Can Environmental Policy Encourage Technical Change? Emissions Taxes and R&D Investment in Polluting Firms

被引：39
作者：
Brown, James R. [1 ]
Martinsson, Gustav [2 ]
Thomann, Christian [3 ]
机构：
[1] Iowa State Univ, Ivy Coll Business, Ames, IA 50011 USA
[2] KTH Royal Inst Technol, Stockholm, Sweden
[3] Stockholm Sch Econ, Stockholm, Sweden
来源：
REVIEW OF FINANCIAL STUDIES | 2022年 / 35卷 / 10期
关键词：
G31; O13; O33; Q53; ABSORPTIVE-CAPACITY; CORPORATE GOVERNANCE; INDUCED INNOVATION; STOCK MARKETS; FACES; PANEL; TECHNOLOGY; SPILLOVERS; COMPETITIVENESS; PRODUCTIVITY;
D O I：
10.1093/rfs/hhac003
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Higher country taxes on noxious manufacturing emissions lead to substantial increases in firms' R&D spending. The R&D response is entirely driven by those high-pollution firms most affected by emissions taxes. Pollution taxes increase the marginal value of R&D spending in polluting firms, even when this spending does not lead to new innovation. Pollution taxes have the strongest effect on R&D investment in sectors in which new invention is difficult to appropriate and outside knowledge is easier to acquire, suggesting an important reason dirty firms invest in R&D is to expand their capacity to absorb external knowledge and technical know-how.
引用
收藏
页码：4518 / 4560
页数：43
相关论文
共 83 条
  • [11] Are foreign investors locusts? The long-term effects of foreign institutional ownership
    Bena, Jan
    Ferreira, Miguel A.
    Matos, Pedro
    Pires, Pedro
    [J]. JOURNAL OF FINANCIAL ECONOMICS, 2017, 126 (01) : 122 - 146
  • [12] EXPLICIT AND IMPLICIT TAX EFFECTS OF THE RESEARCH-AND-DEVELOPMENT TAX CREDIT
    BERGER, PG
    [J]. JOURNAL OF ACCOUNTING RESEARCH, 1993, 31 (02) : 131 - 171
  • [13] Disaster on the horizon: The price effect of sea level rise
    Bernstein, Asaf
    Gustafson, Matthew T.
    Lewis, Ryan
    [J]. JOURNAL OF FINANCIAL ECONOMICS, 2019, 134 (02) : 253 - 272
  • [14] Enjoying the quiet life? Corporate governance and managerial preferences
    Bertrand, M
    Mullainathan, S
    [J]. JOURNAL OF POLITICAL ECONOMY, 2003, 111 (05) : 1043 - 1075
  • [15] Do R&D tax credits work? Evidence from a panel of countries 1979-1997
    Bloom, N
    Griffith, R
    Van Reenen, J
    [J]. JOURNAL OF PUBLIC ECONOMICS, 2002, 85 (01) : 1 - 31
  • [16] Identifying Technology Spillovers and Product Market Rivalry
    Bloom, Nicholas
    Schankerman, Mark
    Van Reenen, John
    [J]. ECONOMETRICA, 2013, 81 (04) : 1347 - 1393
  • [17] Do investors care about carbon risk?
    Bolton, Patrick
    Kacperczyk, Marcin
    [J]. JOURNAL OF FINANCIAL ECONOMICS, 2021, 142 (02) : 517 - 549
  • [18] Botta E., 2014, MEASURING ENV POLICY, DOI DOI 10.1787/5JXRJNC45GVG-EN
  • [19] Does Transparency Stifle or Facilitate Innovation?
    Brown, James R.
    Martinsson, Gustav
    [J]. MANAGEMENT SCIENCE, 2019, 65 (04) : 1600 - 1623
  • [20] What promotes R&D? Comparative evidence from around the world
    Brown, James R.
    Martinsson, Gustav
    Petersen, Bruce C.
    [J]. RESEARCH POLICY, 2017, 46 (02) : 447 - 462
123456789