-xinkecailiao,Xskj-xiongsukeji,Xqgf-xiuqianggufen,Ymd-yamadun,Ytkej-yataikeji,
Ytjt-yataijituan,Ypbl-yaopiboli,Yygf-yiyigufen,Ybzy-yibinzhiye,Yckj-yichuangkeji,Ybgf-Yinbanggufen,Yxkj-yinxikeji,Ykyl-yingkeyiliao,
Ylh-yingluohua,Ylgf-yongligufen,Ymt-yongmaotai,Ysly-yongshanliye,Yxgf-yongxingufen,Yxkj-yongxingkeji,Yjgf-yongjinfufen,Yczy-youcaiziyuan,
Yfgf-youfugufen,Yyxc-youyanxincai,Ytkj-yutongkeji,Yxkj-yuxingkeji,Ygjz-yuguangjinzuan,Yylz-yueyanglinzhi,Yxjk-yuexinjiankang,
Yhbb-yuehuabaoB,Ylgf-yunlvgufen,Ynty-yunnantongye,Ynzy-yunanzhuye,Zskj-zaishengkeji,Zywy-zhangyuanwuye,Chgf-changhaigufen,
Cjcl-changjiangcailiao,Cykj-changyangkeji,Zmkj-zhaominkeji,Zjrt-zhejiangrongtai,Zjzc-zhejiangzhongcheng,Zakj-zhengankekeji,
Zhcc-zhenghaicicai,Zwxc-zhengweixincai,Zzgf-zhizhenggufen,Zckj-zhongcaikeji,Zdgf-zhongdinggufen,Zfsy-zhongfushiye,
Zfsy-zhongfushenying,Zgln-zhonggangluonai,Zgjs-zhongguojushi,Zgly-zhongguolvye,Zgxt-zhongguoxitu,Zhyl-zhonghongyiliao,
Zjkj-zhongjiankeji,Zjsj-zhongjiaosheji,Zjln-zhongjinlingnan,Zkzy-zhongkuangziyuan,Zlxc-zhonglunxincai,Zngf-zhongnangufen,
Zqxc-zhongqixincai,Zsjr-zhongshunjierou,Ztzp-zhongtiezhuangpei,Zxtg-zhongxintegang,Zztc-zhongzhoutecai,Zxgf-zhongxingufen,
Zyxc-zhongyuanxincai,Cqgt-chongqinggangtie,Zhzf-zhonghaizhongfu,Zzjt-zhuzhijituan,Zjqy-zijiangqiye.
- year: year of the study (2010-2020)
- Lev: Total debt /total assets(%)
- Sg: (Ending net profitbeginning net profit)/ beginning net profit(%)
- Intan: Intangible assets/all assets(%)
- FS: Share ratio of major shareholders(%)
- INS: Shareholding ratio of institutional investors(%)
- DL: Proportion of the total number of independent directors on the board of directors(%)
- EA: the ratio of environmental assets to total assets(%)
- DQ : DQ comes from CSMAR. The indicator is categorized into four levels and assigned values from 1 ( bad ) to 4 ( good ).(No unit)
- VOL: the standard deviation of daily stock returns over the quarter(%)
- List: List is a company dummy variable, which is 1 if the firm belong to the SH-HKSC,and 0 otherwise(No unit)
- Post: Post is a time dummy variable, which is 1 when year is after 2014and 0 otherwise.(No unit)
- EID: the ratio of the logarithm of emissions charges to the logarithm of operating revenues(%)
- HEID: the ratio of the logarithm of corporate environmental taxes to the logarithm of operating revenues(%)