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Can Environmental Policy Encourage Technical Change?: Emissions Taxes and R&D Investment in Polluting Firms
Ivy College of Business, Iowa State University , USA.
KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Accounting, finance, economics and organization (AFEO).ORCID iD: 0000-0002-9311-3914
Stockholm School of Economics, Sweden.ORCID iD: 0000-0002-4381-5280
2022 (English)In: The Review of financial studies, ISSN 0893-9454, E-ISSN 1465-7368, Vol. 35, no 10, p. 4518-4560Article in journal (Refereed) Published
Abstract [en]

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.

Place, publisher, year, edition, pages
Oxford University Press (OUP) , 2022. Vol. 35, no 10, p. 4518-4560
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Economics
Identifiers
URN: urn:nbn:se:kth:diva-328265DOI: 10.1093/rfs/hhac003ISI: 000792158500001Scopus ID: 2-s2.0-85129374624OAI: oai:DiVA.org:kth-328265DiVA, id: diva2:1763202
Note

QC 20230925

Available from: 2023-06-06 Created: 2023-06-06 Last updated: 2023-09-25Bibliographically approved

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Martinsson, GustavThomann, Christian

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