Can Environmental Policy Encourage Technical Change? Emissions Taxes and R&D Investment in Polluting Firms

Autor:	James R Brown, Gustav Martinsson, Christian Thomann
Rok vydání:	2022
Předmět:	Economics and Econometrics Accounting Finance
Zdroj:	The Review of Financial Studies. 35:4518-4560
ISSN:	1465-7368 0893-9454
Popis:	Higher country taxes on noxious manufacturing emissions lead to substantial increases in firms’ R&D spending. The R&D response is entirely driven by those high-pollution firms most affected by emissions taxes. Pollution taxes increase the marginal value of R&D spending in polluting firms, even when this spending does not lead to new innovation. Pollution taxes have the strongest effect on R&D investment in sectors in which new invention is difficult to appropriate and outside knowledge is easier to acquire, suggesting an important reason dirty firms invest in R&D is to expand their capacity to absorb external knowledge and technical know-how.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::b84d59f929cfbc487c8dc47b07383516 https://doi.org/10.1093/rfs/hhac003 Zobrazit plný text záznamu Plný text ve formátu PDF Plný text ve formátu HTML
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