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研究生： 陳堅強
Chen, Jianqiang
論文名稱： 強制性碳披露和可持續性創新
Mandatory Carbon Disclosures and Sustainability Innovations
指導教授： 謝佩芳
Hsieh, Pei-Fang
許博炫
Hsu, Po-Hsuan
口試委員: 王衍智
Wang, Yanzhi
黃宜侯
Huang, YiHou
梁婉麗
Liang, Woan-lih
莊惠菁
Chuang, Hui-Ching
學位類別： 博士
Doctor
系所名稱： 科技管理學院 - 計量財務金融學系
Department of Quantitative Finance
論文出版年： 2023
畢業學年度： 111
語文別： 英文
論文頁數： 103
中文關鍵詞： 溫室氣體報告計劃 、綠色創新 、環境監管 、氣候變遷
外文關鍵詞： GHGRP, Green Innovation, Environmental Regulations, Climate Change
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    This study explores the relationship between climate change regulation and corporate low-carbon innovation outputs. After the implementation of the Greenhouse Gas Reporting Program (GHGRP), a regulation requiring corporate greenhouse gas emissions disclosure, we observe a significant 6% increase in the count of climate patents and an 18% increase in the value of climate patents for firms with higher inefficient CO2 emissions, demonstrating their commitment to climate change mitigation and sustainability. The adoption of climate change mitigation technologies results in a substantial reduction of estimated CO2 emissions for these firms. The growth of corporate climate innovation is driven by external pressure, including firms with stricter environmental regulations and more climate change mitigation-oriented analyst coverage. Firms with higher inefficient CO2 emissions are more likely to have ESG compensation policies after the regulation. Evidence suggests that firms incorporate the sustainability value when they face external pressure of social responsibility.

    Abstract i Acknowledgements ii Table of Contents iii 1. Introduction 1 2. Data and Sample Construction 6 2.1 The Greenhouse Gas Reporting Program (GHGRP) 6 2.2 National Emissions Inventory Data and CO2 Estimation 8 2.3 Patents Related to Climate Change Mitigation 9 2.4 Summary Statistics 12 3. Empirical Results 13 3.1 Baseline Results 13 3.2 Dynamic Regressions 15 3.3 Placebo Tests 16 3.4 Emissions 17 3.5 Alternative Explanations 18 4. Channels 19 4.1 EPA Regulatory Stringency 19 4.2 Climate Change Mitigation Oriented Analyst Coverage 21 4.3 ESG Compensation 23 5. Market Reaction 24 6. Conclusions 24 References 26 Figure 1 Timeline of GHGRP 31 Figure 2 Estimated CO2 vs. Real CO2 Reporting in 2011 32 Figure 3 Parallel Trend Plots 33 Figure 4 Placebo Tests 35 Table 1 Summary Statistics 37 Table 2 Baseline Results 40 Table 3 Placebo Tests 41 Table 4 Estimated CO2 Emissions 42 Table 5 High Patent Value Increase and Estimated CO2 Emissions 43 Table 6 Channels – EPA Regulatory Stringency 45 Table 7 Channels – Climate Change Mitigation Oriented Analyst Coverage 47 Table 8 Channels – ESG Compensation 49 Table 9 Market Value 50 Appendix A Variables Definition 51 A. Data and Matching Details 54 A1. NEI Database 54 A2. CO-to-CO2 Conversion 55 B. Robustness 58 C. Keywords in Climate Patents 61 Figure A1 Data Download 62 Figure A2 National Organization File 63 Figure A3 National Facility File 64 Figure A4 Source Classification Codes (SCCs) 65 Figure A5 Examples of CO Emission Factors 65 Figure A6 Examples of CO2 Emission Factors 65 Figure A7 GHGRP Report Verification Process 66 Figure A8 Parallel Trend Plots 67 Table A1 Robust – Patent Citations 68 Table A2 Robust – Scale by Assets Rather than Sales 69 Table A3 Robust – Drop Firms Do Not Have Climate Patents From 2006 to 2012 70 Table A4 Robust – Extensive Margin 71 Table A5 Robust – The EPO's “Y02-Y04S” Tagging Scheme 72 Table A6 Robust – Inverse Hyperbolic Sine Transformation 74 Table A7 Robust – Patent Citations of EPA Regulatory Stringency 76 Table A8 Robust – Patent Citations of Climate Change Mitigation Oriented Analyst Coverage 78 Table A9 Robust – Real CO2 Emissions After 2010 80 Table A10 Robust – High Patent Value Increase and Real CO2 Emissions 81 Table A11 Robust – Excluding Firms with High Foreign Income 83 Table A12 Robust – Adding Industry-Year Fixed Effects 85 Table A13 Robust – Inclusion of Inefficient Emitter and GHGRP Dummies 87 Table A14 Robust – Treatment (60th percentile) vs Controls (40th percentile) 89 Table A15 Robust – Climate Patent Ratio 91 Table A16 Robust – 10-K Text-based Network Industry Classifications (TNIC) 93 Table A17 Channels – Option Trading Volume: Count and Value 95 Table A18 Channels – Option Trading Volume: Citation 97 Table A19 Keywords 99 Table A20 Summary Statistics of Texted-based Y02 Climate Patents 101 Table A21 Results of Text-based Climate Patents 102

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