Does the GreenWatch program work? Evidence from a developed area in China |
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| Authors: | Beibei Liu Qinqin Yu Bing Zhang Jun Bi Junjie Ge Zengwei Yuan Yang Yu |
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| Institution: | 1. School of Business Administration, Northeastern University, Shenyang, 110819, China;2. Department of Engineering Physics, Tsinghua University, Beijing, 100084, China;3. Three Gorges Finance Company Limited, 100038, China;1. State Key Laboratory of Pollution Control and Resource Reuse, School of the Environment, Nanjing University, Nanjing, 210023, China;2. State Environmental Protection Key Laboratory of Environmental Planning and Policy Simulation, Chinese Academy for Environmental Planning, Beijing, 100012, China;3. Department of Civil & Environment Engineering, Stanford University, California, 94305, United States;1. Department of Pharmacology; Key Laboratory of Medical Neurobiology of the Ministry of Health of China; Zhejiang Province Key Laboratory of Neurobiology, School of Basic Medical Sciences; College of Pharmaceutical Sciences, Hangzhou, Zhejiang 310058, PR China;2. Department of Chemistry, Zhejiang University, Hangzhou, Zhejiang 310058, PR China;3. Department of Neurosciences, Lerner Research Institute, Cleveland Clinic, Cleveland, OH, USA;2. Division of Cardiovascular Medicine, University of Virginia Health System, Advanced Heart Failure and Transplant Center, Charlottesville, VA |
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| Abstract: | The GreenWatch program has been implemented nationally in China. However, whether the program and its process have been effective in improving firms' environmental performance remains unclear. Based on the stakeholder theory, this paper conducts a comparative analysis between firms participating in the program and those that do not, all of which are based in Changshu City in the developed part of Jiangsu Province, China. Data suggest that GreenWatch encourages firms to improve and disclose their environmental performance. Through pressures imposed by different stakeholders—from the government, investors, and consumers, to the public, such as the community and media—this program has become the main driving force for improving the firms' environmental performance. The current study also provides substantial evidence that public disclosure in China opens up channels for effective public participation. Therefore, the GreenWatch program deserves to be promoted in China. |
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