| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14155 |
| DP14155 Climate Regulation and Emissions Abatement: Theory and Evidence from Firms’ Disclosures | |
| Federica Zeni | |
| 发表日期 | 2019-11-29 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We use data from the Carbon Disclosure project (CDP) to measure firms’ beliefs about climate regulation, their plans for future abatement, and their current actions on mitigating carbon emissions. These measures vary both across firms and time in a manner that is especially pronounced around the Paris climate change agreement announcement. A simple dynamic model of carbon abatement with a firm exposed to a certain future carbon levy, facing a trade-off between emissions reduction and capital growth, and convex emissions abatement adjustment costs cannot explain the data. A more complex two-firm dynamic model with both information asymmetry across firms and reputational concerns fits the data far better. Our findings imply that firms’ abatement actions depend greatly on their beliefs about climate regulation, and that both informational frictions and reputational concerns can amplify responses to climate regulation, increasing its effectiveness. |
| 主题 | Financial Economics ; Industrial Organization |
| 关键词 | Climate change Climate regulation Carbon emissions Dynamic models Information asymmetry Reputation Abatement |
| URL | https://cepr.org/publications/dp14155-0 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543042 |
| 推荐引用方式 GB/T 7714 | Federica Zeni. DP14155 Climate Regulation and Emissions Abatement: Theory and Evidence from Firms’ Disclosures. 2019. |
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