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首页> 外文期刊>Corporate Social Responsibility and Environmental Management >Climate change policies: Good news or bad news for firms in the European Union?
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Climate change policies: Good news or bad news for firms in the European Union?

机译：气候变化政策：欧盟公司的好消息或坏消息？

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This paper investigates whether the European Union policies to tackle climate change create or destroy value for shareholders over the years 2013-2018. Using the event study method, our results suggest that all the sectors were affected by at least one climate policy announcement and that negative effects were more common than positive effects, especially when the Paris Agreement came into force. Up until that point, the announcement of a new policy produced significant positive effects only on the most environmentally committed firms. Finally, data panel regressions reveal that the company's sector, more than its environmental commitment, played a central role in determining market reactions toward climate policies. Our paper contributes to the still limited debate on the relationship between environmental regulation and value for equity investors and opens up the debate on a topic yet to be explored: the mitigating role of the company's environmental commitment. Relevant implications for policy makers promoting a European sustainable economy are also discussed.
机译：本文调查了欧洲联盟是否在2013-2018岁以下的气候变化的政策制造或销毁股东的价值。使用事件研究方法，我们的研究结果表明，所有行业都受到至少一个气候政策宣布的影响，并且负面影响比积极影响更常见，特别是当巴黎协议生效时。直到那个时候，一项新政策的宣布的消息只在最环保承诺公司显著的积极影响。最后，数据面板回归揭示了公司的部门，超过其环境承诺，在确定对气候政策的市场反应方面发挥了核心作用。本文有助于仍然有限的辩论对股权投资者的环境监管和价值之间的关系，并在尚未探索的话题上开展了辩论：公司环境承诺的减轻作用。还讨论了促进欧洲可持续经济的政策制定者的相关影响。

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