Multinational corporations and the EU Emissions Trading System: The specter of asset erosion and creeping deindustrialization

Autor:	Nils aus dem Moore, Michael Themann, Philipp Großkurth
Rok vydání:	2019
Předmět:	Deindustrialization Economics and Econometrics Carbon leakage Multinational corporation Fixed asset Asset (economics) Emissions trading Business International economics Management Monitoring Policy and Law Baseline (configuration management) Investment (macroeconomics)
Zdroj:	Journal of Environmental Economics and Management. 94:1-26
ISSN:	0095-0696
DOI:	10.1016/j.jeem.2018.11.003
Popis:	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.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::c47be81c8a0a75b3c6dd1aa06a063173 https://doi.org/10.1016/j.jeem.2018.11.003 Zobrazit plný text záznamu Full Text from ScienceDirect