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首页> 外文期刊>Journal of regulatory economics >Voluntary climate action and credible regulatory threat: evidence from the carbon disclosure project
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Voluntary climate action and credible regulatory threat: evidence from the carbon disclosure project

机译：自愿性气候行动和可信的监管威胁：来自碳披露项目的证据

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This paper examines the role that the U.S. Environmental Protection Agency's introduction of the Clean Power Plan played in voluntary carbon disclosure by the Global 500 firms during 2011-2015. Results from difference-in-difference-in-differences estimators nested in a two-stage endogenous binary-variable model-which accounts for the correlation between a firm's participation and intensity of participation-show that U.S.-based firms acted preemptively in anticipation of a more stringent regulatory environment. Regardless of country of origin, among firms making voluntary disclosures, the Clean Power Plan was associated with higher levels of carbon disclosure in firms with favorable management structures and practices involving the agency of corporate management, ceteris paribus. Empirical analysis includes controls for firm size, natural gas prices, sector-specific market pressures, and macro-economic and political economy dynamics. Results are robust to alternative specifications, including a trimmed matching sample, the Heckman selection model, and sector-specific regressions.
机译：本文探讨了美国环保署（EU.S.EPA）引入的《清洁能源计划》（Clean Power Plan）在2011-2015年全球500强企业自愿性碳披露中所扮演的角色。嵌套在两阶段内生二元变量模型中的差异差异中的差异估计值的结果表明了公司的参与度和参与强度之间的相关性，这表明总部位于美国的公司在预期到更严格的监管环境。不论起源国如何，在自愿披露的公司中，《清洁能源计划》都与具有良好管理结构和实践的公司中较高的碳披露水平相关联，其中涉及公司管理机构等。实证分析包括对公司规模，天然气价格，特定行业的市场压力以及宏观经济和政治经济动态的控制。结果对于替代规范（包括修剪后的匹配样本，Heckman选择模型和特定于部门的回归）具有鲁棒性。

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