讲座题目：Heterogeneity in Firm Responses to Emissions Trading Schemes and Carbon Tax Schemes: Global Evidence from Carbon Emissions at the Plant Level                             

讲座内容：Although management scholars increasingly recognize the necessity of government regulations in incentivizing firms to contribute to climate change mitigation, the heterogeneity in firm responses to such regulations remains under-explored. This gap does not stem from a lack of conceptual importance of the question but rather from the unavailability of fine-grained data that can measure firms’ emission activities with precise temporal and spatial resolution. This study bridges this vital gap by leveraging recent advancements in remote sensing and artificial intelligence. We investigate whether firms may differ in their responses to Emissions Trading Schemes (ETSs) and Carbon Tax Schemes (CTSs) using plant-month-level emissions data extracted from satellite imagery across 122 countries. If so, how? Our analysis reveals that firms reduce carbon emissions by almost 25% in response to ETS introduction and 21% in response to CTS introduction. Moving beyond the average impact, two critical considerations emerge from our analysis. First, firms tend to achieve more substantial emission reductions when facing higher carbon prices under ETS. In contrast, firm emissions are less responsive to carbon prices under CTS. Second, firms’ emission reductions under ETSs are contingent on the presence of developed institutions, whereas their reductions under CTS are unaffected by institutional development. Further analyses reveal the role of three factors in driving these effects. First, we find a possible substitutive relationship between ETS and CTS. Second, the global transportability of goods has a bearing on how firms respond to ETS and CTS. Third, multinational enterprises may use internal carbon markets for emission reductions.

主讲人简介：

吴肖腾，现任北京大学光华管理学院组织与战略管理系助理教授。主要研究领域包括社会网络、可持续发展、风险投资、国际贸易等。最新研究成果发表于Academy of Management Journal。2024年SMS Responsible Research Paper Award获奖者。现担任《Strategic Management Journal》，《Organization Science》等期刊审稿人。

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