International production chains and the pollution offshoring hypothesis: An empirical investigation

IF 2.6 3区 经济学 Q1 ECONOMICS
Aurélien Saussay , Natalia Zugravu-Soilita
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引用次数: 2

Abstract

Most analyses of the impact of heterogeneous environmental policy stringency on the location of industrial firms have considered the relocation of entire activities – the well-known pollution haven hypothesis. Yet international enterprises may decide to only offshore a subset of their production chain – the so-called pollution offshoring hypothesis (POH). We introduce a simple empirical approach to test the POH combining a comprehensive industrial mergers and acquisitions dataset, a measure of sectoral linkages based on input-output tables and an index score of environmental policy stringency. Our results confirm the impact of relative environmental policy stringency on firms’ decisions to engage in cross-country M&As. Our findings also indicate that environmental taxation have a stronger impact on international investment decisions than standards-based policies. Further, we find that transactions involving a target firm operating in a sector upstream of the acquirer are more sensitive to environmental policy stringency, especially when that sector is highly pollution-intensive. This empirical evidence is consistent with the pollution offshoring hypothesis.

国际生产链与污染离岸假说的实证研究
关于异质性环境政策严格性对工业企业选址的影响的大多数分析都考虑了整个活动的迁移——众所周知的污染天堂假说。然而,国际企业可能会决定只将其生产链的一个子集离岸,即所谓的污染离岸假说(POH)。我们引入了一种简单的实证方法来检验POH,该方法结合了一个全面的行业并购数据集、一个基于投入产出表的部门联系衡量标准和一个环境政策严格性指数得分。我们的研究结果证实了相对严格的环境政策对企业跨国并购决策的影响;我们的研究结果还表明,与基于标准的政策相比,环境税对国际投资决策的影响更大。此外,我们发现,涉及收购方上游行业的目标公司的交易对环境政策的严格性更敏感,尤其是在该行业污染严重的情况下。这一经验证据与污染离岸假说是一致的。
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来源期刊
CiteScore
5.40
自引率
0.00%
发文量
41
期刊介绍: Resource and Energy Economics provides a forum for high level economic analysis of utilization and development of the earth natural resources. The subject matter encompasses questions of optimal production and consumption affecting energy, minerals, land, air and water, and includes analysis of firm and industry behavior, environmental issues and public policies. Implications for both developed and developing countries are of concern. The journal publishes high quality papers for an international audience. Innovative energy, resource and environmental analyses, including theoretical models and empirical studies are appropriate for publication in Resource and Energy Economics.
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