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Under the new development pattern, both "digital" and "low-carbon" development have entered the fast track, and digital transformation has become an important path to promote green development and enhance total factor productivity in agriculture. Based on the data of agricultural companies, this paper empirically verifies the impact of voluntary environmental regulations on total factor productivity. The empirical results show that voluntary environmental regulation has a significant positive impact on total factor productivity of agribusiness. In the mechanistic analysis, it is found that voluntary environmental regulations accelerate the digital transformation process of firms, which in turn increases their total factor productivity. In addition, the level of government environmental concern contributes to the increase of voluntary environmental regulations on firms' total factor productivity. The findings have practical implications for the sustainable development of agribusiness, providing empirical evidence for policy formulation and adjustment, and helping the agricultural economy to achieve high-quality development. [ABSTRACT FROM AUTHOR]

As the world's largest emitter of carbon, China has implemented a series of environmental regulatory policies to reduce emissions. However, most of these environmental regulations have been at the expense of increased corporate environmental costs. Therefore, research on how to efficiently control these costs is of significant practical importance. This paper uses the China's carbon trading policy (CTP) implemented in 2013 as a quasi-natural experiment, utilizing data from Chinese listed manufacturing firms between 2008 and 2020. Employing a difference-in-differences (DID) model, the study investigates the impact of market-incentive environmental regulatory policies (ERP) on environmental costs. The findings reveal that CTP significantly reduced the environmental costs of firms, confirming the positive and vital role market-incentive ERP can play in environmental protection and cost control. These conclusions remain robust after a series of stability tests. Mechanism analysis suggests that the cost reductions brought by market-incentive ERP are primarily achieved through increasing green innovation. Heterogeneity analysis shows that non-state-owned enterprises (non-SOEs), key polluting firms, firms with lower financial constraints, and firms with lower total production efficiency benefit more from market-incentive environmental regulatory policies. This study provides new empirical evidence for government policy-making aimed at achieving long-term sustainable development. [ABSTRACT FROM AUTHOR]