Energy Economics最新文献_第10页

Impact of policy uncertainty on stock market volatility in the China’s low-carbon economy 政策不确定性对中国低碳经济股市波动的影响

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-11-20 DOI: 10.1016/j.eneco.2024.108056

Liping Liu , Zheng Lü , Seong-Min Yoon

{"title":"Impact of policy uncertainty on stock market volatility in the China’s low-carbon economy","authors":"Liping Liu , Zheng Lü , Seong-Min Yoon","doi":"10.1016/j.eneco.2024.108056","DOIUrl":"10.1016/j.eneco.2024.108056","url":null,"abstract":"<div><div>High speculation and volatility in China's stock market make enhancing volatility estimation and prediction in green and low-carbon sectors essential to meet the financing demands of the carbon-neutral industry and ensure sustainable development. In this study, we first introduce the CBOE Volatility Index (VIX) into the DAGM model to construct an improved model, DAGM-VIX, to explore the impact of China's Economic Policy Uncertainty (CEPU) and Climate Policy Uncertainty (CPU) on the stock market volatility of China's low-carbon economy. In addition, economic policy uncertainty is further decomposed into related uncertainties such as fiscal policy, monetary policy, trade policy, and exchange rate and capital account policy to explore in depth the heterogeneity of their impacts on stock market volatility of low-carbon economy. The results show that CEPU and CPU have a significant impact on the long-term volatility of China's green and low-carbon industries, and there are differences in the impact of uncertainty on stock market volatility in different policy areas. Compared with original DAGM and GM models, the DAGM-VIX model is superior in its predictive ability, and the DAGM-VIX-CEPU model, in particular, performs particularly well in predicting the volatility of green and low-carbon transition industries.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"141 ","pages":"Article 108056"},"PeriodicalIF":13.6,"publicationDate":"2024-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142704360","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The effects of Artificial intelligence orientation on inefficient investment: Firm-level evidence from China's energy enterprises 人工智能导向对低效投资的影响：来自中国能源企业的公司层面证据

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-11-17 DOI: 10.1016/j.eneco.2024.108048

Minhan Zhai , Wenqing Wu , Sang-Bing Tsai

{"title":"The effects of Artificial intelligence orientation on inefficient investment: Firm-level evidence from China's energy enterprises","authors":"Minhan Zhai , Wenqing Wu , Sang-Bing Tsai","doi":"10.1016/j.eneco.2024.108048","DOIUrl":"10.1016/j.eneco.2024.108048","url":null,"abstract":"<div><div>The development of Artificial Intelligence (AI) has brought both opportunities and challenges for energy enterprises to make investment decisions. This paper considers an Artificial intelligence orientation (AIO) indicator that reflects AI introduction and deployment to analyze whether and how AIO affects inefficient investment in energy enterprises. By using machine learning methods to construct AIO indicators, this paper finds that AIO can effectively alleviate ineffective investments in energy enterprises. Furthermore, this paper explores the moderating effects of the absorbed slack resources and conducts heterogeneity analysis based on enterprises ownership and lifecycle. The research results indicate that absorbed slack resources can weaken the alleviating effect of AIO on investment inefficiency. Besides, heterogeneity analysis also reveals that AIO can significantly alleviate investment inefficiency in the non-state-owned energy enterprises and those in the growth stage. These findings are important for energy enterprises to adopt and deploy AI technologies.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"141 ","pages":"Article 108048"},"PeriodicalIF":13.6,"publicationDate":"2024-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142705468","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

How can AI reduce carbon emissions? Insights from a quasi-natural experiment using generalized random forest 人工智能如何减少碳排放？使用广义随机森林进行准自然实验的启示

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-11-17 DOI: 10.1016/j.eneco.2024.108040

Lingbing Feng , Jiajun Qi , Yuhao Zheng

{"title":"How can AI reduce carbon emissions? Insights from a quasi-natural experiment using generalized random forest","authors":"Lingbing Feng , Jiajun Qi , Yuhao Zheng","doi":"10.1016/j.eneco.2024.108040","DOIUrl":"10.1016/j.eneco.2024.108040","url":null,"abstract":"<div><div>This study examines the impact of a recent regional artificial intelligence pilot zone (AIPZ) policy in China on firms' carbon performance using a quasi-natural experiment. Using the Difference-in-Differences (DID) methodology, the findings reveal that the AIPZ policy significantly reduces firms' carbon emissions. This effect is most pronounced for firms with high talent levels, positive media sentiment, and strong internal control, while heavily polluting firms experience a relatively minor effect. A variable importance analysis using the generalized random forest approach identifies return on assets (ROA) and Tobin's Q as significant contributors to the variation in firms' responses. Specifically, when ROA is negative, the treatment effect is relatively large and increases slowly. In contrast, when ROA is positive, the treatment effect decreases rapidly, showing a zero-boundary effect. Additionally, Tobin's Q exhibits an inverted U-shaped relationship with the treatment effect. The findings of this study offer valuable insights for policymakers in China and beyond, highlighting the importance of considering firm-specific characteristics to achieve effective and sustainable environmental management alongside economic development.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"141 ","pages":"Article 108040"},"PeriodicalIF":13.6,"publicationDate":"2024-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142705472","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Exploring the carbon rebound effect of digitalization and policy responses: A CDEEEA/CGE based analysis 探索数字化的碳反弹效应及对策：基于 CDEEEA/CGE 的分析

