The impact of emission trading schemes on firm competitiveness: Evidence of the mediating effects of firm behaviors from the guangdong ETS

Luo, Jun; Li, Xueyan; Qi, Xiaoling; Zhao, Daiqing

doi:10.1016/j.jenvman.2021.112633

Cited by 57 publications

(19 citation statements)

References 33 publications

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“…Numerous studies have investigated the impact of the ETS in China. Some findings show that a firm's competitiveness, corporate excess return, and corporate performance are positively correlated with the ETS (Wen et al, 2020;Luo et al, 2021;Sun et al, 2022). Peng et al (2021) found that the SO 2 emissions trading pilot has a positive impact on a firm's TFP.…”

Section: Literature Reviewmentioning

confidence: 99%

“…Finally, from the perspective of operational efficiency, the ETS will lead firms to make adjustments to their production and management (Luo et al, 2021). On one hand, the ETS stimulates firms to transform their way of production, and they tend to produce innovative products with low energy consumption, which, in turn, increases the TFP and the final production (Lutz, 2016).…”

Section: Hypothesis Developmentmentioning

confidence: 99%

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The effect of the carbon emission trading scheme on a firm’s total factor productivity: An analysis of corporate green innovation and resource allocation efficiency

Wang

Yang

Zhang

2022

Front. Environ. Sci.

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This study investigates the effect of the carbon emission trading scheme on a firm’s total factor productivity in China. With a sample from 2008 to 2019, applying the time-varying DID method, our empirical results reveal that the carbon emission trading scheme significantly improves a firm’s total factor productivity, which provides evidence for Porter’s hypothesis. Moreover, there are two channels through which the total factor productivity is impacted: the corporate green innovation channel and the resource allocation efficiency channel. Furthermore, the impact of the carbon emission trading scheme is more pronounced for private firms, and firms in the provinces with higher institutional development, lower environmental quality, and greater law enforcement of environmental protection tend to have larger total factor productivity. Our models survive numerous robustness checks.

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Section: Literature Reviewmentioning

confidence: 99%

Section: Hypothesis Developmentmentioning

confidence: 99%

The effect of the carbon emission trading scheme on a firm’s total factor productivity: An analysis of corporate green innovation and resource allocation efficiency

Wang

Yang

Zhang

2022

Front. Environ. Sci.

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“…Bode (2006) focused on the impact of carbon emissions trading on the European power industry and proposed that the aggregate profit of the power industry increases after being regulated by carbon emissions trading. Luo et al (2021) used a bootstrap multiple mediated effects analysis method to examine the relationship between carbon trading pilots, firm behavior, and firm competitiveness, to show that carbon trading pilots have a positive impact on firms' management, trading, and technology behavior. The more firms participate in carbon trading, the greater the mediating effect on firm competitiveness.…”

Section: Enterprise Environmental Protection and Sustainable Developm...mentioning

confidence: 99%

Environmental protection and sustainable development of enterprises in China: The moderating role of media attention

Qing

Jin

2022

Front. Environ. Sci.

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Faced with global environmental problems, such as global warming, enterprises have become important players in environmental protection. By fulfilling their environmental responsibilities, enterprises can create a good external image and gain support from the public and government, thereby increasing the influence of their enterprises. At the same time, the media plays the role of guiding public opinion and supervising the market economy in enterprise development and market economy. Therefore, this study investigates whether the environmental protection measures taken by enterprises have a positive effect on their sustainable development, and how media attention affects the relationship between environmental protection and sustainable development. This study uses the fixed effect regression method to empirically study the data of A share listed companies in China, from 2016 to 2019. The results of the study show that the enterprises’ fulfillment of environmental responsibilities or carbon trading can promote sustainable development. Furthermore, the higher the network or print media attention, the more environmentally responsible behavior and carbon emissions trading can promote sustainable development capabilities of enterprises. This study enriches the understanding of the important role played by environmental protection in driving enterprise sustainability and contributes to the literature by emphasizing the need for media attention about environmental responsibilities and carbon emissions trading.

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“…The factors that affect carbon emissions vary between countries, as does the role of environmental policy, and governments must choose strategies that are suitable for their own national situations. Luo et al ( 2021 ) surveyed all the power companies that paid into the Guangdong ETS, and found that the scheme had a positive impact on company behavior in the form of carbon asset transactions, energy saving measures and emission reduction technologies. This shows that an ETS can encourage enterprises to adopt low-carbon behaviors, which is key to achieving a green economy.…”

Section: Literature Reviewmentioning

confidence: 99%

High-dimensional nonlinear dependence and risk spillovers analysis between China’s carbon market and its major influence factors

Zhang

Tian

et al. 2022

Ann Oper Res

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In July 2021, China began its national emissions trading scheme, marking a new stage of development for the country’s carbon market. This study analyzes the multidimensional correlation between carbon prices in the Guangdong pilot market and eight influencing factors from three perspectives (the international carbon market, energy prices, and China’s economic situation), using the ARMA-GARCH-vine copula model. The CoVaR between the carbon price and each factor is then calculated using copula-CoVaR. The results show that the crude oil market plays the primary role in the vine structure, and that the carbon market is not strongly correlated with other markets. China’s carbon market is still a regional market driven by government policy, and the international carbon and energy markets (especially the crude oil market) have upward risk spillover effects upon it. This indicates an asymmetric risk spillover between influencing factors and the carbon market. The findings of this study will help market participants prepare risk management strategies and make related investment decisions, and provide a reference for policy makers to formulate national emission trading scheme policies. Graphical abstract

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The impact of emission trading schemes on firm competitiveness: Evidence of the mediating effects of firm behaviors from the guangdong ETS

Cited by 57 publications

References 33 publications

The effect of the carbon emission trading scheme on a firm’s total factor productivity: An analysis of corporate green innovation and resource allocation efficiency

The effect of the carbon emission trading scheme on a firm’s total factor productivity: An analysis of corporate green innovation and resource allocation efficiency

Environmental protection and sustainable development of enterprises in China: The moderating role of media attention

High-dimensional nonlinear dependence and risk spillovers analysis between China’s carbon market and its major influence factors

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