Energy Economics最新文献_第8页

Beyond borders and industries: How cross-ownership drives ESG performance in China’ low-polluting firms after environmental regulation 超越国界和行业：环境监管后中国低污染企业的交叉持股如何推动其ESG绩效

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-06-17 DOI: 10.1016/j.eneco.2025.108670

Mangmang Li , Jinghua Tang , Dingwen Wu

{"title":"Beyond borders and industries: How cross-ownership drives ESG performance in China’ low-polluting firms after environmental regulation","authors":"Mangmang Li , Jinghua Tang , Dingwen Wu","doi":"10.1016/j.eneco.2025.108670","DOIUrl":"10.1016/j.eneco.2025.108670","url":null,"abstract":"<div><div>This study investigates the influence of cross-industry common shareholders, those owning stakes in both high- and low-polluting industries, on the environmental, social, and governance (ESG) performance of low-pollution firms in China, utilizing the implementation of Chinese new environmental protection law (new EPL) as a quasi-natural experiment. We leverage a large panel dataset from 2010 to 2020 and employ the Difference-in-Differences (DID) methodology to establish causality. Our findings reveal that the new EPL has a more pronounced positive impact on ESG performance in high-polluting firms compared to low-polluting ones. Importantly, cross-industry common ownership significantly enhances ESG performance in low-polluting firms post new EPL, suggesting a synergistic benefit arising from shared ownership across industries. Furthermore, we demonstrate that non-state-owned common shareholders have a stronger positive ESG impact, particularly for non-state-owned portfolio firms. We also reveal that foreign common ownership, stronger government environmental supervision, and more analyst attention strengthen the positive influence of common shareholders. Additionally, we identify that enhancing the green innovation activities of low-polluting firms represents a potential pathway through which common shareholders improve the ESG performance of these firms. Our research offers new insights on promoting ESG practices through cross-industry ownership structures.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"148 ","pages":"Article 108670"},"PeriodicalIF":13.6,"publicationDate":"2025-06-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144481410","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

Unveiling the reality of carbon reduction: Is the Paris Agreement turning the world green or just painting it green? 揭示碳减排的现实：《巴黎协定》是让世界变绿还是只是把它涂绿？

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-06-16 DOI: 10.1016/j.eneco.2025.108661

Huijin Zhang , Wenbo Hu

{"title":"Unveiling the reality of carbon reduction: Is the Paris Agreement turning the world green or just painting it green?","authors":"Huijin Zhang , Wenbo Hu","doi":"10.1016/j.eneco.2025.108661","DOIUrl":"10.1016/j.eneco.2025.108661","url":null,"abstract":"<div><div>As global climate change becomes increasingly serious due to the continuous growth of CO<sub>2</sub> emissions, the Paris Agreement has been adopted by most countries in the world. However, whether this global climate change agreement can effectively reduce CO<sub>2</sub> emissions and contribute to achieving the goal of controlling global warming within 2 °C is still widely questioned. Therefore, this study uses staggered difference-in-difference (DID) to examine the impact of the Paris Agreement on CO<sub>2</sub> emissions using historical data for 104 countries from 2010 to 2021, and implements shared socioeconomic pathways (SSPs) to predict global CO<sub>2</sub> emissions from 2020 to 2100. The results show that the Paris Agreement can effectively reduce CO<sub>2</sub> emissions. However, predictions under the five SSPs suggest that current efforts cannot achieve the global carbon emission control targets. The results of this study provide insightful suggestions for the formulation and implementation of future global climate policies to avoid overly optimistic carbon reduction estimates, and contribute to policymakers in various countries realizing the necessity and potential of exploring effective carbon reduction measures.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"148 ","pages":"Article 108661"},"PeriodicalIF":13.6,"publicationDate":"2025-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144298007","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

Investment, Tobin’s q, and the stochastic price of fossil fuel 投资、托宾公式（省略）和化石燃料的随机价格

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-06-16 DOI: 10.1016/j.eneco.2025.108553

