PSN: Sustainable Development (Topic)最新文献

{"title":"Is Voluntary International Integrated Reporting Framework Adoption a Step on the Sustainability Road, and Does Adoption Matter to Capital Markets?","authors":"P. Hsiao, C. de Villiers, Thomas P. Scott","doi":"10.1108/MEDAR-08-2020-0978","DOIUrl":"https://doi.org/10.1108/MEDAR-08-2020-0978","url":null,"abstract":"Purpose – To examine the type of firms that voluntarily adopt the International Integrated Reporting Framework (IIRF) and how markets respond to voluntary IIRF adherence. \u0000 \u0000Design/methodology/approach – Analysis of a matched global sample of listed firms that voluntarily adopt the IIRF (IIRF firms) and those that do not (non-IIRF firms). The samples range from 188 to 436 observations as alternative research designs, different matched samples and regression specifications, and several sensitivity analyses were conducted. \u0000 \u0000Findings – In markets where integrated reporting (IR) is not mainstream, voluntary IIRF adoption is more likely for firms with established sustainability practices. Such findings suggest that the IIRF is an incremental innovation for sustainability rather than an innovation that radically changes management and reporting practices. In Japan, where IR is mainstream, results show no observable differences between IIRF firms and non-IIRF firms. Consistent with the determinants results, we find no evidence of associations between voluntary IIRF adoption and the information environment, the cost of equity or firm value. However, additional analysis provides preliminary evidence suggesting capital market effects may differ for IIRF firms with higher sustainability or market performance. \u0000 \u0000Practical implications - This study offers useful insights into the current global debate on whether there is value in adopting the IIRF. \u0000 \u0000Originality – This study adds to the limited body of research on the determinants and consequences of voluntary IIRF adoption, offering insights for regulators, practitioners and proponents of IR. This study is the first to provide quantitative evidence of the influence sustainability practices have on voluntary IIRF adoption. Further, the results add to the current global debate on whether there is value in adopting the IIRF. We find that voluntary IIRF adoption has no clear and distinct influence on disclosure practices and capital markets, suggesting there are no additional benefits from prioritising the promotion or adoption of the IIRF over other disclosure forms. Unless there are advancements supporting the implementation of integrated thinking and information connectivity, the potential for the IIRF to improve information quality may be limited to encouraging more non-financial disclosure and transparency in countries where integrated disclosures are not trending.","PeriodicalId":175326,"journal":{"name":"PSN: Sustainable Development (Topic)","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132949549","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Optimally Rewarding Countries for Reducing Fossil Fuel Supply and Demand: A Time Consistency Problem","authors":"L. Stern","doi":"10.2139/ssrn.3860006","DOIUrl":"https://doi.org/10.2139/ssrn.3860006","url":null,"abstract":"Consider a world with complete information in which a global institution receives an exogenous flow of funding which it can use to curb fossil fuels by rewarding countries for reducing supply or reducing demand. I show that the ex ante optimal path of reward payment schemes is not time consistent. The global institution will in the future have incentives to partly shift its budget from the supply side towards the demand side relative to what it initially announced. If the global institution cannot commit at all then a version of the Weak Green Paradox always arises. However, I show that the Strong Green Paradox is highly implausible. I argue that the the time consistency problem will also arise to some extent in the more realistic setting with endogenous funding if there is a separate institution for each of the approaches and donors can flexibly earmark their flows of contributions. I discuss potential approaches to mitigating the time consistency problem.","PeriodicalId":175326,"journal":{"name":"PSN: Sustainable Development (Topic)","volume":"2016 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114526474","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Effectiveness of Environmental Management System Standards","authors":"Amélie Goerger","doi":"10.2139/ssrn.3861563","DOIUrl":"https://doi.org/10.2139/ssrn.3861563","url":null,"abstract":"This paper investigates the effects of Environmental Management System standards (EMS standards), such as the ISO 14001, on the environmental performance of French manufacturing plants from 2001 to 2017. The impact of EMS certificates depends on the pollutant considered. For instance, adopters of EMS standards lower their water removals by 6.7% and they increase their production of hazardous waste by 8.6% directly