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1.
In contrast with what we perceive is the conventional wisdom about setting a second-best emissions tax to control a uniformly
mixed pollutant under uncertainty, we demonstrate that setting a uniform tax equal to expected marginal damage is not generally
efficient under incomplete information about firms’ abatement costs and damages from pollution. We show that efficient taxes
will deviate from expected marginal damage if marginal damage is increasing and there is uncertainty about the slopes of the
marginal abatement costs of regulated firms. Moreover, tax rates will vary across firms if a regulator can use observable
firm-level characteristics to gain some information about how the firms’ marginal abatement costs vary. 相似文献
2.
Andrew J. Yates 《Environmental and Resource Economics》2012,51(4):583-598
We extend the tax versus permits literature by considering permit supply functions and pollution tax functions that are generalizations
of the usual constant permit supply and constant pollution tax rate. In our model, pollution is not uniformly mixed and the
regulator is uncertain about the polluting firms’ abatement costs. We determine the optimal permit supply functions and the
optimal pollution tax functions. Using these functions, we show that permits lead unambiguously to lower total expected costs
than taxes. We analyze the magnitude of this difference for a simple model of climate change. By relating the optimal permit
supply functions to Weitzman (Am Econ Rev 68:683–691, 1978) we provide a new interpretation of his results. 相似文献
3.
To examine the impact of capital endowment and credit constraint on firms’ FDI decisions, we build a model of investment portfolio
based on heterogeneous firms setup. We find that financial factors matter for firms’ internationalization. More capital endowment
or less credit constraint lowers cutoff productivity for firms to do FDI. 相似文献
4.
Jordi Vilaseca-Requena Joan Torrent-Sellens Antoni Meseguer-Artola Inma Rodríguez-Ardura 《International Advances in Economic Research》2007,13(2):222-241
This work aims to explain firms’ decisions to adopt Internet-based e-commerce, and the extent to which the adopters subsequently
implement e-commerce to commercialize their products and services. We examine various types of factors previously considered
by the literature (competitive environment, organizational characteristics, strategic orientation, innovative capacity, managers’
characteristics, IT equipment possessed and the use made of it). The analytical model developed here on the basis of a sample
of 2,038 firms suggests that the factors influencing the adoption decision are different from those that eventually influence
the results of firms’ commercial operations on the Internet. Likewise, we discuss the contribution of each type of determinant
and the implications.
相似文献
5.
Abuse of EU Emissions Trading for Tacit Collusion 总被引:1,自引:0,他引:1
Karl-Martin Ehrhart Christian Hoppe Ralf Löschel 《Environmental and Resource Economics》2008,41(3):347-361
In this paper, we show that loopholes in EU emissions trading law foster tacit collusion that impacts oligopolistic product
markets. The abuses originate from the covert misuse of EU emissions trading institutions, such as pooling or project-based
mechanisms. We analyse two types of these loopholes by means of game theoretical methods to show how oligopolistic firms establish
output restrictions, even if those firms are price takers on the~permit market (which might actually be the case for the majority
of obligated firms in the EU). The identified misuse of emissions trading law increases firms’ profits, decreases the consumers’
surplus and has negative effects on social welfare for specified parameter ranges. Consequently, public authorities should
not allow emissions trading’s overall good reputation—based upon its efficient abatement of pollution—to blind them to options
in European emissions trading legislation that would eventually restrict competition.
相似文献
6.
