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| 008 |
240902 ||| eng |
| 020 |
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|a 9798400279126
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| 100 |
1 |
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|a Kalantzis, Fotios
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| 245 |
0 |
0 |
|a Firms’ Response to Climate Regulations-Empirical Investigations Based on the European Emissions Trading System
|c Fotios Kalantzis, Salma Khalid, Alexandra Solovyeva, Marcin Wolski
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2024
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| 300 |
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|a 31 pages
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| 653 |
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|a Environmental Conservation and Protection
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| 653 |
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|a Environmental Economics
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| 653 |
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|a Environmental economics
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| 653 |
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|a Trade Policy
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| 653 |
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|a Climate
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| 653 |
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|a Climate change
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| 653 |
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|a Exports and Imports
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| 653 |
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|a Climate policy
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| 653 |
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|a Environmental Economics: Government Policy
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| 653 |
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|a Greenhouse gas emissions
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| 653 |
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|a Environment and Development
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| 653 |
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|a Financial Econometrics
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| 653 |
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|a International trade
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| 653 |
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|a Global Warming
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| 653 |
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|a Capital and Ownership Structure
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| 653 |
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|a Environmental Equity
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| 653 |
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|a Goodwill
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| 653 |
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|a Sustainability
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| 653 |
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|a Financial Risk and Risk Management
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| 653 |
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|a Environment and Trade
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| 653 |
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|a Financing Policy
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| 653 |
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|a Greenhouse gases
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| 653 |
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|a Climatic changes
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| 653 |
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|a Environmental policy
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| 653 |
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|a Environmental Economics: General
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| 653 |
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|a Environmental Policy
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| 653 |
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|a Environmental policy & protocols
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| 653 |
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|a International Trade Organizations
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| 653 |
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|a Population Growth
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| 653 |
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|a Natural Disasters and Their Management
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| 653 |
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|a Environment
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| 653 |
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|a Environmental Accounts and Accounting
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| 653 |
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|a Green finance / sustainable finance
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| 653 |
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|a Value of Firms
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| 653 |
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|a International economics
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| 653 |
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|a Emissions trading
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| 653 |
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|a Valuation of Environmental Effects
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| 700 |
1 |
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|a Khalid, Salma
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| 700 |
1 |
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|a Solovyeva, Alexandra
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| 700 |
1 |
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|a Wolski, Marcin
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| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
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| 989 |
|
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|b IMF
|a International Monetary Fund
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| 490 |
0 |
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|a IMF Working Papers
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| 028 |
5 |
0 |
|a 10.5089/9798400279126.001
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| 856 |
4 |
0 |
|u https://elibrary.imf.org/view/journals/001/2024/135/001.2024.issue-135-en.xml?cid=550954-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
0 |
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|a 330
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| 520 |
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|a Using a novel cross-country dataset, which merges firm-level financials with information on firms’ participation in the European Unions’ Emissions Trading System (ETS), we investigate how firm performance is affected by tightening of environmental policies that put a price on pollution. We find that more stringent policies do not have a strong negative impact on the profitability of ETS-regulated or non-ETS firms. While firms report an increase in their input costs during periods of high carbon prices, their reported turnover is also higher. Among ETS-regulated firms which must purchase emission certificates under the EU ETS, tightening of climate policies in periods of high carbon prices results in increased investment, particularly in intangible assets. We establish robustness of our results using a quantile regression analysis, ensuring our key findings are not driven by distributional irregularities. Our findings provide support for the benefits of EU ETS on accelerating firms’ climate transition, while keeping firm-level financial costs at bay
|