セミナーシリーズ
経営学セミナー（2024.10.24）
Alvaro CUERVO-CAZURRA（CEM Professor of Global Sustainability and Professor of International Business and Strategy, Northeastern University, D’Amore-McKim School of Business）
- 開催日：
- 2024年10月24日（木）10:30-12:00
- 場所：
- 京都大学 吉田キャンパス 総合研究2号館 3階 講義室3
- 言語：
- 英語
- コーディネーター：
- チョルパン・アスリ
タイトル：
“CARBON PRICING AND MULTINATIONALS’ CLIMATE CHANGE MITIGATION STRATEGIES”
Abstract:
Reducing greenhouse gas (GHG) emissions to address climate change has become a critical societal expectation, andmultinationals have become some of the largest emitters. Governments have responded by introducing carbon pricing policies,including carbon taxes and emission trading schemes, to incentivize emission reduction among firms. However, the effectivenessof these policies on the climate change mitigation strategies of multinational corporations remains unclear because of competingeffects. We explain how carbon pricing policies affect multinationals’ corporate GHG emissions: within-country direct impactsdriven by market incentives, cross-country regulatory spillover effects driven by technology aggregation or carbon arbitrage, andcross-industry regulatory spillover effects driven by technology diffusion or carbon exploitation. Using a staggered difference-in-difference method on a sample of 2013 publicly-traded companies headquartered in 67 countries from 2002 to 2020, we find thatmultinationals’ corporate GHG emissions decreased after headquarters countries adopted carbon pricing policies. However, wefind that this effect was significant only in targeted industries and primarily driven by early carbon pricing policy initiatives, such asthe European Union Emissions Trading System. Finally, we find adverse spillovers in the GHG emissions of multinational firms’foreign operations and industries not covered by the policies. This suggests that carbon pricing policies in the home country mayresult in carbon arbitrage abroad and carbon exploitation across industries.
Key words: climate change, greenhouse gas, carbon pricing, multinationals, spillover
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