本研究探討環境政策嚴格程度（Environmental Policy Stringency, EPS）對來自37個國家企業之勞動投資低效率的影響。研究結果顯示，EPS 越高，勞動投資低效率越嚴重。為降低內生性問題，我們採用了two-stage least squares（2SLS）與difference-in-differences（DID）等方法進行實證分析，並獲得一致結果。此外，分析指出，EPS 對勞動投資低效率的減緩效果與 ESG 實踐與綠色創新有關，顯示這些因素可能是背後的潛在影響途徑。進一步分析發現，在非危機時期，EPS 與勞動投資低效率之間的相關性更加明顯；但在金融危機期間，該關聯則變得微不足道。值得注意的是，EPS 對勞動投資低效率的影響在亞洲地區比其他地區更為顯著。

This paper investigates the impact of environmental policy stringency (EPS) on labor investment inefficiency for firms from 37 countries. Our findings indicate that heightened EPS exacerbates labor investment inefficiency. To mitigate endogeneity concerns, we adopt Two-stage Least Squares (2SLS) and Difference-in-Differences (DID) methodologies, yielding consistent results. Additionally, our analysis suggests that the reduction in labor investment inefficiency linked to EPS is associated with ESG practices and green innovation, pointing to these factors as potential mechanisms. Further examination reveals that the correlation between EPS and labor investment inefficiency is more marked during non-crisis periods, while it becomes negligible during financial crises. Notably, the effect of EPS on labor investment inefficiency is more evident in Asia than in other regions.

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