期刊
JOURNAL OF ENVIRONMENTAL ECONOMICS AND MANAGEMENT
卷 94, 期 -, 页码 1-26出版社
ACADEMIC PRESS INC ELSEVIER SCIENCE
DOI: 10.1016/j.jeem.2018.11.003
关键词
EU ETS; Cap-and-trade; Carbon leakage; Multinational corporation
资金
- German Federal Ministry for Economic Affairs and Energy
- Ministry of Economic Affairs, Innovation, Digitalization and Energy of North Rhine-Westphalia
This study seeks to investigate the causal effect of the EU Emissions Trading System (EU ETS) on firms' holdings of fixed assets as an early indicator of industrial relocation, exploiting installation level inclusion criteria of the regulation. To single out companies with particularly low relocation costs, global multinational enterprises (MNEs), we identify ownership structures for the full sample of EU ETS-firms. Matched Difference-in-Differences estimates provide robust evidence that contradicts the specter of an erosion of European asset bases. Baseline results for the manufacturing sector indicate that the EU ETS led to an on average increase of treated firms' asset bases of 12.1%. However, for a particular subgroup of MNEs, this increase is a mere 2.1%. For these companies, the EU ETS may have induced a shift in investment priorities. (C) 2018 Elsevier Inc. All rights reserved.
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