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"Umwelttechnik"
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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
Climate Finance
Climate finance is the study of local and global financing of public and private investment that seeks to support mitigation of and adaptation to climate change. In 2017, the review of financial studies launched a competition among scholars to develop research proposals on the topic with the goal of publishing this special volume. We describe the competition, how the nine projects featured in this volume came to be published, and frame their findings within what we view as a broader climate finance research program.
Journal Article
Environmental Legitimacy, Green Innovation, and Corporate Carbon Disclosure: Evidence from CDP China 100
Firms worldwide are increasingly required to disclose (and make efforts to reduce) their carbon emissions due to the environmental damage associated with climate change. Because there has been no previous literature focusing on the determinants of corporate carbon disclosure integrating environmental legitimacy and green innovation, the present study attempted to develop an original framework to fill the research gap. This study explored the influence of environmental legitimacy (an external informal mechanism) on corporate carbon disclosure, and investigated the role of green innovation (an internal formal mechanism) as a mediator. With the samples of Carbon Disclosure Project (CDP) in China from 2008 to 2012, the results demonstrate that environmental legitimacy significantly negatively influences the likelihood of corporate carbon disclosure, and that green process innovation mediates the relationship, while green product innovation has no significant mediating effect. It means that environmental legitimacy not only directly affects the likelihood of corporate carbon disclosure, but also indirectly affects it via green process innovation. Hence, companies must increase both informal and formal mechanisms, i.e., external environmental legitimacy and internal green process innovation, to engage in carbon information disclosure and ensure sustainability.
Journal Article
Subsidies and Time Discounting in New Technology Adoption
We study a generous program to promote the adoption of solar photovoltaic (PV ) systems through subsidies on future electricity production, rather than through upfront investment subsidies. We develop a tractable dynamic model of new technology adoption, also accounting for local market heterogeneity. We identify the discount factor from demand responses to variation that shifts expected future but not current utilities. Despite the massive adoption, we find that households significantly discounted the future benefits from the new technology. This implies that an upfront investment subsidy program would have promoted the technology at a much lower budgetary cost.
Journal Article
Transition to Clean Technology
We develop an endogenous growth model in which clean and dirty technologies compete in production. Research can be directed to either technology. If dirty technologies are more advanced, the transition to clean technology can be difficult. Carbon taxes and research subsidies may encourage production and innovation in clean technologies, though the transition will typically be slow. We estimate the model using microdata from the US energy sector. We then characterize the optimal policy path that heavily relies on both subsidies and taxes. Finally, we evaluate various alternative policies. Relying only on carbon taxes or delaying intervention has significant welfare costs.
Journal Article
Green Technology Development and Adoption: Competition, Regulation, and Uncertainty—A Global Game Approach
When a government agency considers tightening a standard on a pollutant, the agency often takes into account the proportion of firms that are able to meet the new standard (what we refer to as the industry’s “voluntary adoption level”) because a higher proportion indicates a more feasible standard. We develop a novel model of regulation in which the probability of a stricter standard being enacted increases with an industry’s voluntary adoption level. In addition, in our model, the benefit of a new green technology is both uncertain and correlated across firms, and firms’ decisions exhibit both strategic substitutability (because the marketing benefit of a new green technology decreases as more firms adopt it) and complementarity (because the stricter standard is more likely to be enforced as more firms adopt it). To analyze such strategic interaction among firms’ decisions under correlated and uncertain payoffs, we use the global game framework recently developed in economics. Our analysis shows that regulation that considers an industry’s voluntary adoption level, compared with regulation that ignores it, can more effectively motivate development of a new green technology. Interestingly, uncertainty in the payoff can, in some situations, help promote development of a new green technology. Finally, we find that more aggressive regulation (a higher probability of enforcing a stricter standard for a given voluntary adoption level) encourages more firms to adopt a green technology once the technology becomes available but may discourage a firm from developing it in the first place when facing intense competition. Therefore, for an industry with intense competition, a government agency should exercise caution about being too aggressive with regulation, which could potentially stifle innovation.
This paper was accepted by Vishal Gaur, operations management
.