Which Firms are More Sensitive to Public Disclosure Schemes for Pollution Control? Evidence from Indonesia’s PROPER Program 总被引:1,自引:1,他引:0
Jorge H. García Shakeb Afsah Thomas Sterner 《Environmental and Resource Economics》2009,42(2):151-168
This paper analyzes differences in firms’ responsiveness to PROPER, Indonesia’s public disclosure program for industrial pollution
control. The overall effectiveness of this program at achieving emissions reductions and its low regulatory costs have earned
it a good reputation around the world. PROPER had no deterrents or incentives other than those that arose indirectly from
publicly disclosing information about the environmental performances of firms. We analyzed plant-level data to relate short-
and longer-term environmental responses to facility characteristics. The results revealed that foreign-owned firms were consistently
more likely to respond to the environmental rating scheme, compared to private domestic firms. This is a clear and important
insight with consequences for a number of issues, such as understanding the pollution haven debate. Also, firms located in
densely populated regions, particularly in Java, responded more positively to the public disclosure of PROPER ratings. The
main observed effect was however given by the initial level of environmental performance of firms. Those firms that had bad
environmental performance records felt pressure to improve, but if the initial abatement steps had already been taken, the
incentives to improve further appeared to diminish. 相似文献
7.
Pedro Mendi 《Journal of Economics》2009,96(2):95-112
This paper formalizes the idea that input transactions might be used to implement side payments among colluding firms. A model
is proposed to analyze the effect of backward integration on collusive outcomes in a downstream duopoly with asymmetric marginal
costs. Vertical integration expands the set of collusive outcomes that are sustainable for a given realization of the discount
factor. This is an additional effect of vertical integration that antitrust authorities should consider. Side payments implemented
by input sales are more relevant the larger the difference in marginal costs, since they allow for the shifting of production
towards the relatively more efficient firms, while maintaining firms’ incentives to collude. A price of the input above that
posted by an alternative source or sales of the input below cost may be observed, depending on the realization of downstream
firms’ costs.
相似文献
8.
We compare emissions taxes and quotas when a (strategic) regulator and (non-strategic) firms have asymmetric information about
abatement costs, and all agents use Markov perfect decision rules. Firms make investment decisions that affect their future
abatement costs. For general functional forms, firms’ investment policy is information-constrained efficient when the regulator
uses a quota, but not when the regulator uses an emissions tax. This advantage of quotas over emissions taxes has not previously
been recognized. For a special functional form (linear–quadratic) both policies are constrained efficient. Using numerical
methods, we find that a tax has some advantages in this case. 相似文献
9.
Naoki Shintoyo 《Journal of Economics》2008,93(2):145-176
We offer a search and matching model with firms that create job vacancies and are willing to sponsor general skills training.
The spillover of skilled labor between firms has the dual effect of increasing job vacancies and enhancing firms’ incentives
for free riding. The former effect is combined with a reduction in search costs to cause a positive feedback between the supply
of skilled labor and the creation of job vacancies, suggesting that firms encourage each other. On the other hand, with the
latter effect, search costs are reduced, inducing firms to take a free ride on each other’s investments, thereby decreasing
the supply of skilled labor and the creation of job vacancies. A reduction in search costs can lead to different results depending
on which of the two mechanisms is actualized. Additionally, our analysis allows for “labor poachers,” or firms absorbing skilled
labor in the market, to consider direct competition between training firms and poaching firms.
相似文献
10.
Adoption of Pollution Prevention Techniques: The Role of Management Systems and Regulatory Pressures
Madhu Khanna George Deltas Donna Ramirez Harrington 《Environmental and Resource Economics》2009,44(1):85-106
This paper investigates the extent to which firm level technological change that reduces unregulated emissions is driven by
regulatory pressures, and firms’ technological and organizational capabilities. Using a treatment effects model with panel
data for a sample of S&P 500 firms over the period 1994–1996, we find that organizational change in the form of Total Quality
Environmental Management leads firms to adopt pollution prevention practices, after controlling for the effects of various
regulatory pressures and firm-specific characteristics. We find that the threat of anticipated regulations and the presence
of ‘complementary assets’ is important for creating the incentives and an internal capacity to undertake incremental adoption
of pollution prevention techniques. 相似文献
11.
