Outward foreign direct investments patterns of Italian firms in the EU ETS
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0347-0520; 1467-9442
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The Scandinavian journal of economics, 2020, Vol. 122, No. 1, pp. 219-256
[Florence School of Regulation]; [Climate]
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BORGHESI, Simone, DE FRANCO, Chiara, MARIN, Giovanni, Outward foreign direct investments patterns of Italian firms in the EU ETS, The Scandinavian journal of economics, 2020, Vol. 122, No. 1, pp. 219-256, [Florence School of Regulation], [Climate] - https://hdl.handle.net/1814/60849
Abstract
We consider the role played by the EU Emission Trading System (EU ETS) as a possible driver of outward Foreign Direct Investments (FDI) for Italian manufacturing firms. Using a panel dataset of about 22,000 firms covering the first two phases of the EU ETS and the pre-EU ETS period, we measure the patterns of FDI towards countries not covered by EU ETS. Results show that the EU ETS had a weak effect on the number of new subsidiaries abroad (extensive margin), while it had a larger impact on production taking place in foreign subsidiaries (intensive margin), especially in trade-intensive sectors.
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First published: 12 August 2018