DOI: 10.5061/dryad.59zw3r2fz
title: Capital market liberalization and corporate environmental performance: Evidence from the Shanghai–Hong Kong Stock Connect

description: The implementation of the Shanghai-Hong Kong Stock Connect marks the
 maturity of China's capital market, and the effect of the
 implementation has been the focus of academic attention. Based on this
 quasi-natural experiment, we select 3248 samples of heavily polluting
 enterprises listed in China in 2010-2020 to examine the impact of capital
 market liberalization and on corporate environmental performance. The
 results show that capital market liberalization significantly improves the
 environmental performance of heavy polluting enterprises. The results of
 the heterogeneity analysis indicate that the positive effect varies across
 firms with different ownership and internal controls. Finally, mechanism
 analysis results find that capital market liberalization promotes the
 environmental performance of heavily polluting firms by increasing
 environmental assets, reducing stock price volatility, and improving the
 quality of information disclosure.
description: # Capital market liberalization and corporate environmental performance:
 Evidence from the Shanghai–Hong Kong Stock Connect This README file was
 generated on 2024-10-19 by Qian Zhong. GENERAL INFORMATION 1. Title of
 Dataset: Capital market liberalization and corporate environmental
 performance: Evidence from the ShanghaiHong Kong Stock Connect 2. Author
 Information Qian Zhong School of BusinessSuqian university,Suqian .China.
 E-mail:[21074@squ.edu.cn](mailto:21074@squ.edu.cn) 3. Date of data
 collection (single date, range, approximate date): 2010-2020 4. Geographic
 location of data collection: Suqian university,Suqian .China. 5.
 Information about funding sources that supported the collection of the
 data: Philosophy and Social Science Project of Colleges and Universities
 in Jiangsu Province (2023SJYB2339). Suqian College Youth Research Fund
 Project (2023XQNA10). SHARING/ACCESS INFORMATION 1. Licenses/restrictions
 placed on the data: CC0 1.0 Universal (CC0 1.0) Public Domain 2. Links to
 publications that cite or use the data: Qian Zhong (2024). Capital market
 liberalization and corporate environmental performance: Evidence from the
 ShanghaiHong Kong Stock Connect 1. Links to other publicly accessible
 locations of the data: None 2. Links/relationships to ancillary data sets:
 None 3. Was data derived from another source? No A. If yes, list
 source(s): NA DATA & FILE OVERVIEW 1. File List: A) Data.xsls 1.
 Relationship between files, if important: None 2. Additional related data
 collected that was not included in the current data package: None 3. Are
 there multiple versions of the dataset? No A. If yes, name of file(s) that
 was updated: NA i. Why was the file updated? NA ii. When was the file