Juan Peng , Jinqiang Yang , Pengxiang Zhao

{"title":"Investment, Tobin’s q, and the stochastic price of fossil fuel","authors":"Juan Peng , Jinqiang Yang , Pengxiang Zhao","doi":"10.1016/j.eneco.2025.108553","DOIUrl":"10.1016/j.eneco.2025.108553","url":null,"abstract":"<div><div>Fossil fuel power companies’ production exposes them to carbon risk. Despite extensive empirical research on carbon risk impacts, theoretical frameworks embedding stochastic fossil fuel price dynamics into corporate investment decisions remain scarce. We address this gap by examining the impact of stochastic fossil fuel prices on corporate investment and firm value within a neoclassical <span><math><mi>q</mi></math></span>-theoretic framework. We show that stochastic fossil fuel prices have important implications for investment and Tobin’s <span><math><mi>q</mi></math></span>. Quantitatively, fluctuations in fossil fuel prices once drove the average <span><math><mi>q</mi></math></span> value down below unity, and a firm that ignores price volatility may misallocate investments, leading to a potential reduction in firm value by more than 42%. Value erosion exhibits disproportionate intensity decay, with a halved investment–capital ratio associated with an already 32% depletion. Qualitatively, fossil fuel price volatility persistently depresses Tobin’s <span><math><mi>q</mi></math></span>, inducing strategic disinvestment as firms postpone capital expenditures to mitigate uncertainty. We use duration to quantify the sensitivity of firm value to price volatility, decomposing assets-in-place and growth opportunities. Finally, we generalize the model to incorporate asymmetric adjustment costs and irreversibility. We find that inaction is optimal response which are pertinent to empirical analysis, especially when firms face high capital adjustment costs. Our model suggests that firms should integrate fossil fuel price volatility into strategy to mitigate risks associated with carbon regulation and market fluctuations.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"148 ","pages":"Article 108553"},"PeriodicalIF":13.6,"publicationDate":"2025-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144335545","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 role of artificial intelligence in enhancing corporate environmental information disclosure: Implications for energy transition and sustainable development 人工智能在加强企业环境信息披露中的作用：对能源转型和可持续发展的启示

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-06-16 DOI: 10.1016/j.eneco.2025.108680

Xin Zhao , Yongshun Tong , Hyoungsuk Lee , Umer Shahzad

{"title":"The role of artificial intelligence in enhancing corporate environmental information disclosure: Implications for energy transition and sustainable development","authors":"Xin Zhao , Yongshun Tong , Hyoungsuk Lee , Umer Shahzad","doi":"10.1016/j.eneco.2025.108680","DOIUrl":"10.1016/j.eneco.2025.108680","url":null,"abstract":"<div><div>Global climate and environmental issues pose severe challenges to the sustainable development of human society. As major contributors to environmental pollution and carbon emissions, the quality of enterprises' environmental data has gained significant attention in academic and industrial circles. This study analyzes information from Chinese A-share companies spanning 2012 to 2023 to investigate the pathways through which artificial intelligence (AI) technology influences corporate environmental information disclosure (EID). The results indicate that AI significantly enhances the quality of corporate EID by optimising internal control levels and strengthening external supervision mechanisms. These conclusions have been validated through robustness and endogeneity tests. The heterogeneity analysis further reveals that the promoting effect of AI is more significant in large corporates, corporates in central cities, mature corporates, corporates audited by the Big Four international accounting firms, high-tech corporates, and heavily polluting industries. The study innovatively constructs a dual-path theoretical framework of ‘internal management optimisation–external supervision strengthening’ and integrates macro urban AI indicators with micro enterprise data, contributing new empirical support for the digital transformation and green governance of developing countries. Based on these findings, policymakers should promote the innovative application of AI technology in corporate environmental governance, improving internal control norms, optimising the external supervision system, and implementing a classified guidance strategy for different enterprise attributes, so as to help enterprises achieve low-carbon transformation and sustainable development.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"148 ","pages":"Article 108680"},"PeriodicalIF":13.6,"publicationDate":"2025-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144502671","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

Does the European low-carbon policy impact price uncertainty in fossil energy markets? 欧洲低碳政策是否会影响化石能源市场价格的不确定性？

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-06-15 DOI: 10.1016/j.eneco.2025.108644

Jacques Minlend

{"title":"Does the European low-carbon policy impact price uncertainty in fossil energy markets?","authors":"Jacques Minlend","doi":"10.1016/j.eneco.2025.108644","DOIUrl":"10.1016/j.eneco.2025.108644","url":null,"abstract":"<div><div>This paper aims to assess the potential effects of a low-carbon policy on price uncertainty in fossil energy markets. For this purpose, we propose text-as-data methods that rely on unsupervised machine-learning algorithms applied to European Union (EU) laws and newspapers. These methods are used to construct two monthly indices over the reference period 1997-2021: (i) a news-based index that reflects uncertainty about the regulatory framework of low-carbon policy as relayed in the press, and (ii) a law-based index that reflects structural changes in European low-carbon policy. Given the support for the carbon phase-out policy, we further examine the extent to which each index relates to price uncertainty dynamics in fossil energy markets. As a result, we find that an increase in the news-based index leads to a positive short-run effect on price uncertainty. Similarly, we observe both dampening short-run and persistent effects of the law-based index on price uncertainty. Thus, stabilizing price uncertainty dynamics through regulations serves as a measure of the efficacy and resilience of European low-carbon policy. This result is robust to the consideration of macroeconomic factors.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"148 ","pages":"Article 108644"},"PeriodicalIF":13.6,"publicationDate":"2025-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144335548","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

