Pollution control bonds and environmental performance in energy utility firms: is there an incantation effect?

IF 2.5 Q3 MANAGEMENT

International Journal of Energy Sector Management Pub Date : 2023-09-12 DOI:10.1108/ijesm-02-2023-0014

Imen Khanchel, Naima Lassoued, Ines Bargaoui

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引用次数: 1

Abstract

Purpose This study aims to examine the effects of green financing through pollution control bonds (PCBs) on environmental performance. Design/methodology/approach This study is based on a panel of 189 US energy utility firms observed over the period, 2011–2021 ; this study applies Generalized Method of Moments regressions. Findings This study found that PCBs positively affect environmental performance (aggregate measure, greenhouse emissions, waste landfill, waste incineration and waste recycling). These findings remain robust when this study considers alternative measures of PCBs and environmental performance, the quantile regression method and some firms’ attributes such as financial performance and firm age. Practical implications The results indicate that US energy utility firms have to adopt more PCBs. This study helps researchers, practitioners, shareholders, bondholders, equity analysts and local authorities such as the California Pollution Control Financing Authority, municipalities and investors understand PCBs issuance, usefulness and relevance. Originality/value To the best of the authors’ knowledge, this study is the first to explore the effectiveness of PCBs in reducing pollution.

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污染控制债券与能源公用事业公司的环境绩效:是否存在咒语效应?

目的探讨污染控制债券绿色融资对环境绩效的影响。本研究基于2011-2021年期间对189家美国能源公用事业公司的调查;本研究采用广义矩回归方法。本研究发现多氯联苯对环境绩效(综合测度、温室气体排放、垃圾填埋、垃圾焚烧和垃圾回收)有正向影响。当本研究考虑到多氯联苯和环境绩效的替代测量方法、分位数回归方法和一些公司的属性(如财务绩效和公司年龄)时，这些发现仍然是强有力的。结果表明，美国能源公用事业公司必须采用更多的多氯联苯。本研究有助于研究人员、从业人员、股东、债券持有人、股票分析师和地方当局，如加州污染控制融资管理局、市政当局和投资者了解多氯联苯的发行、有用性和相关性。原创性/价值据作者所知，本研究首次探讨多氯联苯在减少污染方面的有效性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Journal of Energy Sector Management MANAGEMENT-

CiteScore

6.80

自引率

22.60%

发文量

期刊介绍： The International Journal of Energy Sector Management aims to facilitate dissemination of research on issues relating to supply management (covering the entire supply chain of resource finding, extraction, production, treatment, conversion, transportation, distribution and retail supply), demand and usage management, waste management, customer and other stakeholder management, and solutions thereto. The journal covers all forms of energy (non-renewable and renewable), forms of supply (centralised or decentralised), ownership patterns (public or private, cooperative, joint, or any other), market structures (formal, informal, integrated, disintegrated, national, international, local, etc.) and degress of commoditisation (e.g. internationally traded, regionally traded, non-traded, etc.). The journal aims to cover a wide range of subjects relevant to the management of the energy sector, including but not limited to: Management of scarce resources (economic, financial, human and natural), projects, activities and concerns (e.g. regulatory, social and environmental aspects), technologies and knowledge Business strategy, policy and planning as well as decision support systems for energy sector management Business organisation, structure and environment, and changes thereto Globalisation and multi-cultural management Management of innovation, change and transition.