 updated? NA A) DATA-SPECIFIC INFORMATION FOR: Data.xsls 1. Number of
 variables: 15 2. Number of cases/rows: 3270 3. Variable List: * Firm: JIAT
 - Zjqy stands for Heavy Polluting Enterprises Selected by Shanghai–Hong
 Kong Stock Connect including Thermal Power, Iron and Steel, Cement,
 Electrolytic Aluminum, Coal, Metallurgy, Chemicals, Petrochemicals,
 Building Materials, Paper Manufacturing, Brewing, Pharmaceuticals,
 Fermentation, Textiles, Tanning, and Mining. The full form of  (JIAT -
 Zjqy) is shown below:      
 JIAT-jiatong,Aajg-aiaijinggong,Aljj-ailijiaju,Algf-anligufen,Angf-annigufen,Atjt-antaijituan,Aygt-anyanggangtie,Aggf-anganggufen,    Ard-aoruide,Bygt-bayigangtie,Byys-baiyinyouse,Bygf-baiyagufen,Bggf-baoganggufen,Baoggf-baoganggufen,Bld-baolidi,Btgf-baotaigufen,   Bwmy-baowumeiye,Bfty-beifangtongye,Bfxt-beifangxitu,Bjlr-beijinglier,Bxjc-beixinjiancai,Bgb-bengangB,Bgbc-bengangbancai,  Bhzy-bohuizhiye,Bsgf-boshengufen,Bwhj-boweihejin,Czmz-cangzhoumingzhu,Chgf-chahuagufen,Cljt-changlvjituan,Cmb-chenmingB,  Cmzy-chenmingzhiye,Cjxc-chujiangxincai,Chjt-chuanhuankeji,Cxxc-chuangxinxincai,Cgkj-chunguankeji,Ddx-dadixiong,Ddn-dadongnan,  Dsd-dashengda,Dlxc-daileixincai,Degf-daoengufen,Dgxc-deguanxincai,Dlgf-deligufen,Dwt-deweitui,Dojj-Dioujiaju,Dghj-diangonghejin,  Dsxc-dingshengxincai,Dfgy-dongfanggaoye,Dfty-dongfangtanye,Dfyh-dongfangyuhong,Dpkg-dongpengkonggu,Eeds-eerduosi,  Ejgf-enjiegufen,Ftgf-fantaigufen,Fywt-fanyaweitou,Fdtx-fangdatansu,Fdtg-fangdategang,Flh-feilihua,Fmgf-fengmaogufen,  Fsgf-fengshengufen,Fskj-fusukeji,Fjsn-fujianshuini,Flt-fulaite,Fybl-fuyaoboli,Fstg-fushuntegang,Gfly-ganfengliye,Gygn-gangyangaona, Gygf-gongyuanfufen,GDkj-gudikeji,Gwxc-guangweixincai,Gdtg-guangdategang,Gyby-guiyanboye,Gzlt-guizhouluntai,Gegf-guoengufen,  Gfxc-guofengxincai,Gjfc-guojifucai,Gtgf-guotonggufen,Hdgf-haidagufen,Hld-hailide,Hlgf-hailianggufen,Hlsn-hailuoshuini,Hlxc-hailuoxincai,  Hnxz-hainanxinze,Hxxc-haixiangxincai,Hyxc-haiyouxincai,Hzsc-haizhengxincai,Hdgt-handangangtie,Hjhs-hanjianheshan,Hrgy-hanruiguye,  Hggf-hangganggufen,Hzgx-hangzhougaoxin,Hmxc-haomeixincai,Hyhl-haoyuehuli,Hjtz-hejintouzi,Hxbz-hexxingbaozhuang,Hskj-heshunkeji,  Hggf-heganggufen,Hbgf-hengbanggufen,Hdxc-hengdaxincai,Hfzy-hengfengzhiye,Hsxc-hengshenxincai,Hthl-hengtianhailong, Hysh-hengyishihua,Hhjm-henghejimi,Hckg-hengchuankonggu,Hhkj-honghekeji,Hnby-hunanbaiyin,Hcgf-huacigufen,Hfcx-huafengchaoxian, Hfhx-huafenghuaxue,Hfly-huafenglvye,Hlgt-hualinggangtie,Htgf-huataigufen,Hwkj-huawangkeji,Hxgf-huaxigufen,Hxsn-huaxinshuini, Hxxc-huaxinxincai,Hyxc-huayangxincai,Hygy-huayouguye,Hqyw-huanqiuyinwu,Hhxf-huanghexuanfeng,Hlkj-huilongkeji,Htgf-huitonggufen, Hdwy-huidaweiyu,JlHX-jilinhuaxian,Jdsn-jidongshuini,Jlkj-jialiankeji,Jfjt-jianfengjituan,Jljj-jianlinjiaju,Jpjj-jianpaijiaju,Jngx-jiannangaoxian, Jsby-jiangsuboyun,Jxty-jiangxitongye,Jzwf-jiaozuowanfang,Jmt-jiemeite,Jtsw-jieteshengwu,Jbgf-jinbogufen,Jfkj-jinfakeji,Jfkj-jinfukeji, Jggf-jingangguangfu,Jgt-jingangtui,Jjkj-jinjingkeji,Jlyc-jinliyongci,Jty-jintaiyang,Jtgf-jintiangufen,Jyjt-jinyujituan,Jsxc-jinshenxincai, Jhjg-jinhuajiguang,Jxjn-jingxuejieneng,Jygf-jinyigufen,Jxzy-jingxingzhiye,Jhxg-jiuhongxingang,Jlwh-juliwenhua,Jsl-jusailong,Jshx-jushihuaxue, Jdd-jundingda,Kegf-kaiergufen,Kegf-kaiergufen,Kegf-kaiengufen,Klgf-kailungufen,Kssw-kaisaishengwu,Ksxn-kaishengxinneng, Kdt-kaidetui,Kcxy-kechuangxinyuan,Ksgf-keshungufen,Kkgf-kekaogufen,Ktgf-kentefufen,Kckj-kuncaikeji,Lggf-laiganggufen, Lfyl-lanfanyiliao,Lbkj-langbokeji,Ldjt-langdijituan,Lhkc-lihekechuang,Llzs-liliangzuanshi,Lntb-linuotebo,Lzjt-lizhongjituan, Lakj-liankeji,Lygf-liyuangufen,Lllt-linglongluntai,Lggf-lingganggufen,Lggf-liuganggufen,Lld-longlide,Lqgf-longquangufen,Ldgf-longdagufen, Lyjn-luyangjieneng,Lsxc-lushanxincai,Lpzd-luopingzidian,Lpsj-luopusijin,Mggf-maganggufen,Mcgf-meichuanggufen,Mly-meiliyun, Mxkj-meixinkeji,Mys-meiyingsen,Mnls-mengnalisha,Mtgx-mengtaigaoxin,Mftz-minfengtezhi,Mfly-minfalvye,Mgxc-mingguanxincai, Mtly-mingguanlvye,Ncgf-nachuangufen,Negf-naergufen,Nba-nanboa,Nbb-nanbob,Nggf-nanganggufen,Njhx-nanjinghuaqian, Njjl-nanjingjulong,Nsly-nanshanlvye,Nwkj-nanwangkeji,Nbfb-ningbofubang,Nbsm-ningbosemu,Nbys-ningboyunsheng,Nxxc-ningxiaxincai, Plgf-penglinggufen,Pxzy-pengxinziyuan,Padg-pingandiangong,Pngf-punaigufen,Plt-pulite,Qfxc-qifengxincai,Qdgf-qidegufen,Qbjt-qibinjituan, Qdsx-qingdaoshuangxing,Qlzy-qinglongzhiye,Qsjh-qingsongjianhua,Qwkj-quanweikeji,Rshb-rongshenghuanbao,Ret-ruierte,Rtkj-ruitaikeji, Rykj-ruiyangkeji,Sllt-sailunluntai,Swkj-saiwukeji,Scxc-samchaoxincai,Sgmg-sanguangminguang,Shgz-sanheguangzhuang,Sjlt-sanjiaoluntai, Sls-sanlishi,Swgf-sanweigufen,Sxxc-sanxiaxincai,Sxxc-sanxiangxincai,Sxgf-sanxinggufen,Slbz-senlinbaozhuang,Sql-senqilin, Sggf-shaganggufen,Xmwy-xiamenwuye,Sdbx-shandongboxian,Sdgt-shandonggangtie,Sdhp-shandonghuapeng,Sdyb-shandongyaobo, Sygf-shanyinggufen,Sfsn-shangfengshuini,Sfal-shangfengailu,Shyh-shanghaiyahong,Stkj-shangtaikeji,Szxx-shenzhengxinxing, Shgf-shenhuogufen,Smgf-shenmagufen,Sbgf-shengbanggufen,Shzy-shengheziyuan,Sxln-shengxinlineng,Sygf-shiyinggufen, Sdxc-shidaixincai,Sggf-shouganggufen,Sjgf-shuangjiangufen,Sxgf-shuangxianggufen,Sxxc-shuangxingxincai,Sykj-shuangyikeji, Shgf-shunhaogufen,Swgf-shunweigufen,Sdk-sidike,Srxc-siruixincai,Scjd-sichuangjinding,Scsm-sichuanshuangma,Sfd-sifangda, Sfxc-sifangxincai,Stgf-sitonggufen,Sfgf-songfagufen,Slkj-songlinkeji,Syzy-songyangziyuan,Szlj-suzhoulongjie,Stfz-suotongfazhan, Tpjt-tapaijituan,Tgbx-taigangbuxiu,Tyzy-taiyangzhiye,Thxc-tahexincai,Tygy-tengyuanguye,Taxc-tiananxincai,Tsxc-tianshengxincai, Tlgf-tianlonggufen,Tpgf-tianpugufen,Tqly-tianqiliye,Tsgf-tianshangufen,Tsly-tianshanlvye,Ttgf-tiantiegufen,Tzgf-tianzhengufen, Tdcz-tongdachuangzhi,Tygf-tongyonggufen,Tdgf-tongdagufen,Tyz-tongyizhong,Tkgf-tongkungufen,Tlys-tonglingyouse,Tngf-tunangufen, Tsje-tuishijien,Tsxy-tuishixinyi,Tsyg-tuishiyinge,Wls-wanlishi,Wnq-wannianqing,Wsxc-wanshunxincai,Wzxc-wangzixincai,Wkkj-weikekeji, Wxxc-weixinxincai,Wht-wenhuatui,Wtgf-wotegufen,Wzzy-wuzhouzhiye,Wggf-wuganggufen,Wjbx-wujinbuxiu,Xbcl-xibucailiao , Xbcd-xibuchaodao,Xbjs-xibujianshe,Xztl-xizangtianlu,Xntg-xiningtegang,Xtt-xitantui,Xygf-xiyegufen,Xyzh-xiyuezhihang,Xhgf-xianhegufen, Xyxc-xiangyuanxincai,Xfh-xiangfenghua,Xlwy-xiangluwuye,Xygf-xinyegufen,Xfm-xinfengming,Xggf-xinganggufen,Xjf-xinjufeng,Xlf-xinlaifu, Xtl-xintonglian,Xxhx-xinxianghuaxian,Xbgf-xinbogufen,Xkcl-xinkecailiao,Xskj-xiongsukeji,Xqgf-xiuqianggufen,Ymd-yamadun,Ytkej-yataikeji, Ytjt-yataijituan,Ypbl-yaopiboli,Yygf-yiyigufen,Ybzy-yibinzhiye,Yckj-yichuangkeji,Ybgf-Yinbanggufen,Yxkj-yinxikeji,Ykyl-yingkeyiliao, Ylh-yingluohua,Ylgf-yongligufen,Ymt-yongmaotai,Ysly-yongshanliye,Yxgf-yongxingufen,Yxkj-yongxingkeji,Yjgf-yongjinfufen,Yczy-youcaiziyuan, Yfgf-youfugufen,Yyxc-youyanxincai,Ytkj-yutongkeji,Yxkj-yuxingkeji,Ygjz-yuguangjinzuan,Yylz-yueyanglinzhi,Yxjk-yuexinjiankang, Yhbb-yuehuabaoB,Ylgf-yunlvgufen,Ynty-yunnantongye,Ynzy-yunanzhuye,Zskj-zaishengkeji,Zywy-zhangyuanwuye,Chgf-changhaigufen, Cjcl-changjiangcailiao,Cykj-changyangkeji,Zmkj-zhaominkeji,Zjrt-zhejiangrongtai,Zjzc-zhejiangzhongcheng,Zakj-zhengankekeji, Zhcc-zhenghaicicai,Zwxc-zhengweixincai,Zzgf-zhizhenggufen,Zckj-zhongcaikeji,Zdgf-zhongdinggufen,Zfsy-zhongfushiye, Zfsy-zhongfushenying,Zgln-zhonggangluonai,Zgjs-zhongguojushi,Zgly-zhongguolvye,Zgxt-zhongguoxitu,Zhyl-zhonghongyiliao, Zjkj-zhongjiankeji,Zjsj-zhongjiaosheji,Zjln-zhongjinlingnan,Zkzy-zhongkuangziyuan,Zlxc-zhonglunxincai,Zngf-zhongnangufen, Zqxc-zhongqixincai,Zsjr-zhongshunjierou,Ztzp-zhongtiezhuangpei,Zxtg-zhongxintegang,Zztc-zhongzhoutecai,Zxgf-zhongxingufen, Zyxc-zhongyuanxincai,Cqgt-chongqinggangtie,Zhzf-zhonghaizhongfu,Zzjt-zhuzhijituan,Zjqy-zijiangqiye. * year: year of the study (2010-2020) * Lev: Total debt /total assets(%) * Sg: (Ending net profitbeginning net profit)/ beginning net profit(%) * Intan: Intangible assets/all assets(%) * FS: Share ratio of major shareholders(%) * INS: Shareholding ratio of institutional investors(%) * DL: Proportion of the total number of independent directors on the board of directors(%) * EA: the ratio of environmental assets to total assets(%) * DQ : DQ comes from CSMAR. The indicator is categorized into four levels and assigned values from 1 ( bad ) to 4 ( good ).(No unit) * VOL: the standard deviation of daily stock returns over the quarter(%) * List: List is a company dummy variable, which is 1 if the firm belong to the SH-HKSC,and 0 otherwise(No unit) * Post: Post is a time dummy variable, which is 1 when year is after 2014and 0 otherwise.(No unit) * EID: the ratio of the logarithm of emissions charges to the logarithm of operating revenues(%) * HEID: the ratio of the logarithm of corporate environmental taxes to the logarithm of operating revenues(%)