Energy Economics最新文献_第9页

Climate policy uncertainty and energy transition: Evidence from prefecture-level cities in China 气候政策的不确定性与能源转型：来自中国地级市的证据

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-09-26 DOI: 10.1016/j.eneco.2024.107938

Yangyi Lin , Adrian (Wai Kong) Cheung

引用次数: 0

Addressing the reliability challenge: Subsidy policies for promoting renewable electricity consumption 应对可靠性挑战：促进可再生能源电力消费的补贴政策

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-09-25 DOI: 10.1016/j.eneco.2024.107926

Zhiying Zhao , Yanfei Lan , Shuxian Xu , Hongyang Zou , Huibin Du

{"title":"Addressing the reliability challenge: Subsidy policies for promoting renewable electricity consumption","authors":"Zhiying Zhao , Yanfei Lan , Shuxian Xu , Hongyang Zou , Huibin Du","doi":"10.1016/j.eneco.2024.107926","DOIUrl":"10.1016/j.eneco.2024.107926","url":null,"abstract":"<div><div>The intermittency and volatility of renewable electricity pose challenges to supply reliability, which is not conducive to renewable energy consumption. To ensure a reliable electricity supply, more governments implement subsidy policies to promote the adoption of innovative technologies by renewable energy producers to enhance supply reliability. We compare two types of subsidies provided by a government: investment subsidy (IS) policy, which is implemented in the deployment stage to directly reduce improvement costs, and operational subsidy (OS) policy, which is implemented in the operational stage to increase the renewable energy producer’s marginal returns. First, we show that without government intervention, customers’ low green consciousness or higher improvement costs may prevent the renewable energy producer from enhancing supply reliability. Second, through a comprehensive comparison, we find that both subsidy policies can incentivize the renewable energy producer to improve supply reliability when customers are more green-conscious, and the improvement cost is high. However, the OS policy and the IS policy operate on different mechanisms: the IS policy can directly alleviate the improvement cost burden on the renewable energy producer, while the OS policy serves a dual role of increasing the renewable energy producer’s marginal operational profit and expanding the market demand for renewable electricity. When customers’ green consciousness is low, the government can only choose whether or not to implement the OS policy. Finally, we highlight that the implementation of the IS policy by the government may not be more beneficial to both the renewable energy producer and customers compared to the OS policy. This result informs regulators that energy security should be considered when designing subsidy policies and should not be limited to promoting the interests of participants.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"139 ","pages":"Article 107926"},"PeriodicalIF":13.6,"publicationDate":"2024-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142420847","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 energy practices and cryptocurrency market behavior 可持续能源实践与加密货币市场行为

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-09-25 DOI: 10.1016/j.eneco.2024.107937

Walid Ben Omrane , Samir Saadi , Tanseli Savaser

引用次数: 0

The impact of carbon risk on the cost of debt in the listed firms in G7 economies: The role of the Paris agreement 碳风险对 G7 经济体上市公司债务成本的影响：巴黎协定的作用

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-09-24 DOI: 10.1016/j.eneco.2024.107925

Ayotola Owolabi, Mohammad Mahdi Mousavi, Giray Gozgor, Jing Li

{"title":"The impact of carbon risk on the cost of debt in the listed firms in G7 economies: The role of the Paris agreement","authors":"Ayotola Owolabi, Mohammad Mahdi Mousavi, Giray Gozgor, Jing Li","doi":"10.1016/j.eneco.2024.107925","DOIUrl":"10.1016/j.eneco.2024.107925","url":null,"abstract":"<div><div>The Paris Agreement, signed in 2015, sets ambitious goals for diminishing greenhouse gas emissions and restricting the rise in global temperature to achieve a less carbon-intensive and climate-resilient global economy. The Paris Agreement marked a defining moment in the worldwide response to global warming and has significantly affected the financial sector. Given this background, this research explores the effects of carbon risk on the cost of debt (CoD) in 1428 listed firms across seven economies from 2011 to 2020. The paper also reflects the post-Paris Agreement's involvement and the ESG factors' moderating effect in the empirical models. The study finds a significant impact of carbon risk on CoD following the implementation of the Paris Agreement. Notably, companies with higher carbon risk face higher borrowing rates. However, the effect of ESG on moderating the relationship between carbon risk and CoD is found to be insignificant. Further analyses confirm this finding, as individual pillars of ESG (governance and social aspects) also show insignificant moderating effects.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"139 ","pages":"Article 107925"},"PeriodicalIF":13.6,"publicationDate":"2024-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142420855","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Government environmental signals, government–Enterprise collusion and corporate pollution transfer 政府环境信号、政企合谋和企业污染转移

