Energy Economics最新文献_第3页

Does privatization hurt ESG? The role of state-owned imprinting 私有化会损害ESG吗？国有印钞机的作用

IF 14.2 2区经济学

Energy Economics Pub Date : 2025-09-27 DOI: 10.1016/j.eneco.2025.108946

Saiya Mou , Xinquan Wang , Feng Hu

{"title":"Does privatization hurt ESG? The role of state-owned imprinting","authors":"Saiya Mou , Xinquan Wang , Feng Hu","doi":"10.1016/j.eneco.2025.108946","DOIUrl":"10.1016/j.eneco.2025.108946","url":null,"abstract":"<div><div>Privatization is widely regarded as a strategy to improve corporate financial performance and stimulate economic growth. However, its non-market outcomes, particularly regarding environmental, social, and governance (ESG) performance, remain underexplored. This study investigates how privatization affects ESG performance. We argue that privatization detaches the responsibility associated with ownership origins, allowing firms to refocus on economic goals and reduce political and social constraints. As a result, financial performance may improve at the expense of ESG performance. Using data from 1635 Chinese listed firms and 5006 firm-year observations, we find that privatization boosts financial performance but adversely affects ESG performance, especially governance performance. We further show that the legacy effects of state ownership are contingent: individual-level imprints (i.e., executives and employees) weaken the impact of privatization, while organizational-level imprints strengthen it. These findings offer new insights into the non-economic consequences of privatization and provide policy implications for determining which types of state-owned enterprises to privatize to better balance financial and ESG goals.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"151 ","pages":"Article 108946"},"PeriodicalIF":14.2,"publicationDate":"2025-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145218025","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

Carbon lock-in and resource lock-in effects of machine substitution: Evidence from 54 countries 机器替代的碳锁定和资源锁定效应：来自54个国家的证据

IF 14.2 2区经济学

Energy Economics Pub Date : 2025-09-25 DOI: 10.1016/j.eneco.2025.108940

Xiaoli Hao , Linshen Chen , Shuran Wang , Yuyi Li , Haitao Wu , Peilun Li

{"title":"Carbon lock-in and resource lock-in effects of machine substitution: Evidence from 54 countries","authors":"Xiaoli Hao , Linshen Chen , Shuran Wang , Yuyi Li , Haitao Wu , Peilun Li","doi":"10.1016/j.eneco.2025.108940","DOIUrl":"10.1016/j.eneco.2025.108940","url":null,"abstract":"<div><div>In the era of machine substitution for labor, accurately assessing the role of this substitution in carbon emissions and ecosystem impact is crucial for improving biased environmental policies. Drawing on panel data from 54 countries between 2005 and 2019, this study constructs a four-dimensional analytical framework and finds that: (1) the positive regression coefficients of machine substitution with carbon emissions and ecological footprints indicate that, in the long term and overall, machine substitution has carbon lock-in and resource lock-in effects. This conclusion is supported by a series of robustness and endogeneity tests. (2) Group regression reveals that the positive correlation of ecological elasticity is only significant in high-income and developed countries. In quantile regression, the larger the quantile of the explained variable, the greater the ecological elasticity coefficient. This indicates that the carbon lock-in and resource lock-in of machine substitution have an aggregating effect. (3) The prevalence of consumerism and the energy scissors difference are indirect factors for the carbon lock-in and resource lock-in caused by machine substitution, which are influenced by economic and income levels. (4) When exceeding a certain threshold, the carbon lock-in and resource lock-in of machine substitution have a non-linear effect of non-increasing marginality, suggesting that the negative effects of the prevalence of consumerism and the energy scissors difference are constrained by other factors. When implementing policies such as subsidies for smart appliances and electric vehicles, it is important to carefully balance the economic benefits with the environmental costs associated with consumerism</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"151 ","pages":"Article 108940"},"PeriodicalIF":14.2,"publicationDate":"2025-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145262015","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

Risk-averse transition pathway for China's power system facing high variable renewable energy penetration 面对高可变可再生能源渗透的中国电力系统风险规避转型路径

