Can Environmental Policy Encourage Technical Change? Emissions Taxes and R&D Investment in Polluting Firms

被引：35

作者：

Brown, James R. ^{[1
]}

Martinsson, Gustav ^{[2
]}

Thomann, Christian ^{[3
]}

机构：

[1] Iowa State Univ, Ivy Coll Business, Ames, IA 50011 USA

[2] KTH Royal Inst Technol, Stockholm, Sweden

[3] Stockholm Sch Econ, Stockholm, Sweden

来源：

REVIEW OF FINANCIAL STUDIES | 2022年 / 35卷 / 10期

关键词：

G31; O13; O33; Q53; ABSORPTIVE-CAPACITY; CORPORATE GOVERNANCE; INDUCED INNOVATION; STOCK MARKETS; FACES; PANEL; TECHNOLOGY; SPILLOVERS; COMPETITIVENESS; PRODUCTIVITY;

D O I：

10.1093/rfs/hhac003

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Higher country taxes on noxious manufacturing emissions lead to substantial increases in firms' R&D spending. The R&D response is entirely driven by those high-pollution firms most affected by emissions taxes. Pollution taxes increase the marginal value of R&D spending in polluting firms, even when this spending does not lead to new innovation. Pollution taxes have the strongest effect on R&D investment in sectors in which new invention is difficult to appropriate and outside knowledge is easier to acquire, suggesting an important reason dirty firms invest in R&D is to expand their capacity to absorb external knowledge and technical know-how.

引用

页码：4518 / 4560

页数：43

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