Corporate Environmental Violations,Prosocial Behaviors And Financing Constraints

2020 is not only the year to ensure the realization of the phased goal of pollution prevention and control,but also the decisive year to fight the tough battle of pollution prevention and control.Under this background,the number of environmental pollution punishment decisions issued and the number of eco-environmental damage compensation cases handled throughout the country are still high,Environmental violations have become an urgent problem to be solved in the process of realizing the major goal of fundamental improvement of ecological environment in2035.As the development and user of environmental resources,enterprises are also the primary manufacturer of environmental pollution.The phenomenon of excessive waste discharge,illegal treatment and emphasizing economy over environmental protection in the process of production and operation can not be underestimated.Therefore,clarifying the negative economic consequences and reputation crisis caused by enterprise environmental violations,guiding enterprises to carry out correct reputation restoration and environmental governance,strengthening environmental supervision and avoiding enterprise environmental violations are the top priority in building the sustainable development path of ecological civilization.On the basis of clarifying the connotation of core concepts such as environmental violations,financing constraints and pro-social behaviors,and based on relevant theories such as legitimacy theory,corporate reputation theory and impression management theory,this paper takes the data of Listed Companies in China’s heavy pollution industry from 2010 to 2019 as the research sample,and adopts the panel data regression method,Explore the impact of corporate environmental violations on financing constraints and prosocial behavior repair strategies,and the regulatory role of environmental regulation intensity in the choice of prosocial behaviors,and further analyze the repair effect of different types of prosocial behavior on corporate reputation.The empirical results show that:(1)environmental violations will have adverse economic consequences and improve the level of corporate financing constraints.(2)there is a positive correlation between corporate environmental violations and prosocial behavior,that is,the probability of offending enterprises adopting prosocial behavior as repair strategy is higher.However,the level of regional economic development will affect the differential choice of prosocial behavior types.(3)Environmental regulation plays a positive role in the positive correlation between environmental violations and environment related prosocial behavior,that is,the greater the intensity of environmental regulation,the more enterprises tend to adopt environment related prosocial behavior after environmental violations.(4)some prosocial behaviors(improve product performance through environmental management system certification)will produce reputation repair effect and alleviate the current situation of financing constraints of enterprises.Finally,this paper analyzes the results of empirical research and puts forward policy suggestions on how to reduce environmental violations and save negative reputation from the perspective of government departments,enterprises themselves and stakeholders.Under the background of the endless occurrence of environmental violations,revealing a series of adverse consequences of environmental violations has important theoretical significance for guiding enterprises to carry out green environmental protection management.Focusing on the economic and behavioral consequences of environmental violations,combined with the reputation repair mechanism,this paper studies the negative impact of environmental violations on corporate reputation,the remedial measures taken to deal with the reputation crisis and the repair effect,which provides a scientific and reasonable decision-making basis for Chinese enterprises to implement green and legal business activities,avoid the risk of environmental violations and reshape the reputation of environmental friendliness.