IF 14.2 2区经济学

Energy Economics Pub Date : 2025-09-24 DOI: 10.1016/j.eneco.2025.108943

Siqi Zhao , Dequn Zhou , Hao Ding , Qunwei Wang

{"title":"Risk-averse transition pathway for China's power system facing high variable renewable energy penetration","authors":"Siqi Zhao , Dequn Zhou , Hao Ding , Qunwei Wang","doi":"10.1016/j.eneco.2025.108943","DOIUrl":"10.1016/j.eneco.2025.108943","url":null,"abstract":"<div><div>The high penetration of variable renewable energy (VRE) poses significant challenges to power system security, due to exacerbated weather vulnerability. To address these risks, a diversified portfolio of flexible options must be deployed, necessitating a multi-technology optimization approach. This study integrates risk aversion into the capacity expansion and grid connection model using the Conditional Value-at-Risk (CVaR) method. Optimal transition pathways for China's power systems are developed under risk-free (RF), risk-neutral (RN) and risk-averse (RA) scenarios. It's revealed that while VRE penetration will continue to rise nationally, resistance intensifies as regional installed capacity approaches its technical ceiling, exacerbating regional heterogeneity, particularly under RA conditions. Effective grid support and operation dispatch are critical for managing source-load uncertainties. A strategic trade-off between risk aversion (ex-ante costs) and risk loss (ex-post costs) is made to achieve an economically optimal transition. Based on these insights, we suggest prioritizing the assessment of VRE-associated risks and strengthening risk management throughout the entire power system transition process.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"151 ","pages":"Article 108943"},"PeriodicalIF":14.2,"publicationDate":"2025-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145156518","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

Corrigendum to ‘Energy poverty in Uganda: Evidence from a multidimensional approach’ [Energy Economics Volume 101, September 2021, 105445] “乌干达的能源贫困：来自多维方法的证据”的勘误表[能源经济学，2021年9月，105445]

IF 14.2 2区经济学

Energy Economics Pub Date : 2025-09-24 DOI: 10.1016/j.eneco.2025.108923

Vincent Fred Ssennono , Joseph M. Ntayi , Faisal Buyinza , Francis Wasswa , Sylvia Manjeri Aarakit , Chris Ndatira Mukiza

引用次数: 0

Optimal carbon emission path under uncertainty: Physical risks and transition risks 不确定性下最优碳排放路径：物理风险与过渡风险

IF 14.2 2区经济学

Energy Economics Pub Date : 2025-09-24 DOI: 10.1016/j.eneco.2025.108914

Shuhua Chang , Kaixuan Hu , Xinyu Wang

{"title":"Optimal carbon emission path under uncertainty: Physical risks and transition risks","authors":"Shuhua Chang , Kaixuan Hu , Xinyu Wang","doi":"10.1016/j.eneco.2025.108914","DOIUrl":"10.1016/j.eneco.2025.108914","url":null,"abstract":"<div><div>To quantify the physical risks and transition risks associated with climate change, while analyzing the impact of uncertainty, we develop a dynamic stochastic general equilibrium model. It explores how the social planner maximizes social welfare objectives while accounting for risk preferences over uncertainty in climate, production, and investment. We obtain an optimal carbon tax path within a market economy to inform decisions made by businesses and governments. For a simple scenario, we provide analytical solutions for the Hamilton–Jacobi-Bellman (HJB) equations. We identify the trade-off between physical risks and transition risks affected by climate change. Under the optimal carbon emission path, we further discover the relationship between stock price and carbon tax. Specifically, this is reflected in the consistency of the trends and their impacts. For a complex, empirically realistic scenario, we use a deep learning algorithm to solve this problem. We find that the social planner’s aversion to uncertainty can reduce the stock price benefits through investors’ climate sensitivity (or climate risk premium). This helps enhance efforts to reduce emissions and keeps temperature rises within 2<span><math><mrow><msup><mrow></mrow><mrow><mo>∘</mo></mrow></msup><mtext>C</mtext></mrow></math></span> this century. Additionally, we analyze the impacts of climate damage, technological advancements, and changes in investors’ climate sensitivity. The planner can improve investors’ climate sensitivity and constrain corporate emission behaviors through tighter policies or other measures to achieve a more robust optimal reduction strategy. Therefore, the planner must balance physical risks and transition risks in the decision-making process, while also being clearly aware of the window for emission reductions. Especially, when making long-term decisions, the uncertainty of the model and the aversion to uncertainty should be considered, which implies that carbon emission reduction intensity should be adjusted accordingly.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"151 ","pages":"Article 108914"},"PeriodicalIF":14.2,"publicationDate":"2025-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145156515","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

