段锐，Schulich School of Business, York University在读博士。研究方向是企业融资、客户供应商网络、信息披露、创新、企业社会责任、机构控股。
地点：腾讯会议，会议 ID：914 385 230
讲座题目：Real Effects of Environmental Regulations on Firm Performance: The Role of Competition
讲座摘要：Using the 1977 amendment of the Clean Air Act non-attainment designations as an exogenous source of variations in county-wide regulations, I find that effects of regulatory stringency differ across firms facing varying levels of competitive threats. Firms under higher level of competition have a stronger incentive to remain in regions with tightened regulations and seek competitive advantages through greater innovation, product differentiation, and barriers to entry. Analyses in a triple-difference framework show that high-competition firms are less likely to reduce their ownership of plants in regulated areas, and that these firms experience larger improvements in operating performance relative to low-competition firms. Finally, results suggest that gains in competitiveness are derived from increased innovation quality, lower product similarity, fewer local competitors, and ultimately, greater customer attraction and retention.