scholarly journals Impact of Carbon Prices on Corporate Value: The Case of China’s Thermal Listed Enterprises

2018 ◽  
Vol 10 (9) ◽  
pp. 3328 ◽  
Author(s):  
Fang Zhang ◽  
Hong Fang ◽  
Xu Wang
Keyword(s):  
Negative Impact ◽  
Emission Trading ◽  
Carbon Trading ◽  
Corporate Value ◽  
Stock Value ◽  
Reduce Emissions ◽  
Trading Scheme ◽  
The Impact ◽  
The Relationship ◽  
Carbon Prices

The emission trading scheme (ETS) has become a significant tool to solve the climate change problem. China has built domestic carbon trading pilots to control energy consumption and reduce emissions. This paper explores the linkage between the carbon market and covered corporate value in China. To address the relationship, this paper estimates the impact that the carbon prices of different pilots in China have on the value of thermal listed enterprises and the extent of this impact. By using weekly data from July 2014 to June 2017, we analyze the overall effect and perform a comparative study of influences of the three trading years. Moreover, we test if the effect of carbon trading pilots on electricity corporate value is market-specific. The results demonstrate that carbon prices have a significantly negative impact on stock value when looking at the full sample and the effects vary between markets.

scholarly journals Can Emission Trading Scheme Improve Carbon Emission Performance? Evidence From China

2021 ◽  
Vol 9 ◽  
Author(s):  
Yuhua Zheng ◽  
Xiaoyang Sun ◽  
Chenyu Zhang ◽  
Daojuan Wang ◽  
Ju Mao
Keyword(s):  
Carbon Emission ◽  
Emission Trading ◽  
Listed Companies ◽  
Policy Implications ◽  
Emission Trading Scheme ◽  
Emission Performance ◽  
The Difference ◽  
Reduce Emissions ◽  
Trading Scheme ◽  
The Impact

This paper explores the effect of China’s emission trading scheme (ETS) pilot policy implemented during 2013-2014 on carbon emission performance. Adopting the Difference-in-Difference (DID) model, we find that: 1) China’s ETS pilot policy can significantly improve the carbon emission performance of listed companies in the pilot provinces. 2) The heterogeneity analysis shows that the carbon emission performance of listed companies in the eastern coastal pilot areas has improved significantly, which is not significant in the central and western pilot areas. 3) We find that China’s ETS pilot policy can significantly improve innovation capabilities of listed companies, suggesting that innovation is a channel for the impact of the China’s ETS pilot policy on carbon emission performance in the pilot provinces. Overall, our study shows that ETS pilot policy has played a governance role in China and improved carbon emission performance. We further highlight some important policy implications with respect to helping companies save energy and reduce emissions, and promoting the further improvement of China’s ETS pilot policy.

scholarly journals A review of carbon trading based on an evolutionary perspective

2020 ◽  
Vol 12 (5) ◽  
pp. 739-756
Author(s):  
Neng Shen ◽  
Yuqing Zhao ◽  
Rumeng Deng
Keyword(s):  
Carbon Price ◽  
Future Research ◽  
Carbon Trading ◽  
Content Type ◽  
Four Dimensions ◽  
Evolution Path ◽  
Trading Scheme ◽  
Evolutionary Paths ◽  
The Impact ◽  
Carbon Prices

Purpose This paper aims to review the literature on carbon trading from the perspective of evolution, finds out the evolution path of these literatures and gives out the future research hotspots in this field. Design/methodology/approach Uses visualization tools (CiteSpace and HistCite) to systematically categorize the literature on carbon-trading schemes in the Web of Science core collection from 1998 to 2018, comprehensively analyzes carbon-trading schemes from four dimensions, namely, discipline evolution, keyword evolution, citation cluster evolution and citation path evolution. Findings Research on carbon-trading schemes has a specific development and evolution path along four dimensions, namely, in the discipline dimension, the largest change lies in the mathematics pointed to by at least four different disciplines; the keyword evolution dimension shows a gradual deepening emphasis on coordinated development; citation clusters identify three major clusters – carbon prices, China’s carbon trading, carbon market and supply chain; and citation paths identify three major evolutionary paths, the most important of which shows that “What affects carbon price?” has changed to “What is the impact of carbon prices?” Originality/value Reveals the evolution path of carbon trading research studies and proposes four possible development directions for carbon-trading scheme research, which is helpful for future carbon trading-related research and serves as a reference for the promotion of and improvements in carbon-trading schemes.

scholarly journals Does the Impact of Carbon Price Determinants Change with the Different Quantiles of Carbon Prices? Evidence from China ETS Pilots

2020 ◽  
Vol 12 (14) ◽  
pp. 5581 ◽  
Author(s):  
Wenjun Chu ◽  
Shanglei Chai ◽  
Xi Chen ◽  
Mo Du
Keyword(s):  
Emission Trading ◽  
Carbon Price ◽  
Carbon Market ◽  
Emission Trading Scheme ◽  
Energy Prices ◽  
Price Determinants ◽  
Trading Scheme ◽  
The Impact ◽  
Carbon Prices ◽  
Different Levels

