Energy Economics最新文献_第10页

Time segmentation in tanker freight markets: The role of risk and relative freight rates in switching decisions 油轮货运市场的时间分割：风险和相对运价在转换决策中的作用

IF 14.2 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2026-02-01 Epub Date: 2025-12-26 DOI: 10.1016/j.eneco.2025.109110

Manolis G. Kavussanos, Stergiani (Stella) A. Moysiadou, Dimitris A. Tsouknidis

This paper investigates the influence of macroeconomic and market-related factors on the chartering decisions of shipowners in the tanker segment of the ocean-going maritime industry. It introduces a methodological framework, which for a particular vessel type, highlights segmentation in the freight market based on contract duration. According to this framework, shipowners select charter contracts aligned with their risk preferences and strategic objectives, leading them to operate within a preferred “habitat” time-segment of the freight market -namely, the short-term spot market (single-voyage contracts), medium-term, or long-term time charters. A novel contribution of this study is the incorporation of global as well as shipping industry-specific risk factors. They include the risk aversion index developed by Bekaert et al. (2022), freight and crude oil price volatilities. The paper demonstrates that both global and industry specific risk factors in conjunction with relative freight rate differentials across contract durations significantly influence shipowners' selection of charter length and their potential transitions between different time-segments of the market. Using a unique dataset of 33,564 individual freight fixtures for crude oil tankers over a nine-year period, the study finds that the dominant “habitat” for VLCC and Suezmax tanker operators is the spot market, revealing a low level of risk aversion among market participants. However, changes in perceived risk and in relative freight rates can prompt temporary deviations from their preferred time-segment. The findings are in line with standard economics and finance theories and common shipping practice.

本文研究了宏观经济因素和市场相关因素对远洋航运业油轮行业船东租船决策的影响。它引入了一个方法框架，该框架针对特定的船舶类型，突出了基于合同期限的货运市场细分。根据这一框架，船东根据其风险偏好和战略目标选择租船合同，从而使他们在货运市场的首选“栖息地”时间段内运营，即短期现货市场（单次航程合同）、中期或长期租船。本研究的一个新颖贡献是纳入了全球以及航运业特定的风险因素。它们包括Bekaert et al.（2022）开发的风险规避指数、运费和原油价格波动。本文表明，全球和行业特定的风险因素，以及不同合同期限的相对运费差异，都显著影响了船东对租船期限的选择，以及他们在不同市场时间段之间的潜在转变。该研究使用了一个独特的数据集，该数据集包含了9年期间33564艘原油油轮的单独货运固定设备，研究发现，VLCC和苏伊士型油轮运营商的主要“栖息地”是现货市场，这表明市场参与者的风险厌恶程度较低。然而，感知到的风险和相对运费的变化可能促使他们暂时偏离他们喜欢的时间段。研究结果与标准的经济学和金融学理论以及常见的航运实践相一致。

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引用次数: 0

Hierarchy in green: Subordinate executives and eco-innovation dynamics 绿色环境中的层级：下属高管与生态创新动态

IF 14.2 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2026-02-01 Epub Date: 2026-01-16 DOI: 10.1016/j.eneco.2026.109146

Millie Liew , Zhuo Li , June Cao

Internal governance is the process through which subordinate executives, driven by their longer decision horizons and focus on long-term value, counteract the CEO's short-term self-interests to influence corporate decisions. We examine whether and how internal governance affects eco-innovation, which delivers long-term value at the expense of initial investment outlays. We find that more effective internal governance motivates eco-innovation and that this effect operates through two channels. First, subordinate executives' bottom-up influence on the CEO prompts them to increase their long-term awareness to exercise this influence and motivate eco-innovation. Second, more effective internal governance enhances the top management team's ecological awareness to motivate eco-innovation. We further reveal that subordinate-driven internal governance plays a more significant role when CEOs are more opportunistic. Last, we find that more effective internal governance improves eco-innovation quality, highlighting that subordinates play an important role in both the quantity and quality of firms' eco-innovation.