Journal Article
Green innovation: a multidomain systematic review
PurposeThis paper examines the status and evolution of green innovation research from 1948 to 2018.Design/methodology/approachUsing a systematic review of 293 peer-reviewed scholarly articles, the authors classify journal outlets, publication trends, research methods (research type, approach, design), themes/topics focus, country and regional distribution and theoretical perspectives, identifying main trends. They apply mixed methodologies, integrating both content and descriptive analyses.FindingsResults reveal the following critical conclusions: (1) publication trends disclose a steady growth of interest in green innovation research in the last decade (2011–2018), with most of the articles appearing in top-ranked journal outlets; (2) empirical studies involving quantitative surveys dominate the field over other methods like experiments, case studies (qualitative) and conceptual models; (3) research themes/topics are multi-perspectives, covering management and strategic dimension of green innovation (e.g. green innovation integration and adoption strategy; collaboration and networking in green innovation; green innovation management systems, green supply chain management, etc.), performance (financial, non-financial and both), drivers/antecedents and consumer green behavior; however, the “management and strategy” papers are by far higher; (4) studies are preponderately multi-country focused, concentrated in Europe and Australasia, with a low concentration in emerging markets like Africa and South America; And (5) the field lacks the adoption and development of novel theories. So far, the research fields principally focus on the “Porter hypothesis” and resource-based view in terms of the theory-driven studies. Based on these findings, knowledge gaps are identified, as are limitations and actionable agenda for future research.Originality/valueAs the first systematic review to adopt a comprehensive, holistic approach in synthesizing and summarizing research vis-à-vis the phenomenon of green innovation, the study offers practitioners and researchers an insightful understanding of the relevant issues that have been investigated on green innovation, thereby anchoring the evolutions for further sustainable-oriented research and improvement in management practices.
Journal Article
Is green the new gold? Venture capital and green entrepreneurship
We test whether born-to-be-green represents a signal toward potential venture capital (VC) investors on a sample of Italian, independent, unlisted, high-tech entrepreneurial firms. We employ several identification strategies by controlling for the major potential signals and the alleged selection bias between green and nongreen entrepreneurs. We exploit firm-level information about the “active search for VC financing.” Alternatively, we exploit the cross-local community variation in the awareness about environmental issues in an instrumental variable setting. Our results show that neither running a business based on green technologies nor positioning a business in a green sector per se are strongly correlated with the likelihood to get VC. Instead, we find that born-to-be-green can be a reliable signal for investors only when entrepreneurs perform activities based on green technologies/products and position their business in a green sector, at the same time. Further, we present three contingencies that moderate the association between green business propositions and the likelihood to get VC, namely the technical/scientific education of the founder (s), the origin of the firm as academic spin-out, and the presence of corporate shareholders into the venture’s equity. The paper offers relevant managerial implications.
Journal Article
Do Firms' Slack Resources Influence the Relationship Between Focused Environmental Innovations and Financial Performance? More is Not Always Better
Environmental research has usually highlighted that the existence of slack resources in an organization helps allocate investment to innovative initiatives. However, the existing literature has paid very limited attention to how slack resources can influence the effects of focused and diversified innovations in different ways. Agency theory scholars claim that a manager's first preference when confronted with discretionary resources will not generate positive investments for the firm, but their own opportunistic preferences. The differences between focused and diversified environmental innovations allow us to gain a better understanding of the financial impact of being focused and how slack resources matter in this context. We analyze a longitudinal sample of 5845 environmental patents from the 75 largest companies in the electrical components and equipment industry worldwide. Our results show that high levels of slack resources reduce the existing positive relationship between focused environmental innovations and a firm's financial performance. These results contribute to delineating the theoretical and empirical implications of focused versus diversified environmental innovations and extend the literature on ethical dilemmas concerning managers' use of slack resources in the firm.
Journal Article
Optimal Abatement Technology Licensing in a Dynamic Transboundary Pollution Game: Fixed Fee Versus Royalty
Transboundary pollution poses a major threat to environment and human health. An effective approach to addressing this problem is the adoption of long-term abatement technology; however, many developing regions are lacking in related technologies that can be acquired by licensing from developed regions. This study focuses on a differential game model of transboundary pollution between two asymmetric regions, one of which possesses advanced abatement technology that can reduce the abatement cost and licenses this technology to the other region by royalty or fixed-fee licensing. We characterize the equilibrium decisions in the regions and find that fixed-fee licensing is superior to royalty licensing from the viewpoint of both regions. The reason is that under fixed-fee licensing, the regions can gain improved incremental revenues and incur reduced environmental damage. Subsequently, we analyze the steady-state equilibrium behaviors and the effects of parameters on the licensing performance. The analysis indicates that the myopic view of the regions leads to short-term revenue maximization, resulting in an increase in total pollution stock. Moreover, a high level of abatement technology or emission tax prompts the licensee region to choose fixed-fee approach, which is beneficial both economically and environmentally for two regions.
Journal Article