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-11-17 DOI: 10.1016/j.eneco.2024.108050

Sheng-Hao Zhang , Jun Yang , Jixin Cheng , Xiaoming Li

{"title":"Exploring the carbon rebound effect of digitalization and policy responses: A CDEEEA/CGE based analysis","authors":"Sheng-Hao Zhang , Jun Yang , Jixin Cheng , Xiaoming Li","doi":"10.1016/j.eneco.2024.108050","DOIUrl":"10.1016/j.eneco.2024.108050","url":null,"abstract":"<div><div>Digitalization offers tremendous potential for low-carbon development in China, yet the carbon rebound effect it triggers remains controversial. This paper develops China's Digital-Economy-Energy-Environment Analysis/Computable General Equilibrium (CDEEEA/CGE) model, which assesses the actual input of ICT and its factor characteristics for the first time. On this basis, the digitalization process of China is modeled based on the endogenous drive of digital industrialization, and the carbon emission effect of digitalization is innovatively decomposed, thereby revealing the formation mechanism of the carbon rebound effect. Research results indicate that in the digital industrialization scenario, through the substitution effect, the share of ICT factor input and the share of the tertiary industry increase, which leads to a favorable performance of carbon intensity (−3.61 % in 2060). However, the extra carbon emissions (256.64 Mt. in 2060) resulting from the output effect and the income effect completely counteract the expected emission reductions (116.4 Mt. in 2060), triggering a backfire effect. Nevertheless, policymakers should not narrowly pursue a low rebound effect, as its essence represents the redistribution of the digitalization dividend. This paper further points out that the complementary environmental policy can largely retain the economic benefits of digitalization while eliminating the environmental impact of the carbon rebound effect. This research offers novel theoretical grounds and practical routes for sustainable development in the digitalization backdrop.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"141 ","pages":"Article 108050"},"PeriodicalIF":13.6,"publicationDate":"2024-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142705467","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The impact of climate attention on risk spillover effect in energy futures markets 气候关注对能源期货市场风险溢出效应的影响

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-11-16 DOI: 10.1016/j.eneco.2024.108044

Lei Hu , Min Song , Fenghua Wen , Yun Zhang , Yunning Zhao

引用次数: 0

Interactions and distortions of different support policies for green hydrogen 绿色氢不同支持政策的相互作用与扭曲

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-11-16 DOI: 10.1016/j.eneco.2024.108042

Alexander Hoogsteyn , Jelle Meus , Kenneth Bruninx , Erik Delarue

{"title":"Interactions and distortions of different support policies for green hydrogen","authors":"Alexander Hoogsteyn , Jelle Meus , Kenneth Bruninx , Erik Delarue","doi":"10.1016/j.eneco.2024.108042","DOIUrl":"10.1016/j.eneco.2024.108042","url":null,"abstract":"<div><div>This paper explores various policies to support climate-neutral hydrogen production, focusing on their interaction with energy markets and cap-and-trade systems such as the EU emission trading scheme. We develop and deploy a state-of-the-art equilibrium model to examine the effect of hydrogen support policies on the interactions between hydrogen, electricity and emission markets. Our analysis shows that mechanisms remunerating hydrogen production can distort spot prices of electricity and hydrogen more strongly than mechanisms that remunerate hydrogen production capacity. Hydrogen support mechanisms furthermore promote renewable electricity production and deter investment in conventional generation assets. The associated decrease in emissions in the power sector leads to an increase of emissions in the industrial and hydrogen sector due to the waterbed effect in the EU emission trading scheme. Our case study on an emission-capped area inspired by the EU shows that the operational distortions that production-based mechanisms exhibit, typically increase costs more than the investment distortions that capacity-based mechanisms entail.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"141 ","pages":"Article 108042"},"PeriodicalIF":13.6,"publicationDate":"2024-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142759221","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

How does green industrial policy affect corporate green innovation? Evidence from the green factory identification in China 绿色产业政策如何影响企业绿色创新？来自中国绿色工厂认定的证据

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-11-15 DOI: 10.1016/j.eneco.2024.108047