内部治理是下属高管在更长远的决策视野和对长期价值的关注的驱使下，抵消CEO的短期自身利益，从而影响公司决策的过程。我们研究内部治理是否以及如何影响生态创新，生态创新以初始投资支出为代价提供长期价值。我们发现，更有效的内部治理可以激励生态创新，这种效应通过两个渠道发挥作用。首先，下级高管对CEO自下而上的影响力促使他们增强行使这种影响力的长期意识，从而推动生态创新。第二，更有效的内部治理可以增强高层管理团队的生态意识，从而激发生态创新。我们进一步发现，ceo机会主义倾向越强，下属驱动型内部治理的作用越显著。最后，我们发现更有效的内部治理可以提高生态创新的质量，强调下属对企业生态创新的数量和质量都起着重要作用。

引用次数: 0

Green bubbles: A four-stage paradigm for detection and propagation 绿色气泡：检测和传播的四阶段范式

IF 14.2 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2026-02-01 Epub Date: 2025-12-23 DOI: 10.1016/j.eneco.2025.109095

Gian Luca Vriz , Luigi Grossi

Climate change has emerged as a significant global concern that is attracting increasing attention worldwide. Although green bubbles may be examined through a social bubble hypothesis, it is essential not to neglect a “Climate Minsky” moment triggered by sudden asset price changes. The significant increase in green investments highlights the urgent need for a comprehensive understanding of these market dynamics. Therefore, the present paper introduces a novel paradigm for studying such phenomena.

Focusing on the renewable energy sector, change point detection models are employed to identify green bubbles within time series data. Furthermore, search volume indexes and social factors are incorporated into established econometric models to reveal potential implications for the financial system. Inspired by Joseph Schumpeter’s perspectives on business cycles, this study recognizes green bubbles as a “necessary evil” for facilitating a successful transition towards a more sustainable future.

气候变化已成为全球关注的重大问题，在世界范围内引起越来越多的关注。虽然绿色泡沫可以通过社会泡沫假说来检验，但重要的是不要忽视由资产价格突然变化引发的“气候明斯基”时刻。绿色投资的显著增长凸显了全面了解这些市场动态的迫切需要。因此，本文引入了一种研究此类现象的新范式。以可再生能源领域为研究对象，采用变化点检测模型识别时间序列数据中的绿色气泡。此外，将搜索量指数和社会因素纳入已建立的计量经济模型，以揭示对金融体系的潜在影响。受约瑟夫·熊彼特（Joseph Schumpeter）商业周期观点的启发，这项研究认为绿色泡沫是促进向更可持续的未来成功过渡的“必要之恶”。

引用次数: 0

Firm climate investment: A glass half-full 坚定的气候投资：半满的杯子

IF 14.2 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2026-02-01 Epub Date: 2025-12-23 DOI: 10.1016/j.eneco.2025.109097

Prachi Srivastava , Nicholas Bloom , Philip Bunn , Paul Mizen , Gregory Thwaites , Ivan Yotzov

The green transition will require large investments from firms, yet little is known about the scale and drivers of climate-related capital expenditure across the UK economy. To address this gap, we draw on a large, representative survey of UK firms to quantify how businesses expect to adjust their medium-term investment in response to climate change. Over 2023-2026, firms expect climate-related investments to account for 5.5% of total capital expenditure. These investments will be driven by larger firms as well as those in more energy-intensive sectors. The main channels for these investments are switching to green energy sources and improving energy efficiency, and firms plan to finance them primarily using internal cash reserves. Overall, although firms are expecting to invest more resources in adapting to climate change, under reasonable assumptions, these investments are still not sufficient to meet the estimated targets implied by the UK Net Zero Pathway.

