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"Umweltschutzinvestition"
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Green Japan : environmental technologies, innovation policy, and the pursuit of green growth
\"As climate change continues to threaten both our economic and ecological well-being, countries around the world are trying to implement green strategies that will simultaneously curb emissions and spur economic growth. Green Japan critically examines the Japanese effort to combine economic growth with commitments to environmental sustainability. Carin Holroyd explores green growth strategies in various industries including conservation, energy, urban development, and international trade. Holroyd's comprehensive analysis of how innovation strategies connect with environmental priorities combines a detailed study of government policies with insightful assessments of consumer and market responses. The unevenness of Japan's success clearly demonstrates the exceptional technological innovation and creative public policy initiatives that are needed in order to successfully reverse the effects of climate change. Green Japan offers a nuanced and hopeful account of one nation's attempts at linking environmental sustainability and continued prosperity\"--Jacket.
Book
The impact of green climate fund portfolio structure on green finance: Empirical evidence from EU countries
The financing sector drives the Future of Environmental Funds to achieve climate financing. In this study, we have employed panel regression analysis and the generalized two-step moment method (GMM) for the 25 EU countries from 2000 to 2021 to explore the relationship between green financing and the portfolio structure of green climate funds. According to the findings of this research, green financing significantly impacts quality economic growth. The GCFs enhance the capacity to channel public and private funding while contributing to de-risking more conventional forms of funding, increasing climate financing, and boosting the GCFs. In addition, the study concluded that Global Climate Support might fund nonbankable components of more significant \"almost bankable projects\" by analyzing the portfolio's policies and methods.
Journal Article
Financial mechanism for sustainability: the case of China’s green financial system and corporate green investment
PurposeThis study empirically evaluates the effect of China’s 2016 Green Financial System (GFS) framework on corporate green development, focusing on the role of green investment in achieving sustainability.Design/methodology/approachThis study uses a quasinatural experiment design to combine difference-in-difference and propensity score matching methods for analysis. It examines 799 polluting and 1,130 nonpolluting firms from 2013 to 2020, enabling a comprehensive assessment of the GFS framework’s influence.FindingsThis study affirms a statistically significant positive influence of the GFS framework on escalating green investment levels in polluting firms. Robust sensitivity analyses, encompassing parallel trend assessment, entropy balancing test, and alternative proxies, corroborate these findings. A mediation analysis identifies the implementation of an environmental management system as the potential underlying mechanism. A cross-sectional analysis identifies high financial slack, high profitability, mandatory CSR regulations, and marketization level as the influencing factors.Research limitations/implicationsThe study’s findings have critical implications for policymakers, regulators, and companies. Demonstrating the effectiveness of the GFS framework in driving green investment underscores the importance of aligning financial systems with sustainability goals.Originality/valueThis study contributes novel empirical evidence on the positive effect of China’s GFS framework on corporate green development. The quasinatural experiment design, coupled with comprehensive sensitivity analyses, strengthens the robustness of the findings.
Journal Article
How does digital finance drive energy transition? A green investment-based perspective
Green investments (GIs) in the energy industry are crucial for driving a clean energy transition and fostering environmental sustainability. In the digital economy era, insufficient attention has been paid to digital finance’s (DF’s) influence on GIs in energy enterprises, potentially underestimating its impact. Our study utilized a two-way fixed-effects model, analyzing data from 108 listed energy firms from 2011 to 2020, to empirically investigate the influence of DF on GIs in China’s energy industry. The research findings are as follows: (1) An increase of one unit in DF can improve the intensity of GIs in the energy industry by 0.03% by alleviating financing constraints, increasing cash flow, and correcting financial mismatches. (2) DF has a significant threshold effect on GIs, with market incentive- and command-and-control-based environmental regulations having thresholds of 16.98 and 0.98, respectively. (3) The GI performance of large state-owned energy enterprises in regions with a higher marketization benefits more from DF. We suggested tailored policy suggestions according to these findings.
Journal Article
Institutional Interest, Ownership Type, and Environmental Capital Expenditures: Evidence from the Most Polluting Chinese Listed Firms
This study empirically examines whether firms' environmental capital expenditures impact institutional investors' investment decisions in the Chinese market. We particularly examine the impact of ownership type on the relationship of environmental capital expenditures and the behavior of different types of institutional investors by classifying institutional investors into two categories, short-term and long-term investors. In addition, this study further investigates whether environmental capital expenditures related to ownership type increase firm value. We find that long-term institutional investors tend to invest in stateowned firms (SOEs) making environmental capital expenditures. Results also indicate that, with governmental backing and encouragement, the market value of SOEs making more environmental capital expenditures is likely to increase. However, no similar results are found for non-SOEs.
