Managerial and Financial Barriers to the Green Transition

• 成果类型: Article
• 署名作者: De Haas, Ralph; Martin, Ralf; Muuls, Mirabelle; Schweiger, Helena
• 署名单位: European Bank of Reconstructon & Development; Centre for Economic Policy Research - UK; KU Leuven; Imperial College London; University of London; London School Economics & Political Science
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2023.00772
• 发表日期: 2025
• 关键词: green management; credit constraints; co2 emissions; Energy efficiency

摘要

Using data on 10,776 firms across 22 emerging markets, we show that both credit constraints and weak green management hold back corporate investment in green technologies embodied in new machinery, equipment, and vehicles. In contrast, investment in measures to explicitly reduce emissions and other pollution is mainly determined by the quality of a firm's green management and less so by binding credit constraints. Data from the European Pollutant Release and Transfer Register reveal the environmental impact of these organizational constraints. In areas where more firms are credit constrained and weakly managed, industrial facilities systematically emit more CO2 and pollutants. A counterfactual analysis shows that credit constraints and weak management have respectively kept CO2 emissions 4.5% and 2.3% above the levels that would have prevailed without such constraints. This is further corroborated by our finding that in localities where banks had to deleverage more due to the global financial crisis, carbon emissions by industrial facilities remained 5.6% higher a decade later.