Nonpoint Source Pollution Taxes and Excessive Tax Burden 总被引:1,自引:0,他引:1
If a regulator is unable to measure firms’ individual emissions, an ambient tax can be used to achieve the socially desired
level of pollution. With this tax, each firm pays a unit tax on aggregate emissions. In order for the tax to be effective,
firms must recognize that their decisions affect aggregate emissions. When firms behave strategically with respect to the
tax-setting regulator, under plausible circumstances their tax burden is lower under an ambient tax, relative to the tax which
charges firms on the basis of individual emissions. Firms may prefer the case where the regulator is unable to observe individual
firm emissions, even if this asymmetric information causes the regulator to tax each firm on the basis of aggregate emissions. 相似文献
12.
Charles F. Mason 《Environmental and Resource Economics》2011,48(4):537-560
An intriguing alternative to traditional methods for regulating externalities is the provision of information about firms’
environmental attributes. An increasingly important example of this approach is “eco-labeling,” where a third party certifies
firms’ products. Such schemes are currently used in a variety of countries. This paper investigates the equilibria that may
occur with eco-labeling, and the attendant welfare effects. I model certification as a noisy test, subject to both type I
and type II errors, but where green firms more likely to pass than brown firms. While it commonly leads to an increase in
the fraction of green units in the market, the introduction of an eco-label can either increase or decrease welfare. 相似文献
13.
Pietro F. Peretto 《Environmental and Resource Economics》2008,39(2):113-138
This paper studies the effects of effluent taxes on firms’ allocation of resources to cost-reducing and emission-reducing
R&D, and on entrepreneurs’ decisions to develop new goods and enter the market. A tax set at an exogenous rate that does not
depend on the state of technology reduces growth, the level of consumption of each good, and raises the number of firms. The
induced increase in the variety of goods is a benefit not considered in previous analyses. In terms of environmental benefits,
the tax induces a positive rate of pollution abatement that offsets the “dirty” side of economic growth. A tax set at an endogenous
rate that holds constant the tax burden per unit of output, in contrast, has ambiguous effects on growth, the scale of activity
of each firm and the number of firms. Besides being novel, the potential positive growth effect of this type of effluent tax
is precisely what makes this instrument effective for welfare-maximizing purposes. The socially optimal policy, in fact, requires
the tax burden per unit of output to equal the marginal rate of substitution between the growth rate of consumption and abatement.
Moreover, a tax/subsidy on entry is needed, depending on whether the contribution of product variety to pollution dominates
consumers’ love of variety.
相似文献
14.
Models of firms’ influence over the regulatory agencies that oversee them have traditionally been constrained by several factors,
including a lack of direct measures of “influence,” an inability to account for variations in the institutional environment
within which firms operate, and a nearly singular focus on industry-level measures of interest group strengths. In this paper,
we employ a global database and novel measures to provide a fresh look at the determinants of firms’ influence over regulatory
agencies. We find that in addition to traditional industry-level determinants, important country-level institutional and firm-level
determinants affect firms’ regulatory agency influence. We also find that regulatory process variations affect firms’ influence
over regulators. With these empirical estimates in hand, we generate a Regulatory Influence Index that ranks influence levels
of typical firms that operate in each sample country in the dataset, and then discuss the substantial country-level variation
in regulatory agency influence that obtains. 相似文献
15.
This paper analyzes the effect of emission permit banking on clean technology investment and abatement under conditions where the stringency of the future cap is uncertain. We examine the problem of heterogeneous firms minimizing the cost of intertemporal emission control in the presence of stochastic future pollution standards and emission permits that are tradable across firms and through time. A firm can invest in clean capital (an improved pollution abatement technology) to reduce its abatement cost. We consider two possibilities: that investment is reversible or irreversible. Uncertainty is captured within a two period model: only the current period cap is known. We show that if banking is positive and marginal abatement costs are sufficiently convex, there will be more abatement and investment in clean technology under uncertainty than there would be under certainty and no banking. These results are at odds with the common belief that uncertainty on future environmental policy is a barrier to investment in clean capital. Moreover, under uncertainty and irreversibility, we find that there are cases where banking enables firms to invest more in clean capital. 相似文献
16.