Journal Article
Three Decades of Green Finance: The State of the Art and Way Forward
Green finance (GF) constitutes a multifaceted research domain, yet extant reviews often provide fragmented insights from subsets rather than a holistic examination of the entire green finance corpus. To bridge this gap, this study endeavors to conduct an extensive review to offer a comprehensive overview of green finance’s performance and intellectual landscape. Leveraging a dataset of 2685 articles from the Scopus database spanning 1991-2023, this study aims to unveil influential articles, top contributing journals, authors, institutions, and countries in green finance research. Additionally, it elucidates seven principal thematic clusters in GF research, encompassing responsible investment, carbon and climate financing, green banking and economy, green finance and innovation, sustainability, environmental finance, and sustainable finance. Furthermore, this study outlines six prospective avenues for future GF research, including the integration of behavioral finance principles, the utilization of modern technologies, and the formulation of policy frameworks to enhance sustainability and curb greenwashing practices aimed at advancing sustainable practices and addressing emerging challenges.
Journal Article
Dynamic and casual association between green investment, clean energy and environmental sustainability using advance quantile A.R.D.L. framework
This study examines the dynamic and causal relationship between green investment (G.I.), clean energy (C.E.), economic growth, and environmental sustainability with the help of an innovative approach named as quantile autoregressive distributed lagged (Q.A.R.D.L.) model using quarterly data from Q1-1995 to Q4-2019 for China. Our preliminary findings confirm data non-normality and structural breaks in all data series. Therefore, we have applied Q.A.R.D.L. that efficiently deals with these issues. We have further applied the Granger-causality in quantiles to check the causal association among the variables of interest. The findings through Q.A.R.D.L. estimation confirm that the error correction parameter is statistically significant with expected negative sign across major quantiles. In the long run, the results confirm that both C.E., and G.I. are significant mitigants of environmental pollution, however their emissions mitigating effects varies across lower, middle, and higher emissions quantiles. Furthermore, the findings through Granger-causality test confirm the existence of two-way causality between G.I., C.E., and carbon emissions across all quantiles. These results offer valuable policy implications.
Journal Article
A Lost Opportunity? Environmental Investment Tax Incentive and Energy Efficient Technologies
This paper examines the impact of the Spanish Environmental Investment (EI) tax credit on adoption of green technologies by employing data from 2567 industrial firms for 6 years. It makes use of the sudden re-introduction of the tax incentive in March 2011, that aimed at favouring energy efficient over solely pollution abating technologies. I exploit this unexpected change and perform a difference-in-differences analysis to study its effect on green investments and as an extention on green employment outcomes. The policy change, aimed at switching financing to energy efficient technologies, is assessed as semi-effective. Admittedly, it decreased investment in end-of-pipe technologies, but the investment in superior cleaner production technologies increased only for the small firms (below 50 employees), which are especially vulnerable to the capital market failure. Unfortunately, the policy change had also a few unexpected indirect effects, firms in response to the tax incentive regime modification reduced the number of their green employees and their associated salaries. In stark contrast to the decision of the Spanish government on this EI tax credit, the results of this analysis seem to be quite encouraging for the continued use of this green fiscal policy and show that the modifications in the precision of the existing fiscal policies can be successful.
Journal Article
Assessing the Influence of Renewable Energy Consumption and Domestic Investment on Environmental Quality in Somalia
Environmental sustainability is a critical global issue, prompting initiatives to diminish emissions and alleviate the effects of climate change. This study examines the impact of renewable energy consumption and domestic investment on the environmental quality of Somalia from 1990 to 2020. The study used econometric methods, including the Pairwise Granger Causality Test and the ARDL model, to ascertain substantial correlations between environmental quality and variables such as population growth, renewable energy utilization, domestic investment, and economic growth. Research indicates a sustained positive link between population increase and environmental quality, but renewable energy utilization, domestic investment, and economic growth have a negative correlation with environmental quality. This research provides critical insights for policymakers in Somalia and beyond, highlighting the necessity of improving energy efficiency and decreasing emissions via investments in clean energy.
Journal Article
Succession in family business and environmental investment: the moderating role of external environment
After more than 40 years of opening the door to the outside world, Chinese family firms have developed rapidly, but also caused the problem of serious environmental pollution. The solution to the problem stems inevitably from the innovation in environmental protection technology. This means the environmental investment of family firms determines whether the enterprise can maintain sustainable development. However, Chinese family firms have been going through a critical period of intergenerational succession. This study aims to use the data of Chinese Shanghai and Shenzhen A-share listed family firms from 2013 to 2020 to study the relationship between intergenerational succession of family enterprises and environmental protection investment. We also examine the moderating role of the two different types of external environment - the government and the market. The regression results of the Tobit model of the full sample and subsample show that succession has a significant positive impact on family business environmental investment, and this impact is more significant in companies whose successors have overseas experience. Environmental regulation will strengthen the positive impact of succession on corporate environmental investment, while market competition will weaken it. Based on the findings, we also discuss policy recommendations. These findings are of great significance to the green and sustainable development of family firms.
Journal Article