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| DOI | 10.1016/j.enpol.2020.111584 |
| Effects of European emission unit allowance auctions on corporate profitability | |
| Carratù M.; Chiarini B.; Piselli P. | |
| 发表日期 | 2020 |
| ISSN | 03014215 |
| 卷号 | 144 |
| 英文摘要 | During Phase 3 of the EU Emission Trading System (ETS), to remedy the so-called windfall profits obtained by companies that benefited from the free allocation of emission permits, the EU introduced an auction-based method for the allocation of carbon emission allowances. We estimate the effect on firms' profits from participating in auctions during Phase 3 of the EU ETS using a propensity score matching approach. The work shows that the introduction of the new market mechanism for allocating carbon emission allowances has no significant effect on corporate profits, whatever the measure of profitability used. From a policy standpoint, this result seems to suggest that this new allocation mechanism might fail to improve the incentives for companies to increase their production cost efficiency or to invest in breakthrough technologies that reduce CO2. The rather flat auction price trend seems to support this conclusion. © 2020 Elsevier Ltd |
| 关键词 | Auction policyEmission unit allowancesETSPropensity score matching |
| 英文关键词 | Carbon; Commerce; Emission control; Gas emissions; Profitability; Allocation mechanism; Breakthrough technology; Carbon emissions; Corporate profits; Free allocation; Market mechanisms; Production cost; Propensity score matching; Costs; carbon emission; corporate strategy; emissions trading; environmental economics; European Union; incentive; profitability; Europe |
| 语种 | 英语 |
| 来源期刊 | Energy Policy
 |
| 文献类型 | 期刊论文 |
| 条目标识符 | http://gcip.llas.ac.cn/handle/2XKMVOVA/204588 |
| 作者单位 | Univeristy of Naples Parthenope (Department of Economic and Legal Studies), Italy; Bank of Italy, Economics and Statistics Department, Italy |
| 推荐引用方式 GB/T 7714 | Carratù M.,Chiarini B.,Piselli P.. Effects of European emission unit allowance auctions on corporate profitability[J],2020,144. |
| APA | Carratù M.,Chiarini B.,&Piselli P..(2020).Effects of European emission unit allowance auctions on corporate profitability.Energy Policy,144. |
| MLA | Carratù M.,et al."Effects of European emission unit allowance auctions on corporate profitability".Energy Policy 144(2020). |
| 条目包含的文件 | 条目无相关文件。 | |||||
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