This paper examines the effect of foreign direct investment (FDI) on CO emissions by using disaggregated emissions data; territorial-based and consumption-based emissions. FDI is measured in three ways; inflow, net inflow, and stock. Employing data over the period 1995–2014 and a number of estimators, the results indicate FDI (whether measured as inflow or net inflow) has negative impact on emissions (irrespective of the measurement). However, the impact is generally found to be greater for the territorial-based emissions. The results of the FDI flow variables largely support the pollution halo hypothesis. Thus, the results are supportive of the robust effect of FDI’s positive effect. Regarding the stock measure, the negative effect of FDI is only found for the territorial-based CO emissions. Since the territorial-based emissions capture emissions in the domestic economy only, it is not surprising that the plausible efficiency of FDI stock is found to reduce these emissions rather the consumption-based. FDI stock is now considered part of the local economy. The results of the paper are largely not parallel with previous studies that did not disaggregate CO emissions. This we believe is an indication that the measure of CO matters for the analyses of the FDI-emissions nexus.

中文翻译：

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外国直接投资与环境的关系：排放分类重要吗？

本文利用分类排放数据研究了外国直接投资（FDI）对二氧化碳排放的影响；基于领土和基于消费的排放。FDI 通过三种方式衡量；流入量、净流入量和存量。采用 1995-2014 年期间的数据和一些估计者，结果表明 FDI（无论是流入还是净流入）对排放量有负面影响（无论测量方式如何）。然而，通常发现对基于领土的排放的影响更大。FDI 流量变量的结果在很大程度上支持了污染光环假说。因此，结果支持了 FDI 积极效应的强劲作用。就存量衡量而言，FDI 的负面影响仅针对基于领土的二氧化碳排放量。由于基于领土的排放量仅包含国内经济的排放量，因此发现 FDI 存量的合理效率而非基于消费的排放量减少了这些排放量也就不足为奇了。外国直接投资存量现已被视为当地经济的一部分。该论文的结果在很大程度上与之前未分类二氧化碳排放量的研究并不相符。我们认为这表明二氧​​化碳的衡量对于外国直接投资与排放关系的分析很重要。