{"id":9480,"date":"2026-10-16T09:01:31","date_gmt":"2026-10-16T01:01:31","guid":{"rendered":"https:\/\/www.ukm.my\/jem\/?post_type=article&#038;p=9480"},"modified":"2026-10-16T09:01:31","modified_gmt":"2026-10-16T01:01:31","slug":"the-impact-of-carbon-policy-and-green-investment-on-the-firm-value-of-listed-companies-in-china","status":"publish","type":"article","link":"https:\/\/www.ukm.my\/jem\/article\/the-impact-of-carbon-policy-and-green-investment-on-the-firm-value-of-listed-companies-in-china\/","title":{"rendered":"The Impact of Carbon Policy and Green Investment on the Firm Value of Listed Companies in China"},"content":{"rendered":"<p><em>This study examines the impact of green investment (GI) and carbon policy (Policy) on the firm value (Tobin&#8217;s Q) of listed companies in China that obtained carbon emissions trading rights in 2013. The research sample comprises 102 A-share-listed companies subject to China\u2019s emissions control scheme between 2001 and 2020, and firm-level panel data are constructed. The Generalized Method of Moments is employed to estimate the traditional Tobin&#8217;s Q model that incorporates green investment variables. The findings reveal that ROE has a significant and positive relationship with current firm value, whereas lagged Tobin&#8217;s Q and firm size have a negative relationship. There is scope to raise the value of firms through carbon policy. However, green investment is significant when carbon policy is regulated in the model. This paper integrates carbon policy, green investment, and firm value into a unified dynamic analysis framework. Our findings support the strong Porter hypothesis, indicating that the economic benefits of innovation compensation are not automatically realised, and the policy context is critical for the value-creating effects of green investment. Investors should focus on the quality of a company&#8217;s green investments and their value transformation capabilities. Corporate managers should allocate green investment funds to avoid the risk of market undervaluation. Policymakers should improve the carbon market pricing mechanism to provide companies with a more predictable institutional environment<\/em><\/p>\n","protected":false},"template":"","tags":[2057,2059,2056,180,2058],"jel-code":[],"article-type":[1329],"class_list":["entry","author-asriwn","post-9480","article","type-article","status-publish","tag-chinese-listed-firms","tag-corporate-performance","tag-emission-trading-system","tag-gmm","tag-tobins-q","article-type-normal-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Impact of Carbon Policy and Green Investment on the Firm Value of Listed Companies in China | Jurnal Ekonomi Malaysia<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ukm.my\/jem\/article\/the-impact-of-carbon-policy-and-green-investment-on-the-firm-value-of-listed-companies-in-china\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Impact of Carbon Policy and Green Investment on the Firm Value of Listed Companies in China | Jurnal Ekonomi Malaysia\" \/>\n<meta property=\"og:description\" content=\"This study examines the impact of green investment (GI) and carbon policy (Policy) on the firm value (Tobin&#8217;s Q) of listed companies in China that obtained carbon emissions trading rights in 2013. The research sample comprises 102 A-share-listed companies subject to China\u2019s emissions control scheme between 2001 and 2020, andContinue Reading\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ukm.my\/jem\/article\/the-impact-of-carbon-policy-and-green-investment-on-the-firm-value-of-listed-companies-in-china\/\" \/>\n<meta property=\"og:site_name\" content=\"Jurnal Ekonomi Malaysia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Jurnal-Ekonomi-Malaysia-JEM-104142808087485\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@EkonomiJurnal\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.ukm.my\\\/jem\\\/article\\\/the-impact-of-carbon-policy-and-green-investment-on-the-firm-value-of-listed-companies-in-china\\\/\",\"url\":\"https:\\\/\\\/www.ukm.my\\\/jem\\\/article\\\/the-impact-of-carbon-policy-and-green-investment-on-the-firm-value-of-listed-companies-in-china\\\/\",\"name\":\"The Impact of Carbon Policy and Green Investment on the Firm Value of Listed Companies in China | Jurnal Ekonomi Malaysia\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ukm.my\\\/jem\\\/#website\"},\"datePublished\":\"2026-10-16T01:01:31+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.ukm.my\\\/jem\\\/article\\\/the-impact-of-carbon-policy-and-green-investment-on-the-firm-value-of-listed-companies-in-china\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.ukm.my\\\/jem\\\/article\\\/the-impact-of-carbon-policy-and-green-investment-on-the-firm-value-of-listed-companies-in-china\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.ukm.my\\\/jem\\\/article\\\/the-impact-of-carbon-policy-and-green-investment-on-the-firm-value-of-listed-companies-in-china\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.ukm.my\\\/jem\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Articles\",\"item\":\"https:\\\/\\\/www.ukm.my\\\/jem\\\/article\\\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"The Impact of Carbon Policy and Green Investment on the Firm Value of Listed Companies in China\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.ukm.my\\\/jem\\\/#website\",\"url\":\"https:\\\/\\\/www.ukm.my\\\/jem\\\/\",\"name\":\"Jurnal Ekonomi Malaysia\",\"description\":\"Universiti