The Impact of Environmental Protection Fee-to-tax Reform on Corporate ESG Performance — an Empirical Study Based on the Difference of Tax Burden Upgrading
Journal: Modern Economics & Management Forum DOI: 10.32629/memf.v7i2.5174
Abstract
Taking the implementation of the Environmental Protection Tax Act in 2018 as an opportunity, based on a quasi-natural experiment on differences in tax increase quotas, this paper analyzes the differences in tax increase quotas using a double difference model to examine the impact of environmental protection tax policies on corporate ESG performance. Based on data from A-shared manufacturing companies listed in our country from 2012-2024, this paper finds that environmental tax reform significantly improved corporate ESG performance. Further research shows that both low-level and high-level tax increase quotas can promote corporate ESG performance, while there are “policy blind spots” in middle-level tax increase quotas. Heterogeneity analysis shows that there are significant differences in corporate ESG performance depending on corporate pollution levels.
Keywords
environmental protection fee to tax; tax burden upgrading difference; difference-in-difference model
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[2] Donaldson, T., & Preston, L. E. (1995). “The Stakeholder Theory of The Corporation: Concepts, Evidence, and implications” Academy of Management Review, 20(1), 65-91.
[3] Hart, s. L. 1995). “A Natural-Resource-Based resource-based view of Management Review, 20(4), 986-1014.
[4] Ferrell, A., Liang, H., & Renneboog, L. (2016). “Socially Responsible firms.” Journal of Financial Economics, 122(3), 585-606.
[5] P Velte. Women on Management Board and ESG performance [J].Journal of Global Responsibility, 2016,7(1): 98-109.
[6] Haijing Cai, zhenying Zhou. Market-oriented environmental regulation policy and the quality of ESG Information Disclosure [J]. Journal of Finance and Accounting, 2022, (24): 62-70.
[7] Delmas, M., & Toffel, M. W. (2008). Organizational responses to environmental demands: Opening the black box. Strategic Management Journal, 29(10), 1027-1055.
[8] Li Xiaojing, Li Kexin. Can family involvement improve corporate ESG performance based on socioemotional wealth theory. Journal of Finance and Accounting, 2022, (17): 151-160.
[9] Cao Jingtao. From the Pigou tax effectiveness to see our country environmental protection fee to tax [J]. Tax Research, 2016, (04): 37-41.
[10] Chen Shaoying. Legislative Choices for Converting Environmental Pollution Discharge Fees to Taxes: A Reconsideration Based on the Essence of Taxation[J]. Journal of East China University of Science and Technology (Social Sciences Edition), 2016,31(01):108-116+132.
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