Sustainable growth like China: The economic effects of clean coal power generation 像中国这样的可持续增长：清洁煤炭发电的经济效应

IF 14.2 2区经济学

Energy Economics Pub Date : 2025-09-23 DOI: 10.1016/j.eneco.2025.108939

Chuanwang Sun , Xuguang Zuo

{"title":"Sustainable growth like China: The economic effects of clean coal power generation","authors":"Chuanwang Sun , Xuguang Zuo","doi":"10.1016/j.eneco.2025.108939","DOIUrl":"10.1016/j.eneco.2025.108939","url":null,"abstract":"<div><div>Sustainable growth has become an important goal of national development. The experience of sustainable growth in China deserves to be explored. Based on a difference-in-differences model and nighttime light intensity as the proxy indicator, this study discusses the economic effects of clean coal power generation (CCPG) for Chinese counties. It is found that the additional CCPG has a long-term economic effect on the counties of China. 1 × 660 MW CCPG unit realized an average increase of approximately 1.95 % in regional gross domestic product. CCPG secured industrial and commercial electricity, and created employment. Besides, CCPG promoted the retirement of aging coal-fired power plants, and improved air quality. The economic effects of CCPG were specifically demonstrated by the realization of tertiary and industrial growth. The use of the units with ultra-supercritical steam generators and high-quality coal fuels was more efficient in terms of technology type and fuel type. Relatively backward regions and resource-based regions that need to be transformed need to prioritize the deployment of the clean coal-fired power plants. This study provides a practically relevant reference for developing countries attempting to industrialize to choose the appropriate sustainable growth approach.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"151 ","pages":"Article 108939"},"PeriodicalIF":14.2,"publicationDate":"2025-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145218027","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 controversial environmental effects of COVID-19 lockdown on quality of air: evidence from Italian municipalities COVID-19封锁对空气质量的有争议的环境影响：来自意大利各城市的证据

IF 14.2 2区经济学

Energy Economics Pub Date : 2025-09-23 DOI: 10.1016/j.eneco.2025.108904

Leonardo Becchetti , Gabriele Beccari , Gianluigi Conzo , Pierluigi Conzo , Davide De Santis , Francesco Salustri

{"title":"The controversial environmental effects of COVID-19 lockdown on quality of air: evidence from Italian municipalities","authors":"Leonardo Becchetti , Gabriele Beccari , Gianluigi Conzo , Pierluigi Conzo , Davide De Santis , Francesco Salustri","doi":"10.1016/j.eneco.2025.108904","DOIUrl":"10.1016/j.eneco.2025.108904","url":null,"abstract":"<div><div>This article examines the effect of Italy's first wave COVID-19 lockdown on air quality across municipalities by means of a unified panel specification. We use a continuous province-level mobility index from Google and explicitly separate three channels: reduced outdoor mobility, additional residential heating on cold days, and the legally mandated, asynchronous shutdown of centralised heating across climatic zones. Consistent with expectations, restrictions sharply lowered mobility and increased time spent at home. The overall impact on particulate matter is non-linear and reflects the balance between these forces. During March 2020, intensified home heating coincided with an unusual rise in particulate matter relative to the same months in previous years. The effect reversed in April–May when centralised heating was switched off by law, a pattern corroborated by a regression-discontinuity design around shutdown dates. Nitrogen dioxide declined markedly, in line with reduced traffic and other outdoor activities. A time-series decomposition of the fitted values quantifies the daily contributions of the three channels and reconciles the contrasting March versus April–May patterns. We refrain from short-run policy claims that require assumptions on the electricity mix; our results document and quantify the mechanisms through which the lockdown affected air quality.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"151 ","pages":"Article 108904"},"PeriodicalIF":14.2,"publicationDate":"2025-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145262016","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