Since carbon price volatility is critical to the risk management of the CO2 emissions trading market, research has focused on energy prices and macroeconomic drivers which cause changes in carbon prices and make the carbon market more volatile than other markets. However, they have ignored whether the impact of carbon price determinants changes when the carbon price is at different levels. To fill this gap, this paper applies a semiparametric quantile regression model to explore the effects of energy prices and macroeconomic drivers on carbon prices at different quantiles. The model combines the advantages of parameter estimation, nonparametric estimation and quantile regression to describe the nonlinear relationship between carbon price and its fundamentals, which do not need to make any assumptions about the random error. Carbon prices are high–tailed and exhibit higher kurtosis, the traditional models which tend to assume that data are normally distributed can’t perform well. Furthermore, the semiparametric model doesn’t need to assume that the data are normally distributed. Therefore, the semiparametric model can effectively model the data. Some new evidence from China’s emission trading scheme (ETS) pilots shows that energy prices and macroeconomic drivers have different effects on carbon prices at high or low quantiles. First, the negative impact of coal prices on carbon prices was greater at the lower quantile of carbon prices in the Shenzhen ETS pilot. However, the effects of coal prices were positive in the Beijing ETS pilot, which may be attributed to great demand for coal. Second, oil prices had greater negative effects on carbon prices at higher quantiles in Beijing and Hubei ETS pilots. This can be attributed to the fact that businesses use less oil when carbon prices are high. For the Shenzhen ETS pilot, the effects of oil prices were positive. Third, natural gas prices have a stronger effect on carbon prices as quantiles increased in the Beijing and Hubei ETS pilots. Lastly, the effects of macroeconomic drivers on carbon prices at low quantiles were stronger in the Shenzhen ETS pilots and higher at the medium quantiles in Beijing and Hubei ETS pilots. These findings suggest that the impact of determinants on the carbon prices at different levels is not constant. Ignoring this issue will lead to a missed warning about the risks of the carbon market. This study will be of positive significance for China’s emission trading scheme (ETS) pilots, in order to accurately monitor the effects of carbon prices determinants and effectively avoid carbon market risks.

Does a carbon emissions trading scheme spur urban green innovation? Evidence from a quasi-natural experiment in China

2021 ◽  
pp. 0958305X2110153
Author(s):  
Chao Li ◽  
Xiangyou Li ◽  
Deyong Song ◽  
Meng Tian
Keyword(s):  
Energy Conservation ◽  
Alternative Energy ◽  
Positive Impact ◽  
Emission Trading ◽  
Green Innovation ◽  
Urban Green ◽  
Carbon Emissions Trading ◽  
The Government ◽  
Trading Scheme ◽  
The Impact

Based on the panel data of 277 cities between 2003 and 2017 and a unique city-level dataset of green patent applications, this study employs the difference-in-differences (DID) method to evaluate the effect of China’s carbon emission trading scheme (ETS) pilots on urban green innovation. The findings indicate that China’s ETS pilots have a positive impact on urban green innovation, and that impact is more significant for municipalities than for prefecture-level cities. Furthermore, the impact on different categories of urban green innovation is heterogeneous. More specifically, China’s ETS pilots have significantly spurred urban green innovation that is closely related to energy conservation and emission reduction, including alternative energy production, transportation, energy conservation and so forth. Moreover, the facilitating effect of China’s ETS pilots on urban green innovation suffers from a lagging effect, which began to show a significant positive effect in 2016. Overall, this paper identifies the effect of China’s ETS pilots on urban green innovation, and suggests that the government should consider the heterogeneity of urban green innovation when designing national ETS policies.

scholarly journals COVID-19 Pandemic and Quality of Life among Romanian Athletes

2021 ◽  
Vol 18 (8) ◽  
pp. 4065
Author(s):  
Germina-Alina Cosma ◽  
Alina Chiracu ◽  
Amalia Raluca Stepan ◽  
Marian Alexandru Cosma ◽  
Marian Costin Nanu ◽  
...  
Keyword(s):  
Quality Of Life ◽  
Trait Anxiety ◽  
Negative Impact ◽  
Well Being ◽  
Quality Of Life Scale ◽  
Life Scale ◽  
Personality Item ◽  
The Impact ◽  
The Relationship

The aim of this study was to analyze athletes’ quality of life during the COVID-19 pandemic. The study involved 249 athletes between 15 and 35 of age, M = 21.22, SD = 5.12. The sample was composed of eight Olympic Games medalists, three European medalists, 67 international medalists, and 63 national medalists. The instruments used were: (1) COVID-19 Anxiety Scale, (2) Athlete Quality of Life Scale, (3) Impact of Pandemic on Athletes Questionnaire, and (4) International Personality Item Pool (IPIP Anxiety, Depression, and Vulnerability Scales). The results indicate significant differences in COVID-19 anxiety depending on the sport practiced, F (9239) = 3.81, p < 0.01, showing that there were significant differences between sports. The negative impact of the COVID-19 pandemic mediates the relationship between trait anxiety and the athletes’ quality of life. The percentage of mediation was 33.9%, and the indirect effect was −0.11, CI 95% (−0.18, −0.03), Z = −2.82, p < 0.01. Trait anxiety has an increasing effect on the intensity of the negative impact of the COVID-19 pandemic, 0.23, CI 95% (.10, 0.35), Z = 3.56, p < 0.01, and the negative impact of the COVID-19 pandemic has a decreasing effect on quality of life, −0.47, CI 95% (−0.67, −0.27), Z = −4.62, p < 0.01. Gender and age did not moderate the relationship between the negative impact of COVID-19 and athletes’ quality of life. The results of the study highlighted the impact that social isolation and quarantine have on athletes’ affective well-being.