Kebangsaan Malaysia\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.ukm.my\\\/jem\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.ukm.my\\\/jem\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.ukm.my\\\/jem\\\/#organization\",\"name\":\"Jurnal Ekonomi Malaysia\",\"url\":\"https:\\\/\\\/www.ukm.my\\\/jem\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.ukm.my\\\/jem\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.ukm.my\\\/jem\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/cropped-browser-icon-letter-1.png\",\"contentUrl\":\"https:\\\/\\\/www.ukm.my\\\/jem\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/cropped-browser-icon-letter-1.png\",\"width\":512,\"height\":308,\"caption\":\"Jurnal Ekonomi Malaysia\"},\"image\":{\"@id\":\"https:\\\/\\\/www.ukm.my\\\/jem\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/Jurnal-Ekonomi-Malaysia-JEM-104142808087485\",\"https:\\\/\\\/x.com\\\/EkonomiJurnal\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"The Impact of Carbon Policy and Green Investment on the Firm Value of Listed Companies in China | Jurnal Ekonomi Malaysia","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.ukm.my\/jem\/article\/the-impact-of-carbon-policy-and-green-investment-on-the-firm-value-of-listed-companies-in-china\/","og_locale":"en_US","og_type":"article","og_title":"The Impact of Carbon Policy and Green Investment on the Firm Value of Listed Companies in China | Jurnal Ekonomi Malaysia","og_description":"This study examines the impact of green investment (GI) and carbon policy (Policy) on the firm value (Tobin&#8217;s Q) of listed companies in China that obtained carbon emissions trading rights in 2013. The research sample comprises 102 A-share-listed companies subject to China\u2019s emissions control scheme between 2001 and 2020, andContinue Reading","og_url":"https:\/\/www.ukm.my\/jem\/article\/the-impact-of-carbon-policy-and-green-investment-on-the-firm-value-of-listed-companies-in-china\/","og_site_name":"Jurnal Ekonomi Malaysia","article_publisher":"https:\/\/www.facebook.com\/Jurnal-Ekonomi-Malaysia-JEM-104142808087485","twitter_card":"summary_large_image","twitter_site":"@EkonomiJurnal","twitter_misc":{"Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.ukm.my\/jem\/article\/the-impact-of-carbon-policy-and-green-investment-on-the-firm-value-of-listed-companies-in-china\/","url":"https:\/\/www.ukm.my\/jem\/article\/the-impact-of-carbon-policy-and-green-investment-on-the-firm-value-of-listed-companies-in-china\/","name":"The Impact of Carbon Policy and Green Investment on the Firm Value of Listed Companies in China | Jurnal Ekonomi Malaysia","isPartOf":{"@id":"https:\/\/www.ukm.my\/jem\/#website"},"datePublished":"2026-10-16T01:01:31+00:00","breadcrumb":{"@id":"https:\/\/www.ukm.my\/jem\/article\/the-impact-of-carbon-policy-and-green-investment-on-the-firm-value-of-listed-companies-in-china\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.ukm.my\/jem\/article\/the-impact-of-carbon-policy-and-green-investment-on-the-firm-value-of-listed-companies-in-china\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.ukm.my\/jem\/article\/the-impact-of-carbon-policy-and-green-investment-on-the-firm-value-of-listed-companies-in-china\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.ukm.my\/jem\/"},{"@type":"ListItem","position":2,"name":"Articles","item":"https:\/\/www.ukm.my\/jem\/article\/"},{"@type":"ListItem","position":3,"name":"The Impact of Carbon Policy and Green Investment on the Firm Value of Listed Companies in China"}]},{"@type":"WebSite","@id":"https:\/\/www.ukm.my\/jem\/#website","url":"https:\/\/www.ukm.my\/jem\/","name":"Jurnal Ekonomi Malaysia","description":"Universiti Kebangsaan Malaysia","publisher":{"@id":"https:\/\/www.ukm.my\/jem\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.ukm.my\/jem\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.ukm.my\/jem\/#organization","name":"Jurnal Ekonomi Malaysia","url":"https:\/\/www.ukm.my\/jem\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.ukm.my\/jem\/#\/schema\/logo\/image\/","url":"https:\/\/www.ukm.my\/jem\/wp-content\/uploads\/2021\/05\/cropped-browser-icon-letter-1.png","contentUrl":"https:\/\/www.ukm.my\/jem\/wp-content\/uploads\/2021\/05\/cropped-browser-icon-letter-1.png","width":512,"height":308,"caption":"Jurnal Ekonomi Malaysia"},"image":{"@id":"https:\/\/www.ukm.my\/jem\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/Jurnal-Ekonomi-Malaysia-JEM-104142808087485","https:\/\/x.com\/EkonomiJurnal"]}]}},"_links":{"self":[{"href":"https:\/\/www.ukm.my\/jem\/wp-json\/wp\/v2\/article\/9480","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ukm.my\/jem\/wp-json\/wp\/v2\/article"}],"about":[{"href":"https:\/\/www.ukm.my\/jem\/wp-json\/wp\/v2\/types\/article"}],"version-history":[{"count":1,"href":"https:\/\/www.ukm.my\/jem\/wp-json\/wp\/v2\/article\/9480\/revisions"}],"predecessor-version":[{"id":9486,"href":"https:\/\/www.ukm.my\/jem\/wp-json\/wp\/v2\/article\/9480\/revisions\/9486"}],"wp:attachment":[{"href":"https:\/\/www.ukm.my\/jem\/wp-json\/wp\/v2\/media?parent=9480"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ukm.my\/jem\/wp-json\/wp\/v2\/tags?post=9480"},{"taxonomy":"jel-code","embeddable":true,"href":"https:\/\/www.ukm.my\/jem\/wp-json\/wp\/v2\/jel-code?post=9480"},{"taxonomy":"article-type","embeddable":true,"href":"https:\/\/www.ukm.my\/jem\/wp-json\/wp\/v2\/article-type?post=9480"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}