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The Effects of De-Capacity Policy on Steel and Coal Firms' Profitability: Evidence from China's Listed Companies
Chinese overcapacity in the steel and coal industry has been on the rise since 2013, which leads to the misallocation of resources and decreases in production efficiency. In 2015, the Chinese central government adopted a series of de-capacity policies to resolve excess capacity and improve corporate profitability. However, there is scant evidence on the impacts of de-capacity policies on the firm profitability. Based on the data from Chinese listed companies in the steel and coal industry, thisdoi:10.3390/en15124377 fatcat:x7ret3dsmnak7mx2x3j4u2nc3a