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"Prakash, Aseem"
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Responding to globalization
\"The new challenges and opportunities created by the spread of globalization have reshaped both institutional and individual responses to this phenomenon. This comprehensive analysis of the way in which governments and firms have responded to globalization examines closely the options available to both, and the historical and institutional contexts to the strategic decisions made.\" \"This rigorous survey focuses on political, ideational and economic factors lying behind these responses to globalization. It is essential reading for all those interested in globalization, international business and international political economy.\"--Jacket.
Book
Signaling climate resilience to municipal bond markets: does membership in adaptation-focused voluntary clubs affect bond rating?
This paper examines whether US cities’ membership in voluntary climate clubs improves the municipal bond ratings issued by S&P, Moody’s, and Fitch. We suggest that only clubs focused on climate adaptation could help cities signal their resilience to climate risks and their ability to service their municipal bonds. Yet, club membership is only a signal of intent. By itself, it does not offer concrete evidence that cities have adopted adaptation policies or enhanced their resilience to climate risks. We examine three climate clubs: ICLEI, whose membership obligations cover climate and other environmental issues; C40, whose scope covers both climate mitigation and adaptation; and 100 Resilient Cities (100RC), which focuses on adaptation only. Employing a two-way fixed effects model for a panel of 80 US cities from 1995 to 2018, we find that 100RC membership leads to a small improvement in bond ratings. This has important policy implications: Assurances about implementing adaptation policy, as opposed to evidence about how adaptation reduces climate risks, could have spillover effects on municipal finance. In such cases, climate adaptation could have tangible implications for city-level finances.
Journal Article
Voluntary Regulations and Innovation: The Case of ISO 14001
Governments enact environmental regulations to compel firms to internalize pollution externalities. Critics contend that regulations encourage technological lock-ins and stifle innovation. Challenging this view, the Porter-Linde hypothesis suggests that appropriately designed regulations can spur innovation because (1) pollution reflects resource waste; (2) regulations focus firms' attention on waste; and (3) with regulation-induced focus, firms are incentivized to innovate to reduce waste. This article explores the regulation–innovation linkage in the context of voluntary regulations. The authors focus on ISO 14001, the most widely adopted voluntary environmental program in the world. Examining a panel of 79 countries for the period 1996–2009, they find that country-level ISO 14001 participation is a significant predictor of a country's environmental patent applications, a standard proxy for innovation activity. The policy implication is that public managers should consider voluntary regulation's second-order effects on innovation, beyond their first-order effects on pollution and regulatory compliance.
Journal Article
Green Clubs and Voluntary Governance: ISO 14001 and Firms' Regulatory Compliance
Voluntary programs have become widespread tools for governments and nongovernmental actors looking to improve industry's environmental and regulatory performance. Voluntary programs can be conceptualized as club goods that provide nonrival but potentially excludable benefits to members. For firms, the value of joining a green club over taking the same actions unilaterally is to appropriate the club's positive brand reputation. Our analysis of about 3,700 U.S. facilities indicates that joining ISO 14001, an important nongovernmental voluntary program, improves facilities' compliance with government regulations. We conjecture that ISO 14001 is effective because its broad positive standing with external audiences provides a reputational benefit that helps induce facilities to take costly progressive environmental action they would not take unilaterally.
Journal Article
Recovering from Scandals
We examine Twitter data to assess the impact of media exposes on the reputations of two international nonprofits, Oxfam and Save the Children (STC). Using a random sample of 6794 Tweets, we study the daily gap between positive and negative sentiments expressed towards these organizations. The “unweighted gap” and the “weighted gap” (weighted by the number of followers) of the Twitter handle follow broadly the same trajectory with high fluctuation in response to new negative or positive media stories. Twitter handles with large audiences amplify variability in weighted gap. While Oxfam’s reputation did not fully recover to pre-Haiti levels even 6 months after the scandal, STC’s reputation returned to pre-scandal levels in 8 days, although it fluctuated in response to new revelations. Overall, reputation recovery for both organizations was aided when they received celebrity endorsements and focused public attention on their positive activities, especially by linking to visible global events.
Journal Article
Wind turbines as new smokestacks: Preserving ruralness and restrictive land-use ordinances across U.S. counties
Renewable energy (RE) facilities provide a global public good of climate mitigation but impose local costs such as landscape disruption and harming the rural character. Because of their land-intensive nature, utility-scale RE facilities tend to be located in rural areas with plentiful and cheap land. In the U.S., about every fourth county (729 of 3,143) has enacted ordinances restricting the siting of RE facilities. Drawing on a novel dataset of county-level restrictions on wind and solar RE facilities for the period 201o-2022, we explore whether, all else equal, levels of ruralness motivate the onset of such restrictions. As the policy literature on problem visibility suggests, we find support for this hypothesis for wind energy facilities only, probably because wind turbines due to their height tend to disrupt the rural landscape and are visible from long distances. We also find that counties are more likely to adopt restrictions for both wind and solar when adjacent counties have enacted them, thereby suggesting a contagion effect in the onset of restrictions. Contrary to the prevalent view on partisanship in climate policy, liberal counties are likely to restrict wind facilities. Our paper points to important sociological and quality-of-life factors that might be impeding the clean energy transition.
Journal Article
Willingness to help climate migrants: A survey experiment in the Korail slum of Dhaka, Bangladesh
Bangladesh faces a severe rural to urban migration challenge, which is accentuated by climate change and the Rohingya crisis. These migrants often reside in urban slums and struggle to access public services, which are already short in supply for existing slum dwellers. Given the inadequacy of governmental efforts, nonprofits have assumed responsibility for providing essential services such as housing, healthcare, and education. Would local slum-dwellers in Dhaka be willing to support such nonprofits financially? We deploy an in-person survey experiment with three frames (generic migrants, climate migrants, and religiously persecuted Rohingya migrants) to assess Dhaka slum-dwellers' willingness to support a humanitarian charity that provides healthcare services to migrants. Bangladesh is noted as a climate change hotspot and its government is vocal about the climate issue in international forums. While we expected this to translate into public support for climate migrants, we find respondents are 16% less likely to support climate migrants in relation to the generic migrants. However, consistent with the government's hostility towards Rohingya, we find that respondents are 9% less likely to support a charity focused on helping Rohingya migrants. Our results are robust even when we examine subpopulations such as recent arrivals in Dhaka and those who have experienced floods (both of which could be expected to be more sympathetic to climate migrants), as well as those who regularly follow the news (and hence are well informed about the climate and the Rohingya crisis).
Journal Article
Trade-based Diffusion of Labor Rights: A Panel Study, 1986–2002
This article investigates the nature of the linkages between trade and labor rights in developing countries. Specifically, we hypothesize that a “California effect” serves to transmit superior labor standards from importing to exporting countries, in a manner similar to the transmission of environmental standards. We maintain that, all else being equal, the labor standards of a given country are influenced not by its overall level of trade openness, but by the labor standards of its trading partners. We evaluate our hypothesis using a panel of 90 developing countries over the period 1986–2002, and we separately examine the extent to which the labor laws and the actual labor practices of the countries are influenced by those of their export destinations. We find that strong legal protections of collective labor rights in a country's export destinations are associated with more stringent labor laws in the exporting country. This California effect finding is, however, weaker in the context of labor rights practices, highlighting the importance of distinguishing between formal legislation and actual implementation of labor rights.
Journal Article