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Does foreign ownership promote environmental protection? Evidence from firm-level data
Small Business Economics ( IF 7.096 ) Pub Date : 2022-06-13 , DOI: 10.1007/s11187-022-00646-1
Jacint Balaguer, Ana Cuadros, Jose García-Quevedo

Abstract

This paper examines the role played by foreign ownership as a determinant of the environmental behaviour of Spanish manufacturing firms. Unlike previous studies, our analysis distinguishes between current expenditure on and investment in environmental protection as a way of examining potential differences in the firms’ short- and long-term strategies. The results show how foreign capital boosts expenditure and especially investment. We also highlight the relevance of accounting for heterogeneity at the firm level by focusing on certain structural characteristics that are key in the manufacturing sector, namely, the size of the firm and the sector of activity where it operates. Our results show that size has a positive effect on firms’ decisions about environmental protection. The empirical results also reveal that the beneficial impact of foreign investment is mainly channelled through small firms and it is most evident in industries which are subject to less environmental regulation. Our findings may have pertinent implications regarding the determinants of firms’ environmental behaviour and about the effectiveness of foreign participation as a mechanism for overcoming potential barriers in the adoption of environmental protection measures by small firms.



中文翻译:

外资持股能促进环境保护吗?来自公司层面数据的证据

摘要

本文考察了外资所有权作为西班牙制造企业环境行为的决定因素所起的作用。与以往的研究不同,我们的分析区分了当前在环境保护方面的支出和投资,以此来检验公司短期和长期战略的潜在差异。结果显示了外国资本如何促进支出,尤其是投资。我们还强调了在公司层面考虑异质性的相关性,重点关注制造业中关键的某些结构特征,即公司的规模和经营所在的活动部门。我们的研究结果表明,规模对企业的环境保护决策有积极影响。实证结果还表明,外商投资的有益影响主要通过小企业进行,并且在环境监管较少的行业中最为明显。我们的研究结果可能对企业环境行为的决定因素以及外国参与作为克服小企业采用环境保护措施的潜在障碍的机制的有效性具有相关意义。

更新日期:2022-06-14
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