Ying Liu , Hongyun Huang , William Mbanyele , Zhixing Wei , Xin Li

{"title":"How does green industrial policy affect corporate green innovation? Evidence from the green factory identification in China","authors":"Ying Liu , Hongyun Huang , William Mbanyele , Zhixing Wei , Xin Li","doi":"10.1016/j.eneco.2024.108047","DOIUrl":"10.1016/j.eneco.2024.108047","url":null,"abstract":"<div><div>Whether and how green industrial policy effectively nudges corporate sustainable performance remains an ongoing debated topic in the academic. In this study, we take the first step and examine the link between green industrial policy and corporate green innovation. We utilize the staggered adoption of the Green Factory Identification (GFI) in China as a plausibly exogenous shock. The Staggered Difference-in-Difference analysis demonstrates a significant positive association between the GFI and green innovation. It remains robust even after conducting various tests to ensure its validity. Additionally, we find that government research and development (R&D) subsidies exhibit an inverted U-shaped effect on this relationship. Furthermore, we elucidate two potential mechanisms that underlie the augmentation of green innovation facilitated by the GFI: alleviating financing constraints and fostering external supervision. Moreover, the positive impact of the GFI appears to be more pronounced among non-state-owned firms, those with superior managerial abilities, and those without political connections. More importantly, the economic consequences of the GFI implementation indicate improved corporate financial performance. As a noteworthy example of green industrial policy, green factories also demonstrate regional spillover effects, driving green development within the same region.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"141 ","pages":"Article 108047"},"PeriodicalIF":13.6,"publicationDate":"2024-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142705469","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Whether voluntary GHG disclosure could help improve subsequent GHG performance-new global evidence 温室气体自愿披露是否有助于改善后续温室气体绩效--新的全球证据

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-11-14 DOI: 10.1016/j.eneco.2024.108039

Peigong Li , Mingchen Li , Wanwan Zhu , Brian M. Lucey

{"title":"Whether voluntary GHG disclosure could help improve subsequent GHG performance-new global evidence","authors":"Peigong Li , Mingchen Li , Wanwan Zhu , Brian M. Lucey","doi":"10.1016/j.eneco.2024.108039","DOIUrl":"10.1016/j.eneco.2024.108039","url":null,"abstract":"<div><div>In light of the Conference of Parties 26, carbon information reporting has become ever-increasingly important. Prior studies presented much evidence on whether environmental disclosure could reliably reflect environmental performance. However, very limited evidence has been provided on if environmental disclosure could drive firms to improve future environmental performance. Based on the competing theoretical predictions from the legitimacy theory and the “outside-in” management perspectives, this study provides new international insight into if carbon disclosure improvements could motivate future carbon performance improvement based on a change analysis. Particularly, the investigation uses a recently available carbon data set of both developed economies and developing economies from the Carbon Disclosure Project and other publicly available media platforms. We find that an improvement in carbon disclosure indicates a future carbon performance deterioration in developed economies, however, carbon disclosure changes are not related to future carbon performance changes in developing economies when using performance data from the Carbon Disclosure Project. When using performance data from other publicly available media platforms, carbon disclosure changes are not related to future carbon performance changes at all internationally. This indicates that the carbon information disclosed on other public media platforms has been intentionally beautified. Thus, firms' carbon performance changes from these platforms lose track of the prior changes in firms' carbon disclosure.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"141 ","pages":"Article 108039"},"PeriodicalIF":13.6,"publicationDate":"2024-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142696348","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

From voluntary to mandatory implementation: The impact of green credit policy on de-zombification in China 从自愿到强制实施：绿色信贷政策对中国 "去僵尸化 "的影响

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-11-14 DOI: 10.1016/j.eneco.2024.108045

Ruipeng Tan , Wenjun Zhu , Mengmeng Xu , Zixuan Zhang

{"title":"From voluntary to mandatory implementation: The impact of green credit policy on de-zombification in China","authors":"Ruipeng Tan , Wenjun Zhu , Mengmeng Xu , Zixuan Zhang","doi":"10.1016/j.eneco.2024.108045","DOIUrl":"10.1016/j.eneco.2024.108045","url":null,"abstract":"<div><div>This study investigates the influence of the green credit policy on firm de-zombification in China using the listed firm samples. This paper presents a comparative analysis of the efficacy of two distinct policy implementation methods within the green credit policy framework. The results reveal that the implementation of the Green Credit Guidelines does not yield a statistically significant improvement in the de-zombification of green credit-restricted firms if they are implemented voluntarily. Only by including green credit performance in the assessment of bank officials, the de-zombification of such firms can be markedly promoted. Overall, the green credit policy acts as a catalyst for de-zombification by exerting dual effects: aggravating financial constraints and stimulating green innovation. The positive effect of green credit policy on de-zombification mainly comes from SOEs, firms with weak external supervision and firms located in areas with a lower degree of marketization. The results of the empirical study offer crucial insights for policymaking in China. It is imperative for the Chinese government to continue adhering to and further enhancing the green credit policy, with a particular focus on mandatory measures.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"141 ","pages":"Article 108045"},"PeriodicalIF":13.6,"publicationDate":"2024-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142704358","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Metals of the future in a world in crisis: Geopolitical disruptions and the cleantech metal industry 危机世界中的未来金属：地缘政治混乱与清洁技术金属工业

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-11-14 DOI: 10.1016/j.eneco.2024.108004

Linh Pham , Kuang-Chung Hsu

引用次数: 0