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-09-24 DOI: 10.1016/j.eneco.2024.107935

Xiaosheng Li , Ruirui Wang , Zhiyang Shen , Malin Song

{"title":"Government environmental signals, government–Enterprise collusion and corporate pollution transfer","authors":"Xiaosheng Li , Ruirui Wang , Zhiyang Shen , Malin Song","doi":"10.1016/j.eneco.2024.107935","DOIUrl":"10.1016/j.eneco.2024.107935","url":null,"abstract":"<div><div>To optimize the implementation of environmental policies and foster green development in China's economy, it is crucial to be vigilant about corporate pollution transfer behaviors and regulate collusive relationships between local governments and enterprises. This study introduces a theoretical four-way game model to explore the impact of corporate pollution transfer, considering environmental regulation by the central government and third-party oversight, as well as collusion between local governments and firms. Using data from China's A-share listed companies from 2007 to 2021, this study examines whether polluting firms engage in pollution transfer in response to environmental policies, with the Low-carbon City Pilot Policy (LCPP) serving as a proxy for government environmental signals. The findings reveal that the LCPP generally affects corporate pollution transfer. Mechanism analysis shows that the LCPP reduces pollution transfer through both formal and informal regulatory channels. Heterogeneity analysis further indicates that the pollution transfer effect is more pronounced in local state-owned enterprises, companies with a history of financial fraud, and highly polluting industries. Additionally, the study highlights that collusion between the government and enterprises promotes corporate pollution transfer, while changes in local government personnel disrupt this collusion and reduce pollution transfer. The research also identifies the supply chain as a key transmission path for pollution transfer. This work not only advances theoretical and empirical understanding of corporate behavior under environmental policy influence but also enriches research on government-enterprise relations and the effectiveness of environmental policies. It offers theoretical support and policy recommendations for constructing a rational green economic development system in China.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"139 ","pages":"Article 107935"},"PeriodicalIF":13.6,"publicationDate":"2024-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142326716","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

Green electricity product menu design for retailers without knowing consumer environmental awareness 在不了解消费者环保意识的情况下，为零售商设计绿色电力产品菜单

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-09-24 DOI: 10.1016/j.eneco.2024.107928

Yanni Jiang , Debin Fang , Leyao Lei

{"title":"Green electricity product menu design for retailers without knowing consumer environmental awareness","authors":"Yanni Jiang , Debin Fang , Leyao Lei","doi":"10.1016/j.eneco.2024.107928","DOIUrl":"10.1016/j.eneco.2024.107928","url":null,"abstract":"<div><div>Adverse selection problem due to asymmetry of consumer environmental awareness (CEA) could reduce electricity retailer's profit and obstructs renewable energy (RE) consumption. This study analyzes mechanism design problem of retailer constricted by RE consumption quota to incentive consumers display true CEA in competitive retail market. Based on principal-agent theory, we develop an extended principal-agent model with the addition of an RE consumption quota constraint to design a green electricity product menu which includes the green level, the price and electric quantity. Influence of information symmetry and quota setting on product attributes, retailer's profit, consumer utility, RE consumption is analyzed, and results show that: (1) Compare to symmetric information, under asymmetric information, green level of product provided to consumers with CEA (denoted as C1) distorts upward, information rent is greater than zero when quota is large, while green level of product provided to consumers without CEA (denoted as C2) distorts downward, with no information rent. (2) Under asymmetric information, unit environmental premium (UEP) of green electricity positively relates to proportion of C1, CEA level, and incremental WTP, and reaches the maximum value at a certain quota. (3) Under asymmetric information, retailer's profit and RE consumption positively relates to proportion of C1, and CEA level. (4) Under asymmetric information, quota difference could contribute to improve retail service quality under competitive retail market, and RE consumption elevation.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"139 ","pages":"Article 107928"},"PeriodicalIF":13.6,"publicationDate":"2024-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142420848","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 environmental decentralisation improve ESG performance? Evidence from listed companies in China 环境权力下放能否改善环境、社会和治理绩效？来自中国上市公司的证据

