Full metadata record
| DC Field | Value | Language |
|---|---|---|
| dc.contributor | Department of Building and Real Estate | en_US |
| dc.contributor.advisor | Shen, Jianfu Jeff (BRE) | en_US |
| dc.contributor.advisor | Hui, C. M. Eddie (BRE) | en_US |
| dc.creator | Yu, Qing | - |
| dc.identifier.uri | https://theses.lib.polyu.edu.hk/handle/200/13614 | - |
| dc.language | English | en_US |
| dc.publisher | Hong Kong Polytechnic University | en_US |
| dc.rights | All rights reserved | en_US |
| dc.title | Transformation to green economy : the impact of public policy, state ownership and market mechanism | en_US |
| dcterms.abstract | The dissertation aims to investigate the forces of government-led mechanisms and market-driven instruments in facilitating green transformation in China. Two types of government-led incentives are examined: incorporating carbon emissions reduction targets into cadre evaluation of local governments and enforcing carbon neutrality goals through decarbonisation efforts by state-owned enterprises (SOEs). Firstly, the dissertation investigates the effect of China's central government as the authoritative body on mandating local governments to implement decarbonisation policies by incorporating green targets into cadre evaluation. The introduction of green building policy is investigated. The empirical results indicate that the introduction of the green building action plan into the local government target responsibility system spurs the local development of green buildings. Mechanism analysis indicates that the integration of green building targets into performance evaluation metrics of local officials increases government environmental attention, public environmental concerns, and financial incentives to support green building development, thereby encouraging proactive engagement in green building initiatives. However, the heterogeneity analysis shows that the policy only promotes green building development from the public sector but does not significantly affect green building behaviours in the private sector. The inadequacy to motivate the private sector to engage in green transformation limits the policy's overall impact. | en_US |
| dcterms.abstract | Secondly, the dissertation investigates whether and how the government can achieve carbon neutrality goals by engaging SOEs. SOEs are significant polluters and carbon dioxide emitters; meanwhile, countries rely on SOEs' involvement to meet their climate commitments and achieve successful decarbonisation. On 22 September 2020, China committed to reaching peak carbon emissions by 2030 and carbon neutrality by 2060. Based on this event, the dissertation investigates whether SOEs will fulfil national carbon neutrality tasks to a greater extent than non-SOEs by examining market reactions to the announcement of the national carbon neutrality goals. Empirical results show that investors perceive SOEs as responsible for achieving carbon neutrality, leading to more severe negative market reactions than non-SOEs. Central SOEs are more responsive to the central government's carbon neutrality commitment than local SOEs. Furthermore, SOEs with greater social responsibility could be more likely to actively comply with green transformation requirements and allocate substantial funds towards industry upgrades and carbon emission reductions; thereby, they experience stronger negative market reactions. Following the commitment to carbon neutrality, SOEs' carbon emission intensity has significantly declined compared with non-SOEs. These findings suggest that state ownership could be an effective mechanism for green transformation. | en_US |
| dcterms.abstract | The dissertation demonstrates that government-led green transformation mechanisms incentivise local governments and SOEs through administrative means and assigned tasks. However, their effectiveness in promoting green transformation could be limited, as these policies may fail to stimulate the engagement of the private sector, which also possesses resources and influence to drive the industry's green transformation. Market-driven instruments could be crucial in motivating private firms to pursue green initiatives. Against this backdrop, the dissertation investigates the effectiveness of an important market-based tool, the issuance of green bonds, in the corporate green transition, and focuses on the impact of third-party verification in firms' involvement on green bond issuance and the use of proceeds in green projects in the post-issuance periods. Results reveal that issuing certified (non-certified) green bonds results in favourable (non-significant or even negative) stock market reactions in both the short and long term, indicating that third-party certification generates financial benefits to firms involving genuine decarbonisation efforts. Certified green bonds provide more detailed and accurate information, reducing information asymmetry. Furthermore, third-party monitoring of certified green bonds prevents funds from being allocated to non-green projects and discourages superficial green practices, thereby mitigating greenwashing and improving environmental performance. Empirical results also indicate that third-party certification enables firms to attract long-term investors, increase analyst coverage, and receive positive recognition from regulators. Carbon intensity is reduced more when green bond issuers are certified. In sum, the dissertation shows that market-based instruments have the potential to facilitate corporate green transformation, induce genuine decarbonisation efforts, and enhance firm value. | en_US |
| dcterms.abstract | The significance of the dissertation can be attributed in three ways. First, it offers unique insights into the impact of government-led policies on national green transformation. The results indicate that local governments actively engage in green initiatives in response to the central government's strategic plan, although their impacts on engaging the involvement from the private sector are limited. SOEs serve as another crucial conduit for government green transformation. The negative market response to SOEs substantiates investors' belief that SOEs will play a pivotal role in China's green transformation. Secondly, this study advocates using market-driven instruments to facilitate green transformation. Instruments such as green certification can augment firm value and environmental performance, motivating firms to participate in green initiatives. Lastly, the dissertation has broader implications for achieving a green transition. In a command-and-control system, the central government can exert control and issue directives to local governments and SOEs to promote regional and corporate green transformation. For emerging economies lacking market participation, the dissertation confirms that a market-driven green economy is a long-term mechanism for firm sustainable development. Overall, the dissertation affirms the force of public policy, state actions, and market drivers in green transformation. It furnishes crucial insights for decision-makers pursuing a green economy globally. | en_US |
| dcterms.extent | xiii, 180 pages : color illustrations | en_US |
| dcterms.isPartOf | PolyU Electronic Theses | en_US |
| dcterms.issued | 2025 | en_US |
| dcterms.educationalLevel | Ph.D. | en_US |
| dcterms.educationalLevel | All Doctorate | en_US |
| dcterms.accessRights | open access | en_US |
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