Climate policy uncertainty influences carbon emissions in the semiconductor industry

IF 9.8 1区 工程技术 Q1 ENGINEERING, INDUSTRIAL
Shulei Cheng , Yongtao Chen , Kexin Wang , Lijun Jia
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Abstract

Industry carbon emissions have been increasing, yet there remains a dearth of research on the impacts of climate policy uncertainty. This study first explored the effects of climate policy uncertainty on the carbon emissions of semiconductor enterprises. We employed the Bidirectional Encoder Representations from Transformers (BERT) model. We constructed a Chinese climate policy uncertainty index based on electronic news entries to match the enterprise panel data structure from 2011 to 2022. The results showed an increase in climate policy uncertainty, which helped to reduce semiconductor enterprises’ carbon emissions. This effect was primarily achieved via two pathways. First, climate policy uncertainty leads to companies facing stricter environmental requirements, and these companies will proactively increase their investment in environmental, social, and governance standards to cope with the potential risks. Second, climate policy uncertainty is often accompanied by shifts in government climate policy. Governments will provide green subsidies to enterprises to achieve their policy goals. Furthermore, the policy uncertainty for the semiconductor industry could amplify the reducing effect of climate policy uncertainty on the carbon emissions from semiconductor enterprises. Climate policy uncertainty has a greater impact on non-state-owned and smaller semiconductor enterprises. Our study provides a new way to measure climate policy uncertainty, finds a new perspective based on climate policy uncertainty for exploring the potential impacts of corporate carbon emission reductions, bridges the gap between previous studies on enterprise carbon reductions and climate policy uncertainty, and offers a new path for governments to manage industrial carbon emissions.
气候政策的不确定性影响半导体行业的碳排放
工业碳排放量一直在增加,但有关气候政策不确定性影响的研究仍然十分匮乏。本研究首先探讨了气候政策不确定性对半导体企业碳排放的影响。我们采用了变压器双向编码器表征(BERT)模型。我们基于电子新闻条目构建了中国气候政策不确定性指数,以匹配 2011 年至 2022 年的企业面板数据结构。结果表明,气候政策不确定性的增加有助于减少半导体企业的碳排放。这种效应主要通过两种途径实现。首先,气候政策不确定性导致企业面临更严格的环保要求,这些企业会主动增加在环境、社会和治理标准方面的投资,以应对潜在风险。其次,气候政策的不确定性往往伴随着政府气候政策的转变。政府会向企业提供绿色补贴,以实现其政策目标。此外,半导体产业政策的不确定性会放大气候政策不确定性对半导体企业碳排放的减少作用。气候政策的不确定性对非国有和小型半导体企业的影响更大。我们的研究提供了一种衡量气候政策不确定性的新方法,为探索企业碳减排的潜在影响找到了一个基于气候政策不确定性的新视角,弥补了以往企业碳减排与气候政策不确定性研究之间的差距,为政府管理工业碳排放提供了一条新路径。
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来源期刊
International Journal of Production Economics
International Journal of Production Economics 管理科学-工程:工业
CiteScore
21.40
自引率
7.50%
发文量
266
审稿时长
52 days
期刊介绍: The International Journal of Production Economics focuses on the interface between engineering and management. It covers all aspects of manufacturing and process industries, as well as production in general. The journal is interdisciplinary, considering activities throughout the product life cycle and material flow cycle. It aims to disseminate knowledge for improving industrial practice and strengthening the theoretical base for decision making. The journal serves as a forum for exchanging ideas and presenting new developments in theory and application, combining academic standards with practical value for industrial applications.
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