Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/338497 
Year of Publication: 
2023
Citation: 
[Journal:] China Journal of Accounting Studies (CJAS) [ISSN:] 2169-7221 [Volume:] 11 [Issue:] 2 [Year:] 2023 [Pages:] 247-269
Publisher: 
Taylor & Francis, Abingdon
Abstract: 
This paper takes the public companies as a sample during 2012-2017, using DID analysis to test the relationship between 2015 new 'Environmental Protection Law' and zombie companies. The results show that the promulgation of the new environmental protection law has significantly negative with zombie enterprises. The strengthening of environmental regulation has accelerated of transformation and upgrading by assets restructuring and promoted technological innovation, which inhibiting the formation of zombie enterprises. Furthermore, this paper found that the negative relationship between environmental law and zombie companies mainly concentrate in non-state-owned enterprises, small-scale enterprises and enterprises with high regional environmental law enforcement intensity. Moreover, the promulgation of the new environmental law has a significant positive effect on corporate value in the medium and long term. This paper enriches the research literature in the field of zombie enterprises and economic consequences of environmental regulation.
Subjects: 
asset restructuring
enterprises innovation
Environmental protection law
zombie companies
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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