9/8/2023 0 Comments System shock 1 source port![]() ![]() JEL Code G30 : Financial Economics→Corporate Finance and Governance→General G31 : Financial Economics→Corporate Finance and Governance→Capital Budgeting, Fixed Investment and Inventory Studies, Capacity O30 : Economic Development, Technological Change, and Growth→Technological Change, Research and Development, Intellectual Property Rights→General D62 : Microeconomics→Welfare Economics→ExternalitiesĪbstract We examine the link between labour market developments and new technologies such as artificial intelligence (AI) and software in 16 European countries over the period 2011-2019. ![]() ![]() Our analysis reveals that carbon regulation does not necessarily reduce shareholder value if firms are sufficiently committed to reducing their carbon footprint. Under emissions trading systems, larger balances of carbon credits dampen firms’ efforts to reduce their carbon emissions. Our model shows that while carbon pricing curtails firms’ carbon emissions, polluting firms tilt their green investment mix towards more immediate yet short-lived options – such as solely reducing emissions (abatement) instead of investing in green innovation – as it becomes costlier to comply. We set out a unified approach to study the trade-offs carbon pricing poses for firms and how they should therefore best respond. Abstract Regulation to control carbon emissions challenges firms to develop optimal carbon management policies. ![]()
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