Dealing with endogeneity in stochastic frontier models: A comparative assessment of estimators 处理随机前沿模型的内生性：估计量的比较评估

IF 14.2 2区经济学

Energy Economics Pub Date : 2025-09-23 DOI: 10.1016/j.eneco.2025.108922

Zheng Hou , Joaquim J.S. Ramalho , Catarina Roseta-Palma

{"title":"Dealing with endogeneity in stochastic frontier models: A comparative assessment of estimators","authors":"Zheng Hou , Joaquim J.S. Ramalho , Catarina Roseta-Palma","doi":"10.1016/j.eneco.2025.108922","DOIUrl":"10.1016/j.eneco.2025.108922","url":null,"abstract":"<div><div>Endogeneity poses a major challenge for Stochastic Frontier Analysis, as input choices may be endogenous to unobserved components of the error term, resulting in biased efficiency estimates. This paper compares leading estimators that address this issue, including control-function estimator (Kutlu, 2010), Generalized Method of Moments (GMM) (Tran and Tsionas, 2013) and copula (Tran and Tsionas, 2015) approaches, as well as the instrumental variable based maximum likelihood estimator (Karakaplan and Kutlu, 2017a,b; Karakaplan, 2022). Monte Carlo simulations reveal distinct bias–variance trade-offs: likelihood-based estimators provide more precise efficiency scores, while GMM and copula can be advantageous in specific contexts. An empirical application to the Portuguese thermal power subsector (2006-2021) shows that accounting for endogeneity significantly alters coefficients and efficiency distributions. These results demonstrate that estimator choice affects policy-relevant indicators such as efficiency scores and determinants of cost performance. Despite data limitations, the study underscores the importance of treating endogeneity and provides methodological guidance for applied efficiency analysis.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"151 ","pages":"Article 108922"},"PeriodicalIF":14.2,"publicationDate":"2025-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145156517","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 geography of energy transitions: A network approach for post-Fukushima Japan 能源转型的地理：后福岛日本的网络方法

IF 14.2 2区经济学

Energy Economics Pub Date : 2025-09-23 DOI: 10.1016/j.eneco.2025.108911

Alvaro Domínguez , Felipe Santos-Marquez , David Castells-Quintana

{"title":"The geography of energy transitions: A network approach for post-Fukushima Japan","authors":"Alvaro Domínguez , Felipe Santos-Marquez , David Castells-Quintana","doi":"10.1016/j.eneco.2025.108911","DOIUrl":"10.1016/j.eneco.2025.108911","url":null,"abstract":"<div><div>Given the increasing threat of climate change, energy transitions from traditional sources to greener and renewable ones have become a major need and goal worldwide. However, energy transitions are costly and usually slow. In this paper, we highlight the role of space and study energy transitions at the local level. To do so, we empirically analyze the adoption and spatial spread of nuclear-to-wind transitions triggered by the Fukushima incident in Japan in 2011. We build a novel panel dataset for 1742 municipalities, combining detailed gridded data on the location of wind farms and nuclear plants, merged with data on lights, population, vegetation greenness, and pollution from 2001 to 2020. Using panel-data econometric techniques (including difference-in-differences and event study estimates), we explore the connection between proximity to nuclear power plants and the adoption of Wind Energy Technology (WET). We then simulate through a network diffusion model the possible speed and order in which municipalities adopted WET after 2011, explicitly accounting for the influence of neighboring municipalities in this diffusion. Finally, we perform a counterfactual analysis by targeting key spreaders to alter the diffusion process, allowing policymakers to propose policies to accelerate the diffusion of WET.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"151 ","pages":"Article 108911"},"PeriodicalIF":14.2,"publicationDate":"2025-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145218051","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

Energy transition and corporate debt: Evidence from Chinese listed companies 能源转型与企业债务：来自中国上市公司的证据

IF 14.2 2区经济学

Energy Economics Pub Date : 2025-09-23 DOI: 10.1016/j.eneco.2025.108944

Li Xie , Zhou Su

引用次数: 0