绿色转型将需要企业的大量投资，但人们对英国经济中与气候相关的资本支出的规模和驱动因素知之甚少。为了解决这一差距，我们对英国公司进行了一项具有代表性的大型调查，以量化企业预计如何调整其中期投资以应对气候变化。在2023-2026年期间，企业预计气候相关投资将占总资本支出的5.5%。这些投资将由大型企业以及能源密集型行业的企业推动。这些投资的主要渠道是转向绿色能源和提高能源效率，企业计划主要利用内部现金储备为这些投资提供资金。总体而言，尽管企业期望在适应气候变化方面投入更多资源，但在合理的假设下，这些投资仍然不足以满足英国净零路径所隐含的估计目标。

引用次数: 0

Can photovoltaic poverty alleviation reduce multidimensional energy poverty? Evidence from 1928 counties in China 光伏扶贫能否减少多维度能源贫困？证据来自中国1928个县

IF 14.2 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2026-02-01 Epub Date: 2026-01-10 DOI: 10.1016/j.eneco.2026.109135

Yang Zhou , Peixuan Li , Mengmin Sun , Wenjia Tan

Energy poverty, a complex multidimensional challenge, is a key obstacle to achieving sustainable development. This study provides the first nationwide causal assessment of China's Photovoltaic Poverty Alleviation (PVPA) policy on multidimensional energy poverty (MEP) using a balanced panel of 1928 counties from 2013 to 2020, covering approximately 90% of the nation's poor population. We assess the dynamic impacts of PVPA on MEP, measured through the multidimensional energy poverty index (MEPI), which captures dimensions such as cooking, lighting, and communication—by applying staggered difference-in-differences (DID), Callaway and Sant'Anna's heterogeneity-robust DID (CSDID), Honest-DID, and spatial DID methods. Results show that PVPA significantly alleviates MEP through two reinforcing pathways: first by increasing household income via PV electricity revenue and rural employment, and second by enabling clean energy substitution, reducing reliance on biomass and coal. Between 2013 and 2020, China's national MEPI declined by 23%, with stronger PVPA effects observed in low-coal, low-vegetation, and relocation-targeted areas, while regions with entrenched traditional energy use showed weak effects. Mechanism analysis confirms that both income enhancement and service improvement contribute to these gains. This study provides robust causal evidence linking renewable energy–driven poverty alleviation to MEP reduction, offering policy insights on embedding energy access targets in rural revitalization, tailoring interventions to regional contexts, and sustaining improvements through distributed energy storage and infrastructure upgrades.

能源贫困是一项复杂的多方面挑战，是实现可持续发展的主要障碍。本研究首次在全国范围内对光伏扶贫（PVPA）政策对多维能源贫困（MEP）的影响进行了因果评估，采用了一个平衡面板，从2013年到2020年，覆盖了约90%的全国贫困人口。我们通过多维能源贫困指数（MEPI）评估了PVPA对MEP的动态影响，该指数通过交错差中差（DID）、Callaway和Sant’anna的异质性稳健DID （CSDID）、Honest-DID和空间DID方法，捕捉了烹饪、照明和通信等维度。结果表明，PVPA通过两种强化途径显著缓解MEP：一是通过光伏发电收入和农村就业增加家庭收入，二是通过实现清洁能源替代，减少对生物质和煤炭的依赖。2013 - 2020年，中国全国MEPI下降了23%，其中低煤、低植被和搬迁目标地区的PVPA效应较强，而传统能源利用地区的影响较弱。机制分析证实，增加收入和改善服务都有助于这些收益。本研究提供了强有力的因果证据，将可再生能源驱动的扶贫与减少环境环境保护联系起来，为在乡村振兴中嵌入能源获取目标、根据地区情况量身定制干预措施以及通过分布式储能和基础设施升级持续改善提供政策见解。

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引用次数: 0

Why regulations fail? Environmental regulations, bargaining power, and strategic-political CSR in China 为什么监管会失败？中国的环境法规、议价能力与战略政治企业社会责任

IF 14.2 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2026-02-01 Epub Date: 2026-01-19 DOI: 10.1016/j.eneco.2026.109154