after the certification, while there are no significant effects for the CO2 emissions and the water pollution. Moreover, EMS-certified firms reduce their energy bill by 0.6% per additional year following the certification. The absence of clear-cut conclusions regarding the environmental effectiveness of EMS standards question the efficiency of the eventual subsidies.","PeriodicalId":175326,"journal":{"name":"PSN: Sustainable Development (Topic)","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114554621","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Sustainable Finance and its Sustainability","authors":"Bernardo Melo Pimentel, Guillermo Arturo Ramírez Hunter","doi":"10.2139/ssrn.3884907","DOIUrl":"https://doi.org/10.2139/ssrn.3884907","url":null,"abstract":"We describe how Sustainable Finance is understood in the European context, its current state, and its outlook. We argue that while the framework currently being developed to standardize our understanding of sustainable investments is absolutely necessary, it is also crucial for concrete laws and regulations to be created to incentivize actors in the financial markets to redirect funds from non-sustainable investments to sustainable alternatives.","PeriodicalId":175326,"journal":{"name":"PSN: Sustainable Development (Topic)","volume":"331 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133208153","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"On current and future carbon prices in a risky world","authors":"Stan Olijslagers, Rick van der Ploeg, Sweder J. G. van Wijnbergen","doi":"10.2139/ssrn.3851900","DOIUrl":"https://doi.org/10.2139/ssrn.3851900","url":null,"abstract":"We analyse optimal abatement and carbon pricing strategies under a variety of economic, temperature and damage risks. Economic growth, convex damages and temperature-dependent risks of climatic tipping points lead to higher growth rates, but gradual resolution of uncertainty lowers them. For temperature-dependent economic damage tipping points, carbon prices are higher, but when the tipping point occurs, the price jumps downward. With only a temperature cap the carbon price rises at the risk-adjusted interest rate. Adding damages leads to a higher carbon price that grows more slowly. But as temperature and cumulative emissions get closer to their caps, the carbon price is ramped up ever more. Policy makers should commit to a rising path of carbon prices.<br>","PeriodicalId":175326,"journal":{"name":"PSN: Sustainable Development (Topic)","volume":"180 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126011035","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Behavioural Insights for Living within the Earth's Carrying Capacity: An Interdisciplinary Review of the Scholarly Literature","authors":"Ravi de Costa, Ida Ferrara, M. Toplak, Abid Alam, Ryan Bowie, Adam Burnett","doi":"10.2139/ssrn.3825808","DOIUrl":"https://doi.org/10.2139/ssrn.3825808","url":null,"abstract":"Applications of behavioural insights (BI) are increasingly being used in social and economic contexts by both public and private actors, and particularly in highly developed countries like Canada. These applications aim to use an understanding of human decision-making informed by key findings in behavioural science in recent decades, one that challenges conventional assumptions about rationality. BI applications are based on systematic and predictable errors in individual decision-making, the biases and shortcuts individuals use routinely. Proponents of BI foreground their low cost of implementation and their ability to produce benefits without regulation or incentives, preserving individual choice. In the last decade, numerous governments have established dedicated units to further pilot and implement BI in public policy, including the UK and Canada.<br><br>Our Synthesis Paper assesses the underlying scholarship of BI, by examining the research testing its significance for sustainability goals. We conducted a comprehensive literature review using an interdisciplinary approach and methods (from psychology, economics and public policy). Our findings indicate that this field is still cohering and contains considerable promise for reducing adverse environmental impacts. However, we conclude that the state of the research does not yet support many general policy applications.