企业集团关联对二氧化碳排放的影响:来自智利的证据

Cristian A. Pinto-Gutiérrez
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摘要

目的本研究旨在调查智利企业集团关联与二氧化碳排放之间的关系,从而深入了解与企业集团结构相关的污染外部性及其对环境绩效的影响。设计/方法/途径利用智利上市公司工业设施和子公司的人工匹配样本,分析与独立公司相比,企业集团关联公司的二氧化碳排放量。结果表明,隶属于企业集团的公司与类似的独立公司相比,二氧化碳排放量更高。这表明,企业集团结构可能会削弱附属企业的减排压力和维护公共合法性的能力。研究局限性/影响本研究的结果存在一定的局限性,例如使用了智利的特定数据集,以及由于数据限制而无法探讨某些因素。例如,我们无法研究控制权与现金流权之间的分离,也无法研究管理者特征对污染水平的影响。未来的研究应解决这些局限性,并将分析扩展到其他新兴市场国家,以进一步研究宽松或无效的环境法规对污染结果的影响。对环境可持续投资感兴趣的投资者应考虑与商业集团关联企业相关的较高污染水平。政策制定者可以利用这些发现设计更有效的法规和激励措施,以鼓励企业集团结构内的减排努力。社会意义该研究结果强调了全面了解企业集团关联对环境影响的必要性。通过认识到企业集团结构中潜在的较高排放量,利益相关者可以倡导可持续实践,鼓励透明度,并促进企业实体内部负责任的环境管理。 原创性/价值本研究通过提供企业集团关联与二氧化碳排放量之间关系的实证证据,为有关企业治理、气候风险和污染外部性的文献做出了贡献。它强调了考虑公司结构对环境绩效影响的重要性,尤其是在新兴市场经济体中。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The impact of business group affiliation on CO2 emissions: evidence from Chile
PurposeThis study aims to investigate the relationship between business group affiliation and CO2 emissions in Chile, providing insights into the pollution externalities associated with business group structures and their implications for environmental performance.Design/methodology/approachA hand-matched sample of industrial facilities and subsidiaries of listed firms in Chile was utilized to analyze the CO2 emissions of business group-affiliated firms compared to stand-alone firms. Fixed-effect regression analysis and propensity score matching were employed to examine the differences in emissions levels.FindingsThe results suggest that firms affiliated with business groups have higher CO2 emissions in comparison to similar stand-alone firms. This suggests that business group structures may weaken the pressures for emission reduction and maintenance of public legitimacy among affiliated firms.Research limitations/implicationsThe findings of this study are subject to certain limitations, such as the use of a specific dataset from Chile and the inability to explore certain factors due to data constraints. For instance, we were unable to examine the separation between control and cash-flow rights as well as the influence of manager characteristics on pollution levels. Future research should address these limitations and expand the analysis to other emerging market countries to further investigate the impact of lax or ineffective environmental regulations on pollution outcomes.Practical implicationsThe research findings have practical implications for investors and policymakers. Investors interested in environmentally sustainable investments should consider the higher pollution levels associated with business group-affiliated firms. Policymakers can use these findings to design more effective regulations and incentives to encourage emission reduction efforts within business group structures.Social implicationsThe study’s results emphasize the need for a comprehensive understanding of the environmental implications of business group affiliation. By recognizing the potential for higher emissions in business group structures, stakeholders can advocate for sustainable practices, encourage transparency and promote responsible environmental management within corporate entities.Originality/valueThis study contributes to the literature on corporate governance, climate risks and pollution externalities by providing an empirical evidence on the relationship between business group affiliation and CO2 emissions. It highlights the importance of considering the influence of corporate structures on environmental performance, particularly in the context of emerging market economies.
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