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<p>Apart from formal environmental regulations, religious culture is considered a crucial element of informal regulations affecting corporate green governance (CGG) practices. Diverging from literature examining the association between local religious culture and CGG, our study employs a novel instrumental variable, i.e., the number of religious sites by city in the Qing dynasty. This allows for the exploration of the causal impact of religious culture on CGG, specifically pollutant discharge fees (PDF) and environmental information disclosure (EID), using 848 Chinese A-share listed firms across 14 polluting industries from 2009 to 2018. Our findings illustrate that local religious culture reduces corporate PDF and heightens EID by firms. Furthermore, mechanism analysis unveils that (1) religious culture enhances CGG by fostering corporate social responsibility (CSR) and public environmental awareness; (2) a significant substitution effect exists between religious culture and environmental regulation.</p>

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The power of informal institutions: evidence from the impact of religious culture on corporate green governance in China

  • 期刊论文

  • 发表日期：

    2025年4月23日

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  • Lan Yang,
  • Yangyang Wang,
  • Huayan Geng

摘要

Apart from formal environmental regulations, religious culture is considered a crucial element of informal regulations affecting corporate green governance (CGG) practices. Diverging from literature examining the association between local religious culture and CGG, our study employs a novel instrumental variable, i.e., the number of religious sites by city in the Qing dynasty. This allows for the exploration of the causal impact of religious culture on CGG, specifically pollutant discharge fees (PDF) and environmental information disclosure (EID), using 848 Chinese A-share listed firms across 14 polluting industries from 2009 to 2018. Our findings illustrate that local religious culture reduces corporate PDF and heightens EID by firms. Furthermore, mechanism analysis unveils that (1) religious culture enhances CGG by fostering corporate social responsibility (CSR) and public environmental awareness; (2) a significant substitution effect exists between religious culture and environmental regulation.