Open access
Sep 2026
Does differentiated environmental regulation improve firm performance?
We study whether China’s Environmental Performance Grading (EPG) policy—a rule-based, differentiated regulation that exempts Grade-A firms from mandatory production restrictions during heavy-pollution episodes—improves cement firms’ financial performance. Using a plant-level measure of actual policy exposure (the share...
Yun-Yan Li, Hui-Ting Wu, Qiu-Ping Leng et al.
· Economics of Governance · 0 citations