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Fiscal and environmental policy : three essays on the effect on firms' investment and productivity
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Florence : European University Institute, 2015
EUI; ECO; PhD Thesis
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ALBRIZIO, Silvia, Fiscal and environmental policy : three essays on the effect on firms’ investment and productivity, Florence : European University Institute, 2015, EUI, ECO, PhD Thesis - https://hdl.handle.net/1814/35746
Abstract
This thesis studies how fiscal and environmental policies affect firms' behavior and economic performance. In chapter 1, co-authored with Stefan Lamp, we focus on the effect of tax adjustment on firms' investment decisions. Using a detailed narrative of tax changes in Germany covering 40 years of fiscal adjustments, we define and exploit the exogenous variation of tax bills to quantify the effect of tax changes on future investment plans of firms as well as on realized investment. In chapter 2, co-authored with Hélia Costa, we study how uncertainty over environmental policy affects firms' investment in low-carbon technologies. We model policy uncertainty in the context of an emission trading scheme and we develop a three period sequential model. The set-up of the model combines the industry and electricity sectors and encompasses both irreversible and reversible investment possibilities for firms. Finally, in chapter 3, I investigate whether international and domestic firms' productivity growth may be heterogeneously affected by environmental policy. Using a novel measure of environmental policy stringency and a panel of 11 OECD countries and 22 manufacturing sectors over the period 2000-2009, I estimate the difference in multi-factor productivity growth between multinational and domestic firms associated with a tightening of domestic environmental policy.
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Defence date: 6 February 2015
Examining Board : Professor Jérôme Adda, EUI & Bocconi University, Supervisor ; Professor Evi Pappa, EUI ; Prof. Emmanuelle Auriol, Toulouse School of Economics ; Professor Dr. Christian Bayer, University of Bonn.
Examining Board : Professor Jérôme Adda, EUI & Bocconi University, Supervisor ; Professor Evi Pappa, EUI ; Prof. Emmanuelle Auriol, Toulouse School of Economics ; Professor Dr. Christian Bayer, University of Bonn.