This paper analyzes what environmental policy is implemented by governments when there is cross-ownership between polluting firms that care about social concerns. We compare the equilibrium outcomes under environmental taxes, tradable emission permits and emission standards. We find that the concern of firms about corporate social responsibility (CSR), which is decided endogenously, depends on the environmental policy implemented by the government. The greatest concern is obtained under tradable emission permits and the lowest under emission standards. We also find that cross-ownership between firms affects the CSR level that they choose. Finally, social welfare is at its highest with tradable permits and at its lowest with an emission standard, implying that the government prefers, when possible, to set tradable emission permits rather than the other two policies.

本文分析了当关注社会问题的污染企业之间存在交叉所有权时，政府实施了哪些环境政策。我们比较了环境税、可交易排放许可和排放标准下的均衡结果。我们发现企业对企业社会责任（CSR）的关注是内生决定的，取决于政府实施的环境政策。最受关注的是在可交易的排放许可下获得的，而在排放标准下获得的关注最低。我们还发现，公司之间的交叉所有权会影响他们选择的 CSR 水平。最后，社会福利在可交易许可证下最高，在排放标准下最低，这意味着政府在可能的情况下更愿意，