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-09-24 DOI: 10.1016/j.eneco.2024.107932

Xiaoli Hao , Qingyu Sun , Ke Li , Peilun Li , Haitao Wu

{"title":"Does environmental decentralisation improve ESG performance? Evidence from listed companies in China","authors":"Xiaoli Hao , Qingyu Sun , Ke Li , Peilun Li , Haitao Wu","doi":"10.1016/j.eneco.2024.107932","DOIUrl":"10.1016/j.eneco.2024.107932","url":null,"abstract":"<div><div>Environmental management systems are essential for promoting sustainable development. Rational distribution of environmental management responsibilities among governmental entities is a fundamental requirement and institutional framework. China's Direct Reporting of Environmental Statistics for National Key Supervision Enterprises (DRES) policy is a reform initiative that is intended to recalibrate environmental decentralisation to intensify environmental oversight. Using manually-collected data from key A-share listed companies from 2009 to 2021, this study employs a difference-in-differences model to evaluate the impact of the DRES policy on corporate environmental, social and governance (ESG) performance. The main findings are as fourfold. (1) The DRES policy significantly enhances corporate ESG performance. (2) Regarding policy transmission pathways, it empowers enterprises to systematically improve their ESG performance through concept, terminal, source and voluntary governance. (3) Heterogeneity analysis reveals that the policy's efficacy is particularly pronounced in resource-based regions, among enterprises with low managerial myopia and limited analyst attention and within non-state-owned enterprises. (4) Economic consequence testing indicates that enterprises' improved ESG performance can enhance total factor productivity but concurrently increases enterprises' risk. Finally, the study proposes corresponding policy recommendations such as improving the incentive and restraint mechanisms of environmental management and implementing differentiated environmental governance strategies.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"139 ","pages":"Article 107932"},"PeriodicalIF":13.6,"publicationDate":"2024-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142356801","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

Endowment effects, expectations, and trading behavior in carbon cap and trade 碳排放限额与交易中的禀赋效应、预期和交易行为

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-09-23 DOI: 10.1016/j.eneco.2024.107927

Beomseok Yoon , Mateusz Filipski , Craig E. Landry , Seung Jick Yoo

引用次数: 0

Political connections and investment efficiency of renewable energy enterprises: The role of marketization 可再生能源企业的政治联系与投资效率：市场化的作用

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-09-21 DOI: 10.1016/j.eneco.2024.107918

Mingming Zhang , Weijia Zheng , Chien-Chiang Lee

{"title":"Political connections and investment efficiency of renewable energy enterprises: The role of marketization","authors":"Mingming Zhang , Weijia Zheng , Chien-Chiang Lee","doi":"10.1016/j.eneco.2024.107918","DOIUrl":"10.1016/j.eneco.2024.107918","url":null,"abstract":"<div><div>Using data from 77 listed renewable energy enterprises in China and the threshold effect model, this study investigates the impact of political connections on the investment efficiencies of renewable energy enterprises at different degrees of marketization. A Richardson residual measurement model is applied to measure this efficiency. Further, this study constructs a cash flow sensitivity model to analyze how the political connections affect investment efficiency through financing factors and then analyzes the four external financing channels using a path analysis. The results show that when the degree of marketization is less than 9.280, political connections can improve investment efficiency. When the degree of marketization exceeds 9.280, the influence of political connections on investment efficiency is statistically insignificant. At a low marketization stage, political connections enhance the ability of enterprises to acquire resources through four kinds of external financing channels: bank credit, corporate bonds, commercial credit, and equity financing. This supports investment efficiency by reducing cash flow sensitivity. Due to the differences in the nature of the enterprises and personnel appointments, non-state-owned renewable energy enterprises with political connections experience more significant differences with respect to the impact on investment efficiency under different marketization levels.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"139 ","pages":"Article 107918"},"PeriodicalIF":13.6,"publicationDate":"2024-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142322850","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

Electricity market resilience in the face of Hurricane Harvey: A network-oriented approach 面对哈维飓风的电力市场复原力：以网络为导向的方法

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-09-20 DOI: 10.1016/j.eneco.2024.107879

Yue Zhao , Adria E. Brooks , Xiaodong Du

引用次数: 0