Qisheng Jiang , Pengcheng Tang , Chao Wang , Xinyuan Peng

Strict regulations are usually regarded as valid tools for government to pursue sustainable development, while clear evidence is required to answer how the polluting firms actually respond to them, especially in the emerging markets with imperfect institution. With the data of 2848 Chinese A-share listed firms, this paper takes the enforcement of China's New Environmental Protection Law (NEPL) as an exogenous shock, and utilizes the difference-in-difference and tripe difference models to investigate how polluting firms strategically respond to strict environmental regulations. The results show that facing the pressure of NEPL, the polluting firms tend to pursue the community-related corporate social responsibility (CSR) as a strategic-political CSR, rather than fulfill environmental responsibility obediently. Significantly, the strategy obviously varies for firms with different bargaining power with local governments and mainly works for the state-owned firms, large taxpayer or large employer, while the non-state-owned or small firms would still pursue environmental compliance as required. Though does crowd out the environmental performance, more strategic-political CSR engagement, instead, shelter firms from environmental penalty while benefiting other stakeholders. This paper helps understand the motivations and outcomes of regulated firms' strategic response to strict environmental regulations, which is particularly relevant to not only China, but also other emerging markets with similar government intervention and passive CSR fulfillment.

严格的监管通常被视为政府追求可持续发展的有效工具，但污染企业如何应对这些监管需要明确的证据，特别是在制度不完善的新兴市场。本文以2848家中国a股上市公司的数据为样本，将中国新环境保护法的实施作为外生冲击，运用差中差模型和三分差模型考察污染企业如何对严格的环境法规做出战略反应。结果表明，面对新能源政策的压力，污染企业倾向于将社区企业社会责任作为一种战略-政治企业社会责任来追求，而不是顺从地履行环境责任。值得注意的是，与地方政府议价能力不同的企业，其策略明显不同，主要适用于国有企业、大纳税人或大雇主，而非国有或小型企业仍会按要求追求环境合规。虽然会排挤环境绩效，但更具战略政治性的企业社会责任参与反而使企业免受环境惩罚，同时使其他利益相关者受益。本文有助于理解受监管企业对严格环境法规的战略反应的动机和结果，这不仅与中国特别相关，而且与其他具有类似政府干预和被动履行企业社会责任的新兴市场也特别相关。

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引用次数: 0

The income threshold of household carbon emissions: Nonlinear growth and decoupling challenges 家庭碳排放的收入门槛：非线性增长与脱钩挑战

IF 14.2 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2026-02-01 Epub Date: 2026-01-08 DOI: 10.1016/j.eneco.2026.109137

Yuedong Xiao , Wenling Liu , Lei Gao , Fengtai Zhang , Yulin Zhu , Xueyang Wang

Decoupling carbon emissions from economic growth is a key pathway to address climate change. However, most studies overlook the behavioral mechanisms behind the non-linear growth of household emissions and the challenges this non-linearity implies for decoupling. This study advances a consumption-transition model related to carbon emissions. The theoretical model suggests that once income exceeds a critical threshold, households shift from basic-needs spending to symbolic consumption and may imitate consumption patterns of higher-income households. This change can sharply increase demand for carbon-intensive goods and alter the decoupling status. Using China Family Panel Studies data for 2014–2022, we empirically identify an income threshold in household emissions, namely a carbon emission growth turning point (CEGTP), after which emissions rise more rapidly with income. Sensitivity analysis indicates that emission patterns remain stable within ±15% of the CEGTP, enabling robust comparison between high- and low-income households. We find that more than half of urban households have disposable income below the CEGTP, which may imply a significant risk of future emission increases. Consistent with the theoretical model, labor-dominated households exhibit a higher income elasticity of emissions than households dominated by older individuals or children, because working-age adults may be more prone and able to engage in symbolic consumption. The higher elasticity is primarily driven by discretionary spending, such as travel, rather than necessities like food, residential energy, or clothing. Thus, the key to achieving decoupling is to apply targeted policies to steer incremental consumption onto a low-carbon path.

