The Impact of Green Credit Policies on Corporate Environmental Responsibility Implementation and Mechanism Analysis: A Pre- and Post- Event Perspective

Abstract

In recent years, high-quality economic development has become a core topic of widespread societal concern, with green credit policies exerting significant influence on corporate environmental responsibility fulfillment. This study employs data from A-share listed companies between 2008 and 2020 to construct a two-way fixed effects model, examining the impact of green credit policies on corporate environmental responsibility fulfillment and analyzing its underlying mechanisms. The benchmark regression reveals that the implementation of green credit policies positively promotes both pre-event and post-event environmental responsibility fulfillment among enterprises, with results passing robustness tests. Heterogeneity analysis indicates that green credit policies exert a more pronounced effect on environmental responsibility fulfillment in state-owned enterprises than in non-state-owned enterprises. Finally, the mechanism analysis reveals that green credit policies enhance both pre-event and post-event environmental responsibility levels by improving the quality of green credit supply. Therefore, it is imperative to refine the green credit system and strengthen management at the supply end. Enterprises should also proactively assume social environmental responsibilities and elevate their pre-event and post-event governance standards.