<br>","PeriodicalId":175326,"journal":{"name":"PSN: Sustainable Development (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128961698","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Sustainable Natural Resources Management and Land Planning: The Case of Parque Agroecológico De Zapopan","authors":"J. Vargas-Hérnandez","doi":"10.2139/ssrn.3825668","DOIUrl":"https://doi.org/10.2139/ssrn.3825668","url":null,"abstract":"This research aims to analyze the model of sustainable natural resources management and land planning an in the Agro ecological Park of Zapopan (PAZ). Based on the need to rescue vacant urban land use with the participation of residents residing in the surrounding colonies, social movements, civil society and local government, they have designed and implemented actions to create PAZ (PEACE) as an area of green innovation. In addition to the cultivation of vegetables, vegetables, medicinal plants and decoration under relations of cooperation, trust and community support, the formation of social capital that sustains a culture of peace based on environmental sustainability activities. The results of the implementation of this project, born from bottom of the social and power structures, constitute a significant experience in the regeneration of public spaces and green areas that provides greater economic efficiency in terms of family income, a greater relevance of equity, inclusion and social justice and improvement of environmental sustainability.","PeriodicalId":175326,"journal":{"name":"PSN: Sustainable Development (Topic)","volume":"77 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123817048","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Big Market Delusion: Electric Vehicles","authors":"R. Arnott, Bradford Cornell, Lillian J. Wu","doi":"10.2139/ssrn.3801052","DOIUrl":"https://doi.org/10.2139/ssrn.3801052","url":null,"abstract":"This paper applies the “big market delusion” concept developed by Cornell and Damodaran to the electric vehicles market. The hallmark of a big market delusion is when all the firms in the evolving industry rise together even though they are often direct competitors. Investors become so enthusiastic that each firm is priced as if it will be a major winner in the evolving big market despite the fact that this is a fallacy of composition. The sum of the parts cannot be greater than the whole. We present evidence that the electric vehicles market can be characterized as a prime example of a big market delusion. When then draw out the implications of that finding for investors.","PeriodicalId":175326,"journal":{"name":"PSN: Sustainable Development (Topic)","volume":"6 1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116122112","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Unequal Economic Consequences of Carbon Pricing","authors":"D. Känzig","doi":"10.2139/ssrn.3786030","DOIUrl":"https://doi.org/10.2139/ssrn.3786030","url":null,"abstract":"This paper studies how carbon pricing affects emissions, economic aggregates and inequality. Exploiting institutional features of the European carbon market and high-frequency data, I identify a carbon policy shock. I find that a tighter carbon pricing regime leads to a significant increase in energy prices, a persistent fall in emissions and an uptick in green innovation. This comes at the cost of a temporary fall in economic activity, which is not borne equally across society: poorer households lower their consumption significantly while richer households are barely affected. Not only are the poor more exposed because of their higher energy share, they also experience a larger fall in their income. These indirect effects play a crucial role in the transmission, accounting for over 80 percent of the aggregate effect on consumption. My results suggest that targeted fiscal policy can reduce the economic costs of carbon pricing without compromising emission reductions.","PeriodicalId":175326,"journal":{"name":"PSN: Sustainable Development (Topic)","volume":"73 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127235203","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Nonlinear Dependence of Income Inequality and Carbon Emissions: Potentials for a Sustainable Future","authors":"Franziska Dorn, Simone Maxand, T. Kneib","doi":"10.2139/ssrn.3800302","DOIUrl":"https://doi.org/10.2139/ssrn.3800302","url":null,"abstract":"High levels of carbon emissions and rising income inequality are interconnected challenges for the global society. Commonly-applied linear regression models fail to unravel the complexity of potential bi-directional transmission channels. Specifically, consumption, energy sources and the political system are potential determinants of the strength and direction of the dependence between emissions and inequality. To capture their impact, this study investigates the conditional dependence between income inequality and emissions by applying distributional copula models on an unbalanced panel data set of 154 countries from 1960 to 2019. A comparison of high-, middle-, and low-income countries contradicts a linear relationship and sheds light on heterogeneous dependence structures implying synergies, trade-offs and decoupling between income inequality and carbon emissions. Based on the conditional distribution, we can identify determinants associated with higher/lower probabilities of a country falling in an area of potential social and environmental sustainability.","PeriodicalId":175326,"journal":{"name":"PSN: Sustainable Development (Topic)","volume":"149 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-02-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121767806","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}