Extreme climate attention and corporate energy innovation: Empirical evidence from China 极端气候关注与企业能源创新：来自中国的经验证据

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-06-15 DOI: 10.1016/j.eneco.2025.108681

Hua Wang , Xinyu Tan , Mengzhe Li

{"title":"Extreme climate attention and corporate energy innovation: Empirical evidence from China","authors":"Hua Wang , Xinyu Tan , Mengzhe Li","doi":"10.1016/j.eneco.2025.108681","DOIUrl":"10.1016/j.eneco.2025.108681","url":null,"abstract":"<div><div>This paper examines Chinese A-share companies between 2007 and 2023 to find out how extreme climate attention affects their energy innovation. Extreme climate attention notably promotes corporate energy innovation. Mechanism analysis reveals that extreme climate attention primarily enhances corporate energy innovation by increasing R&D investment, promoting digital transformation, and reducing agency costs. We conduct a deeper analysis and determine that the observed impact is more pronounced for businesses facing heightened regional environmental regulatory pressures, greater uncertainty of climate policy and fierce industry competition. A good governance environment and financial position make extreme climate attention even more conducive to corporate energy innovation. In addition, extreme climate attention has only been a significant contributor to alternative energy innovations. Finally, the energy innovations promoted by extreme climate attention have improved enterprises' energy efficiency. This paper provides empirical evidence and enlightenment to help enterprises handle climate change and promote low-carbon energy transformation and sustainable development.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"148 ","pages":"Article 108681"},"PeriodicalIF":13.6,"publicationDate":"2025-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144472239","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

A seasonal two-factor model for solar energy production: A climate extreme events analysis 太阳能生产的季节性双因子模型：气候极端事件分析

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-06-14 DOI: 10.1016/j.eneco.2025.108611

Michele Bufalo , Viviana Fanelli

引用次数: 0

Optimizing portfolios under carbon risk constraints: Setting effective constraints to favor green investments 碳风险约束下的投资组合优化：设置有利于绿色投资的有效约束

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-06-13 DOI: 10.1016/j.eneco.2025.108634

An Chen , Leonard Gerick , Zhuo Jin

引用次数: 0

Environmental impacts and energy transition in Chinese logistics: An N-Spheres multi-criteria decision-making 中国物流环境影响与能源转型：N-Spheres多准则决策

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-06-13 DOI: 10.1016/j.eneco.2025.108668

Yong Tan , Zhongfei Chen , Jorge Antunes , Peter Wanke

{"title":"Environmental impacts and energy transition in Chinese logistics: An N-Spheres multi-criteria decision-making","authors":"Yong Tan , Zhongfei Chen , Jorge Antunes , Peter Wanke","doi":"10.1016/j.eneco.2025.108668","DOIUrl":"10.1016/j.eneco.2025.108668","url":null,"abstract":"<div><div>This paper presents the N-Spheres geometrical concept as a novel Multi-Criteria Decision-Making (MCDM) model to evaluate environmental impacts and energy transitions in logistics transportation across Chinese provinces. By incorporating data such as truck quantities, logistics network mileage, fixed asset investments, and energy consumption, the study creates an n-dimensional framework to assess logistics systems' energy efficiency and CO2 emissions. The adapted N-Spheres model, originally from theoretical mathematics and computer science, is applied to analyze trade-offs, criterion elasticity, and contributions to overall performance, linking economic activities to environmental impacts. The findings reveal significant regional disparities in Environmental, Energy, and Transport Logistics (EETL) performance, with coastal regions typically outperforming inland areas. Higher freight transport volumes and logistics network mileage enhance performance, while CO2 emissions and energy consumption highlight the need for improved environmental management. Overall, the results indicate a trend towards better logistics performance over time.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"148 ","pages":"Article 108668"},"PeriodicalIF":13.6,"publicationDate":"2025-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144298009","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

Navigating climate policy: Corporate lobbying strategies in response to intensified climate risk exposure 引导气候政策：应对气候风险加剧的企业游说策略

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-06-11 DOI: 10.1016/j.eneco.2025.108667

Anqi Jiao , Ran Sun , Honglin Ren

引用次数: 0