将碳排放与经济增长脱钩是应对气候变化的关键途径。然而，大多数研究忽视了家庭排放非线性增长背后的行为机制，以及这种非线性对解耦所带来的挑战。本研究提出了一个与碳排放相关的消费转型模型。理论模型表明，一旦收入超过一个临界阈值，家庭就会从基本需求支出转向象征性消费，并可能模仿高收入家庭的消费模式。这种变化可能会大幅增加对碳密集型产品的需求，并改变脱钩状态。利用中国家庭面板研究2014-2022年的数据，我们实证地确定了家庭碳排放的收入阈值，即碳排放增长拐点（CEGTP），在此之后，碳排放随收入增长更快。敏感性分析表明，排放模式在CEGTP的±15%范围内保持稳定，从而可以对高收入和低收入家庭进行有力的比较。我们发现，超过一半的城市家庭可支配收入低于CEGTP，这可能意味着未来排放增加的风险很大。与理论模型一致，劳动力占主导地位的家庭比老年人或儿童占主导地位的家庭表现出更高的收入弹性排放，因为工作年龄的成年人可能更倾向于也更有能力从事象征性消费。较高的弹性主要是由旅游等可自由支配的支出推动的，而不是食品、住宅能源或服装等必需品。因此，实现脱钩的关键是实施有针对性的政策，引导增量消费走上低碳道路。

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引用次数: 0

Trade, finance, and the environment: The effects of green trade financing on carbon emissions 贸易、金融与环境：绿色贸易融资对碳排放的影响

IF 14.2 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2026-02-01 Epub Date: 2026-01-14 DOI: 10.1016/j.eneco.2026.109147

Jin Sun , Kamiar Mohaddes , Meng Cai

The rapid expansion of green trade financing is reshaping global trade dynamics and offering new opportunities for carbon emission reduction. Our study examines the impact of Green Trade Financing on carbon emissions across a global sample of countries from 2012 to 2022, providing new insights into the environmental advantages of green or sustainable trade policies. The empirical results demonstrate that green trade financing significantly reduces carbon emissions, mainly through two channels: promoting green innovation and improving energy structure. Mechanism analysis confirms that it enhances firms' environmentally oriented innovation and facilitates the transition toward cleaner energy. These findings underscore the environmental benefits of green finance and highlight its role as a scalable instrument for sustainable development. The study also provides multi-level policy recommendations to operationalize green trade financing under diverse institutional conditions.

绿色贸易融资的迅速扩张正在重塑全球贸易格局，并为碳减排提供新的机遇。我们的研究考察了2012年至2022年全球各国绿色贸易融资对碳排放的影响，为绿色或可持续贸易政策的环境优势提供了新的见解。实证结果表明，绿色贸易融资主要通过促进绿色创新和改善能源结构两个渠道显著降低碳排放。机制分析证实，它增强了企业的环境导向创新，促进了向清洁能源的过渡。这些发现强调了绿色金融的环境效益，并强调了其作为可持续发展可扩展工具的作用。研究还提出了在不同制度条件下实施绿色贸易融资的多层次政策建议。

引用次数: 0

Carbon–agriculture market connectedness under the EU ETS: Evidence on sectoral heterogeneity and market states 欧盟碳排放交易体系下的碳农业市场连通性：部门异质性和市场状态的证据

IF 14.2 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2026-02-01 Epub Date: 2026-01-20 DOI: 10.1016/j.eneco.2026.109160

Kejia Yan , Boqiang Lin

This study examines the dynamic connectedness structure between European Union Allowance (EUA) futures and agricultural commodity futures, with the aim of assessing how climate policy–related unintended economic impacts may be reflected across different agricultural sectors and market states. Rather than focusing on causal transmission, the analysis adopts a connectedness-based monitoring perspective, using futures markets as forward-looking indicators of evolving cost pressures and market sensitivities associated with climate policy implementation. Using daily data spanning all four trading phases of the EU Emissions Trading System (EU ETS) from 2007 to 2024, we document pronounced sectoral heterogeneity and state dependence in carbon–agriculture market linkages. Grain futures consistently exhibit directional dominance in their bilateral connectedness with EUA futures across market conditions, indicating strong structural resilience in staple food markets. In contrast, non-grain agricultural futures display greater heterogeneity, with their directional exposure to carbon market dynamics becoming more pronounced in later trading phases and under specific quantile conditions. These findings suggest that climate policy–related unintended economic impacts are unlikely to manifest uniformly across food systems, but may emerge more selectively along specific segments of the agricultural value chain and under particular market states. By highlighting where and when such sensitivities become more visible within market interactions, this study contributes to a more nuanced understanding of the broader economic implications of climate policy implementation, while offering a policy-relevant diagnostic framework that complements traditional price- or outcome-based evaluations.

