{"title":"欧盟配额价格对欧洲电力行业股票市场指数的影响:来自正在进行的欧盟排放交易体系第三阶段的证据","authors":"A. García, M. García-Álvarez, Blanca Moreno","doi":"10.1177/1086026620924820","DOIUrl":null,"url":null,"abstract":"The European Union Emissions Trading Scheme (EU ETS) was created in 2005 to price every ton of carbon dioxide emissions. Within this framework, EU carbon dioxide emission allowances can affect electric power industry stock performance. This article uses a multifactor market model and a panel data econometric technique to investigate the long-run impact of EU carbon dioxide emission allowances on the European power sector. We also use panel cointegration to check whether there is a long-run relationship, and fully modified ordinary least square and dynamic ordinary least square to estimate any such relationship. The panel data include a daily sample for the ongoing EU ETS Phase III (from 1 January 2013 until 22 April 2017) and data from six European Union members (Austria, France, Germany, Italy, Netherlands, and Spain). The estimated coefficients suggest that EU allowance prices have a statistically significant and positive long-run effect on the European power sector stock market in EU ETS Phase III. This potentially supports EU efforts to toughen carbon reduction regime targets in order to remove the surplus from the system.","PeriodicalId":47984,"journal":{"name":"Organization & Environment","volume":"34 1","pages":"459 - 478"},"PeriodicalIF":4.2000,"publicationDate":"2020-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/1086026620924820","citationCount":"8","resultStr":"{\"title\":\"The Impact of EU Allowance Prices on the Stock Market Indices of the European Power Industries: Evidence From the Ongoing EU ETS Phase III\",\"authors\":\"A. García, M. García-Álvarez, Blanca Moreno\",\"doi\":\"10.1177/1086026620924820\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"The European Union Emissions Trading Scheme (EU ETS) was created in 2005 to price every ton of carbon dioxide emissions. Within this framework, EU carbon dioxide emission allowances can affect electric power industry stock performance. This article uses a multifactor market model and a panel data econometric technique to investigate the long-run impact of EU carbon dioxide emission allowances on the European power sector. We also use panel cointegration to check whether there is a long-run relationship, and fully modified ordinary least square and dynamic ordinary least square to estimate any such relationship. The panel data include a daily sample for the ongoing EU ETS Phase III (from 1 January 2013 until 22 April 2017) and data from six European Union members (Austria, France, Germany, Italy, Netherlands, and Spain). The estimated coefficients suggest that EU allowance prices have a statistically significant and positive long-run effect on the European power sector stock market in EU ETS Phase III. This potentially supports EU efforts to toughen carbon reduction regime targets in order to remove the surplus from the system.\",\"PeriodicalId\":47984,\"journal\":{\"name\":\"Organization & Environment\",\"volume\":\"34 1\",\"pages\":\"459 - 478\"},\"PeriodicalIF\":4.2000,\"publicationDate\":\"2020-06-02\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://sci-hub-pdf.com/10.1177/1086026620924820\",\"citationCount\":\"8\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Organization & Environment\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://doi.org/10.1177/1086026620924820\",\"RegionNum\":4,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"ENVIRONMENTAL STUDIES\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Organization & Environment","FirstCategoryId":"91","ListUrlMain":"https://doi.org/10.1177/1086026620924820","RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ENVIRONMENTAL STUDIES","Score":null,"Total":0}
The Impact of EU Allowance Prices on the Stock Market Indices of the European Power Industries: Evidence From the Ongoing EU ETS Phase III
The European Union Emissions Trading Scheme (EU ETS) was created in 2005 to price every ton of carbon dioxide emissions. Within this framework, EU carbon dioxide emission allowances can affect electric power industry stock performance. This article uses a multifactor market model and a panel data econometric technique to investigate the long-run impact of EU carbon dioxide emission allowances on the European power sector. We also use panel cointegration to check whether there is a long-run relationship, and fully modified ordinary least square and dynamic ordinary least square to estimate any such relationship. The panel data include a daily sample for the ongoing EU ETS Phase III (from 1 January 2013 until 22 April 2017) and data from six European Union members (Austria, France, Germany, Italy, Netherlands, and Spain). The estimated coefficients suggest that EU allowance prices have a statistically significant and positive long-run effect on the European power sector stock market in EU ETS Phase III. This potentially supports EU efforts to toughen carbon reduction regime targets in order to remove the surplus from the system.
期刊介绍:
Organization & Environment encourages informed discussion about the social roots and consequences of environmental problems and stimulates deeper reflection on the meaning and significance of the natural world. By critically examining the impact of human production and consumption systems on the natural environment, Organization & Environment develops new perspectives on organizations that encourage environmentally sensitive reflection, inquiry, and practice.