主题：Financial Constraints and Corporate Environmental Policies（融资约束和企业环境政策）
We show that financial constraints affect corporate environmental policies because of significant abatement costs associated with hazardous waste management. Exploiting two experiments in which a firm’s external financing constraints are likely exogenously impacted, we find that relaxation (or tightening) of external financing constraints reduces (or increases) the firm’s toxics release. The impact of financial constraints on toxics releases is amplified by weaker regulatory monitoring and enforcement, by myopic managers with short horizons, and when firms are under pressure to meet earnings targets. Overall, our evidence highlights the real effects of financial frictions in the form of environmental pollution.
Qiping Xu is an Assistant Professor of Finance at Mendoza College of Business, University of Notre Dame. She received her Ph.D. in Finance from University of Chicago, Booth School of Business, her M.A. in Economics, M.A. in Statistics from Ohio State University and her B.A. in Finance from Zhejiang University. Her research interests focus on Corporate Finance, Capital Markets, Financial Intermediaries.