本研究考察了欧盟配额（EUA）期货与农产品期货之间的动态联系结构，旨在评估气候政策相关的意外经济影响如何在不同的农业部门和市场状态中得到反映。该分析不关注因果传递，而是采用基于连通性的监测视角，将期货市场作为与气候政策实施相关的不断变化的成本压力和市场敏感性的前瞻性指标。利用2007年至2024年欧盟排放交易体系（EU ETS）所有四个交易阶段的日常数据，我们证明了碳农业市场联系中明显的部门异质性和国家依赖性。粮食期货在不同市场条件下与EUA期货的双边联系中始终表现出方向性优势，表明主粮市场具有强大的结构性弹性。相比之下，非粮食农产品期货表现出更大的异质性，在交易后期和特定分位数条件下，其对碳市场动态的定向暴露变得更加明显。这些发现表明，与气候政策相关的意外经济影响不太可能在整个粮食系统中统一表现出来，而可能在农业价值链的特定环节和特定市场状态下更有选择性地出现。通过强调这种敏感性在市场相互作用中何时何地变得更加明显，本研究有助于更细致地了解气候政策实施的更广泛的经济影响，同时提供与政策相关的诊断框架，补充传统的基于价格或结果的评估。

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引用次数: 0

Can policy achieve environmental improvement? Evidence from the whole county photovoltaic project in China 政策能改善环境吗？来自中国全县光伏项目的证据

IF 14.2 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2026-02-01 Epub Date: 2025-12-26 DOI: 10.1016/j.eneco.2025.109100

Wanhai You , Chenyao Fang , Yawei Guo , Shijing Nan

To facilitate the transition to clean energy and promote sustainable development, China's National Energy Administration issued the “Notice on the Publication of the County Wide Rooftop Distributed Solar Photovoltaic Development Pilot Project List” (also known as China's Whole County Photovoltaic Project). Using county-level panel data spanning May 2014 to September 2022, this study treats the initiative as an exogenous policy shock and employs a Difference-in-Differences (DID) design to assess its impact on environmental pollution. Empirical results indicate that the pilot policy significantly mitigates environmental pollution; this finding is further confirmed by a battery of robustness tests. Additionally, the mechanism analysis indicates that the project mitigates environmental pollution by facilitating public investment and driving green technological innovation. Furthermore, the heterogeneity analysis reveals that the pollution reduction effect is more pronounced in non-provincial capital, non-resource-based and western counties. Finally, we assess the heterogeneous effects using unconditional quantile regression (UQR). The results demonstrate that the significant impact is driven entirely by counties at the highest quantiles of pollution. Our findings offer valuable insights for policymakers in other countries aiming to advance energy transitions and mitigate environmental pollution.

为促进向清洁能源转型，促进可持续发展，国家能源局发布了《关于公布全县屋顶分布式太阳能光伏发展试点项目名单的通知》（又称全县光伏项目）。本研究使用2014年5月至2022年9月的县级面板数据，将该倡议视为外生政策冲击，并采用差分法（DID）设计评估其对环境污染的影响。实证结果表明，试点政策显著缓解了环境污染；一系列稳健性测试进一步证实了这一发现。机制分析表明，该项目通过促进公共投资和推动绿色技术创新来缓解环境污染。异质性分析表明，非省会城市、非资源型和西部地区的污染减排效果更为显著。最后，我们使用无条件分位数回归（UQR）评估异质性效应。结果表明，显著影响完全是由污染最高分位数的县驱动的。我们的研究结果为旨在推进能源转型和减轻环境污染的其他国家的政策制定者提供了有价值的见解。

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引用次数: 0