ارتباط بین استانداردهای بین المللی گزارشگری مالی، انتشار کربن و هزینه های تحقیق و توسعه: شواهدی از شرکت های تولیدی اروپا
|کد مقاله||سال انتشار||مقاله انگلیسی||ترجمه فارسی||تعداد کلمات|
|21506||2013||10 صفحه PDF||سفارش دهید||8030 کلمه|
Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)
Journal : Ecological Economics, Volume 88, April 2013, Pages 57–66
This study examines the impact of research and development (R&D) expenditures on carbon dioxide (CO2) emissions prior to and under the mandatory adoption of International Financial Reporting Standards at the firm level within the manufacturing sectors of three European countries, i.e. Germany, France and the U.K. Estimation of a threshold autoregressive model using quarterly data from 1998 to 2011 reveals that in the post-IFRS mandatory adoption year R&D expenditures show a reduction in CO2 emissions to firms, i.e. rising CO2 abatement. This is likely due to the presence of incentives provided by the new accounting disclosure regime. Our results remain robust in terms of a sector analysis, firm size, and the introduction of the European Union Emission Trading Scheme (EU-ETS) across the three countries.
Carbon dioxide emission reductions can be achieved, among other means, through technological changes and investments in R&D. Jones (2002) and Vollebergh and Kemfert (2005) argue that innovations enhance labor and capital productivity, which is crucial for economic growth. Investment in R&D has an impact on technological changes, an assumption which receives support by the ‘new growth theory’ or ‘induced technological change’ literature (Vollebergh and Kemfert, 2005). Thus, technological changes and investment in R&D are common denominators for achieving both CO2 abatement and economic growth. Along these lines, Parry et al. (2003) assess whether the welfare gains from technological innovation leading to CO2 emission reductions are larger or smaller than the ‘Pigouvian’ welfare gains from optimal pollution control. Their empirical findings indicate that such welfare gains from innovation are smaller than those from pollution control, while Jaffe et al. (2005) claim that R&D generates positive externalities that contribute to both welfare gains and pollution control. As noted by Edenhofer et al. (2005), there is a close link between reducing emission cost efficiently and economic growth, in the sense that cost efficient abatement decreases the costs in terms of growth foregone. Related to the role of R&D investment in the reduction of carbon emissions is the impact of environmental information disclosure by firms. Mason (2008) notes that firms have been increasing environmental information disclosure to satisfy requests from external regulatory bodies and the general public. Indeed, such information disclosure may be far ranging in light of the absence of authoritative accounting guidance (Bebbington and Larrinaga-Gonzalez, 2008). Studies in the relevant literature suggest that environmental information disclosure is important not only to enable various stakeholders to make informed decisions, but also to control business risk and develop competitive advantage (Kolk and Pinkse, 2007). Deegan and Haque (2009) argue that while carbon emissions are the core theme of climate change, information relevant to climate change should also include management approaches and other external factors related to climate change issues. Therefore, firms are under increasing public and regulatory pressure to disclose the impacts of business conduct on the environment and society (Simnett et al., 2009). In light of the importance of R&D investment and the need for environmental information disclosure this study examines the impact of R&D expenditures (an accounting information item) on carbon dioxide (CO2) emissions prior to and under the mandatory adoption of International Financial Reporting Standards (IFRS) within the European Union (EU). The improvement in emission accounting disclosures is expected to have a direct impact on the way firms cope with their targeted emission reductions by improving the efficiency of their R&D expenditures to develop green products and green methods of transactions. Furthermore, the EU has demonstrated a greater willingness to cooperate with regulatory bodies and various non-governmental environmental groups in managing and disclosing carbon emission information (Kolk et al., 2008 and Oberthur, 2007). Ellerman and Buchner (2008) reveal that after 2005, European firms demonstrated decreasing trends in their carbon dioxide emissions, though others claim that this decreasing trend is attributed exclusively to the global recession (Spies and Stilwell, 2009). Our analysis is undertaken at the firm level within the manufacturing sectors of three European countries, i.e. Germany, France and the U.K., using quarterly data from 1998 to 2011. The study focuses on manufacturing firms, since this is the sector that undertakes the bulk of total business R&D. Moreover, we consider the R&D expenditures as an accounting item for which measurements under IFRS are likely to differ considerably from measurements under domestic accounting practices across the three EU countries prior to the mandatory introduction of the IFRS. To the best of our knowledge, no study has investigated the impact of accounting information associated with R&D expenditures on CO2 emissions and, in particular, prior to and after the adoption of IFRS. Section 2 provides a brief overview of the IFRS and the eco-innovation literature. Section 3 presents the empirical methodology with results reported in Section 4. Concluding remarks are given in Section 5.