Andrea M. Leiter Harald Oberhofer Paul A. Raschky 《Environmental and Resource Economics》2009,43(3):333-350
This paper examines the impact of floods on the firms’ capital accumulation, employment growth and productivity by using a
difference-in-difference (DID) approach and considering the firms’ asset structure. We find evidence that, in the short run,
companies in regions hit by a flood show on average higher growth of total assets and employment than firms in regions unaffected
by flooding. The positive effect prevails for companies with larger shares of intangible assets. Regarding the firms’ productivity
a negative flood effect is observable which declines with an increasing share of intangible assets.
相似文献
17.
Demand fluctuations and capacity utilization under duopoly 总被引:4,自引:0,他引:4
Summary. This paper studies the impact of uncertain demand on firms’ capacity decisions when they operate in an oligopolistic environment.
We define a two-stage game where firms choose capacity in the first stage without knowing which state of Nature is going to
realize, and output levels in the second, knowing which state is realized. We prove the existence of a symmetric subgame perfect
equilibrium at which firms are in excess capacity compared with the capacity they would choose in the Cournot certainty equivalent
game.
Received: May 17, 1996; revised version July 31, 1996 相似文献
18.
Corporate Expenditure on Environmental Protection 总被引:2,自引:2,他引:0
We examine the determinants of firm’s current environmental expenditure and firm’s capital investment in equipment for pollution
control in Irish manufacturing industries using a Heckman selection model. The main determinants for the two types of expenditure
are similar: larger, exporting and energy-intensive firms are more likely to spend. Being subject to environmental regulation
also has an effect. Once the decision to commit resources has been taken, larger, older, foreign-owned, exporting and energy-intensive
firms incur higher environmental expenditure. For the amount of capital investment only firm size and age play a role. This
suggests that the economic and regulatory incentives in place are such that it is the largest and most polluting firms that
do most to reduce pollution. 相似文献
19.
We employ a unique data set to explore the role of ownership structure and institutional development in debt financing of non-publicly traded Chinese firms. We show that state ownership is positively associated with leverage and firms’ access to long-term debt, while foreign ownership is negatively associated with all measures of leverage. Surprisingly, firms in better developed regions are associated with reduced access to long-term debt, suggesting the availability of alternative financing channels and the tightening of the lending standards under the on-going banking reform. The combination of ownership structures and institutions explains up to 6% of the total variation in firms’ leverage decisions, while firm characteristics alone explain no more than 8% of the variation. Further, we show that non-state-owned firms tend to have lower total and short-term debt than their state-owned counterparts in less developed regions. Finally, we show that state-owned firms’ easy access to long-term debt is positively associated with long-term investment and negatively associated with firm performance. 相似文献
20.
Lalit Manral 《Journal of Evolutionary Economics》2010,20(5):765-802
Industries based on systemic technologies are often characterized by a dynamically evolving market structure. The market structure
that provides the context for firms’ investment choices itself evolves due to the feedback effect of firms’ investments. In
such cases, analyses of investment-performance relationship, purporting to explain sustainable competitive advantages, should
ideally account for the endogeneity of the determinants of market structure—technology, demand, and policy—and firms’ investment
choices. This paper focuses on the endogeneity of the demand-side determinants of market structure and firms’ demand-side
investments under the assumed conditions of constant technology and policy environment. In doing so it contradicts the extant
depiction of the evolution of industrial market structure in the above context as primarily caused by the evolution of underlying
technological system in response to firms’ endogenous technological investments that generate sustainable competitive advantage
for the dominant firms. A dynamic evolutionary model of demand competition captures the competition in the downstream market
for basic industry product and its complements in an industry based on systemic technology during its post-interoperability
stage. A natural experiment drawn from the US Long-distance telecommunications services industry during 1984–1996 allows testing
the hypotheses drawn from the above model in a panel data setting. 相似文献