TY - JOUR
T1 - The impacts of the EU ETS on efficiency and economic performance – An empirical analyses for German manufacturing firms
AU - Löschel, Andreas
AU - Lutz, Benjamin Johannes
AU - Managi, Shunsuke
N1 - Funding Information:
We thank Ulrich Wagner, Kathrine von Graevenitz, Katrin Sommerfeld, and Goytom Abraha Kahsay for suggestions and insightful comments. We thank the participants of the Münster Energy Conference 2016 as well as participants of the seminars at the University of Münster and at ZEW in Mannheim. We gratefully acknowledge the Research Data Centre (FDZ) of the Federal Statistical Office and the Statistical Offices of the German Länder for granting us access to the AFiD data and for the use of their research facilities, in particular Michael Rößner for his advice and technical support regarding the estimation of our empirical model. Andreas Löschel, Benjamin Johannes Lutz, and Shunsuke Managi thank the Helmholtz Association for the financial support through the Helmholtz Alliance ENERGY-TRANS. The views expressed in this paper are those of the authors and do not necessarily represent those of the ZEW or the FDZ.
Funding Information:
We thank Ulrich Wagner, Kathrine von Graevenitz, Katrin Sommerfeld, and Goytom Abraha Kahsay for suggestions and insightful comments. We thank the participants of the M?nster Energy Conference 2016 as well as participants of the seminars at the University of M?nster and at ZEW in Mannheim. We gratefully acknowledge the Research Data Centre (FDZ) of the Federal Statistical Office and the Statistical Offices of the German L?nder for granting us access to the AFiD data and for the use of their research facilities, in particular Michael R??ner for his advice and technical support regarding the estimation of our empirical model. Andreas L?schel, Benjamin Johannes Lutz, and Shunsuke Managi thank the Helmholtz Association for the financial support through the Helmholtz Alliance ENERGY-TRANS. The views expressed in this paper are those of the authors and do not necessarily represent those of the ZEW or the FDZ.
Publisher Copyright:
© 2018 Elsevier B.V.
PY - 2019/5
Y1 - 2019/5
N2 - We investigate the effect of the European Union Emissions Trading System (EU ETS) on the economic performance of manufacturing firms in Germany. Our difference-in-differences framework relies on several parametric conditioning strategies and nearest neighbor matching. As a measure of economic performance, we use the firm specific distance to the stochastic production frontier recovered from official German production census data. None of our identification strategies provide evidence for a statistically significant negative effect of emissions trading on economic performance. On the contrary, the results of the nearest neighbor matching suggest that the EU ETS rather had a positive impact on the economic performance of the regulated firms, especially during the first compliance period. A subsample analysis confirms that EU ETS increased the efficiency of treated firms in at least some two-digit industries.
AB - We investigate the effect of the European Union Emissions Trading System (EU ETS) on the economic performance of manufacturing firms in Germany. Our difference-in-differences framework relies on several parametric conditioning strategies and nearest neighbor matching. As a measure of economic performance, we use the firm specific distance to the stochastic production frontier recovered from official German production census data. None of our identification strategies provide evidence for a statistically significant negative effect of emissions trading on economic performance. On the contrary, the results of the nearest neighbor matching suggest that the EU ETS rather had a positive impact on the economic performance of the regulated firms, especially during the first compliance period. A subsample analysis confirms that EU ETS increased the efficiency of treated firms in at least some two-digit industries.
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U2 - 10.1016/j.reseneeco.2018.03.001
DO - 10.1016/j.reseneeco.2018.03.001
M3 - Article
AN - SCOPUS:85044847080
VL - 56
SP - 71
EP - 95
JO - Resources and Energy Economics
JF - Resources and Energy Economics
SN - 0928-7655
ER -