气候变化领域集成服务门户(CCPortal): The environmental-financial performance nexus of EU ETS firms: A quantile regression approach

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DOI	10.1016/j.eneco.2024.107328
	The environmental-financial performance nexus of EU ETS firms: A quantile regression approach
	Flori, Andrea; Borghesi, Simone; Marin, Giovanni
发表日期	2024
ISSN	0140-9883
EISSN	1873-6181
起始页码	131
卷号	131
英文摘要	Cap -and -trade schemes are particularly attractive climate mitigation policies as they promote investment in low -carbon technologies while allowing firms to minimise their compliance costs. This can generate a positive relationship between firms' environmental and financial performance. However, firms with limited financial resources can find cap -and -trade schemes difficult to manage, leading to their under -participation in the allowances market. This paper examines how participation in the EU ETS (measured by network centrality measures) may affect the relationship between environmental and financial performance. A panel quantile regression analysis is performed to account for possible heterogeneous behaviours at different quantiles of the financial performance distribution. The results suggest that lower emission intensity is associated with higher financial performance, and that the higher the firm's network centrality in selling allowances, the stronger this association is. Moreover, the positive relationship between environmental and financial performance is stronger and clearer at the bottom of the financial performance distribution, thus confirming the importance of accounting for heterogeneous behaviours at different quantiles of the distribution.
英文关键词	EU-ETS; Network analysis; Panel quantile regression; Financial performance; Environmental performance
语种	英语
WOS研究方向	Business & Economics
WOS类目	Economics
WOS记录号	WOS:001173393500001
来源期刊	ENERGY ECONOMICS
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/294130
作者单位	Polytechnic University of Milan; University of Siena; European University Institute; University of Urbino
推荐引用方式 GB/T 7714	Flori, Andrea,Borghesi, Simone,Marin, Giovanni. The environmental-financial performance nexus of EU ETS firms: A quantile regression approach[J],2024,131.
APA	Flori, Andrea,Borghesi, Simone,&Marin, Giovanni.(2024).The environmental-financial performance nexus of EU ETS firms: A quantile regression approach.ENERGY ECONOMICS,131.
MLA	Flori, Andrea,et al."The environmental-financial performance nexus of EU ETS firms: A quantile regression approach".ENERGY ECONOMICS 131(2024).