Beschreibung:
We conducted an assessment of the impact of Property Rights on the toxic emissions of Chinese industrial firms. Specifically, we focused on the 2007 enactment of the Property Law in China and utilized difference-in-difference estimations to analyze firms' pollutant emissions. Our findings reveal compelling evidence that firms with low net fixed assets considerably reduce their chemical oxygen demand (COD) emissions after the implementation of the Property Law. Moreover, the effect is more prominent in firms that face stronger financial constraints and are situated in areas with high external pressure on environmental protection or robust government monitoring. We concluded that the Property Law's influence on firms' toxic emissions is through improving credit conditions and technology upgrades. Overall, our results indicate that a well-established Property Law has a significant impact on industrial firms' environmental policies