RT info:eu-repo/semantics/article
T1 Disentangling economic crisis effects from environmental regulation effects: Implications for sustainable development
A1 Lazzini, Simone
A1 Occhipinti, Zeila
A1 Parenti, Angela
A1 Verona, Roberto
K1 Environmental policy
K1 environmental policy
K1 EU ETS
K1 firm performance
K1 pollution reduction
K1 Porter hypothesis
K1 sustainable corporate model
K1 3322.05 Fuentes no Convencionales de Energía
AB With climate change becoming more severe, policy makers must impose environmen-tal regulations that will lead firms to adopt sustainable corporate models. Accordingto the Porter hypothesis, environmental regulation can favour the implementation ofbusiness strategies that improve economic and environmental performances. In thisstudy, we examine how one such form of regulation, the European Union EmissionTrading Scheme (EU ETS), impacts firm performance, and we subsequently widen theexamination beyond the regulation to evaluate an economic crisis which couldpotentially confound regulation effects. We estimate a panel model with time- andfirm-fixed effects for different subsamples that disentangle the effect of the EU ETSpolicy from the 2008 economic crisis. The results indicate that the EU ETS policy inits third phase can activate the Porter hypothesis and is effective in fuelling theimplementation of sustainable corporate models by firms. However, we also find thatthe economic crisis neutralises the effects of the regulation on firm performance,precluding the triggering of the Porter hypothesis in severely affected firms.
PB Wiley
SN 0964-4733
YR 2021
FD 2021
LK https://uvadoc.uva.es/handle/10324/67490
UL https://uvadoc.uva.es/handle/10324/67490
LA spa
NO Business Strategy and the Environment, Volume 30, Issue 5, Pages 2332 - 2353
NO Producción Científica
DS UVaDOC
RD 22-dic-2024