Financial and social efficiency analysis of Islamic microfinance institutions

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Marwa Fersi ◽  
Mouna Bougelbène
Keyword(s):  
Capital Structure ◽  
Credit Risk ◽  
Risk Taking ◽  
Negative Impact ◽  
Microfinance Institutions ◽  
Social Efficiency ◽  
Content Type ◽  
Islamic Microfinance ◽  
The Impact ◽  
The Relationship

PurposeThe purpose of this paper was to investigate the impact of credit risk-taking on financial and social efficiency and examine the relationship between credit risk, capital structure and efficiency in the context of Islamic microfinance institutions (MFIs) compared to their conventional counterparts.Design/methodology/approachThe stochastic frontier approach was used to estimate the financial and social efficiency scores, in a first step. In a second step, the impact of risk-taking on efficiency was evaluated. The authors also took into account the moderating role of capital structure in this effect using the fixed and random effects generalized least squares (GLS) with a first-order autoregressive disturbance. The used dataset covers 326 conventional MFIs and 57 Islamic MFIs in six different regions of the world over the period of 2005–2015.FindingsThe overall average efficiency scores are less than 50%, where CMFIs could have produced their outputs using 48% of their actual inputs. IMFIs record the lowest financial (cost) efficiency that is equal to 28% on average. The estimation results also reveal a negative impact of nonperforming loan on financial and social efficiency. Finally, the moderating effect of leverage funding on the relationship between credit risk-taking and financial efficiency was confirmed in CMFIs. However, leverage seems to moderate the effect of risk-taking behavior on social efficiency for IMFIs.Originality/valueThis paper makes an initial attempt to evaluate the effect of risk-taking decision and its implication on efficiency and MFIs' sustainability. Besides, it takes into consideration the role played by the mode of governance through the ownership structure. In addition, this research study sheds light on the importance of the financial support for the development and sustainability of these institutions, which in return, contributes to a sustainable economic development.

scholarly journals Taxing impact of terrorism on global economic openness of developed and developing countries

2018 ◽  
Vol 68 (3) ◽  
pp. 311-335
Author(s):  
Abubakr Saeed ◽  
Yuhua Ding ◽  
Shawkat Hammoudeh ◽  
Ishtiaq Ahmad
Keyword(s):  
Developing Countries ◽  
Negative Impact ◽  
Developed Countries ◽  
Terrorist Attacks ◽  
Economic Openness ◽  
Significant Negative Impact ◽  
Military Expenditures ◽  
The Developed Countries ◽  
The Impact ◽  
The Relationship

This study examines the relationship between terrorism and economic openness that takes into account both the number and intensity of terrorist incidents and the impact of government military expenditures on trade-GDP and foreign direct investment-GDP ratios for both developed and developing countries. It uses the dynamic GMM method to account for endogeneity in the variables. Deaths caused by terrorism have a significant negative impact on FDI flows, and the number of terrorist attacks is also found to be significant in hampering the countries’ ability to trade with other nations. The study also demonstrates that the developing countries exhibit almost similar results to our main analysis. The developed countries exhibit a negative impact of terrorism, but the regression results are not significant.

scholarly journals INTERACTIONS OF OPTIMISM WITH SOCIAL RELATIONS FOR WOMEN'S WELL-BEING

2019 ◽  
Vol 3 (Supplement_1) ◽  
pp. S212-S212
Author(s):  
Aurora M Sherman
Keyword(s):  
Native American ◽  
Social Relations ◽  
Negative Impact ◽  
Well Being ◽  
Self Esteem ◽  
Process Models ◽  
Social Strain ◽  
The Impact ◽  
The Relationship ◽  
Variance Explained

Abstract The impact of personality on the relationship between social relations and well-being has been understudied. We assessed optimism, social support, and social strain in association with self-esteem, depressive symptoms and life satisfaction for a sample of 247 women (Mean age = 57.56, range 45-89 years) from three race groups (42% Native American, 34% African American, 24% European American). PROCESS models revealed significant interactions between optimism and support suggesting that high support buffers the risk of low optimism for all three dependent variables, and two interactions of optimism with social strain, showing that low optimism exacerbated the negative impact of high strain for CES-D and self-esteem scores. The full models accounted for 30-50% of the variance explained in each outcome. We discuss important resources for resilience shown by the women in the sample.

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