Energy Economics最新文献_第5页

Blockchain technology, information asymmetry and corporate ESG performance: Evidence from China 区块链技术、信息不对称与企业ESG绩效：来自中国的证据

IF 14.2 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2026-01-21 DOI: 10.1016/j.eneco.2026.109150

Yijun Zhang , Jiajun Yu , Jiale Wang , Yi Song

ESG, as an emerging framework for assessing corporate sustainability, encounters challenges related to information asymmetry during its development. This issue can be tackled with innovative solutions derived from blockchain technology; however, limited research has investigated its effects on corporate ESG performance. This study analyzes the impact of blockchain technology on corporate ESG performance and explores its potential mechanisms, utilizing unbalanced panel data from Chinese A-share listed companies spanning from 2009 to 2023. The findings suggest that: (1) Blockchain technology significantly improves corporate ESG performance, a conclusion that persists through stability and endogeneity tests. (2) Heterogeneity analysis reveals that blockchain technology leads to more substantial enhancement in ESG performance for smaller firms, companies located in eastern China, and non-heavy polluting enterprises. (3) Mechanism analysis suggests that blockchain technology improves ESG performance through enhanced corporate information disclosure and heightened spatial location competition. (4) Corporate financial risk and verification processes have a negative moderating effect on the positive influence exerted by blockchain technology on ESG performance. (5) In the process of enhancing ESG performance driven by blockchain technology, the most significant improvement is observed in the social dimension. This research offers theoretical support and empirical evidence regarding the influence of blockchain technology on enhancing firms' sustainable development.

ESG作为一种新兴的企业可持续发展评估框架，在其发展过程中遇到了与信息不对称相关的挑战。这个问题可以通过区块链技术衍生的创新解决方案来解决；然而，关于其对企业ESG绩效影响的研究有限。本文利用2009 - 2023年中国a股上市公司的非平衡面板数据，分析区块链技术对企业ESG绩效的影响，并探讨其潜在机制。研究结果表明：(1)区块链技术显著提高了企业ESG绩效，这一结论通过稳定性和内生性检验得以维持。(2)异质性分析表明，区块链技术对中小企业、东部地区企业和非重污染企业的ESG绩效提升更为显著。(3)机理分析表明，区块链技术通过增强企业信息披露和增强空间区位竞争来提高企业ESG绩效。(4)公司财务风险和验证过程对b区块链技术对ESG绩效的正向影响具有负向调节作用。(5)在区块链技术驱动下企业ESG绩效提升的过程中，社会维度的提升最为显著。本研究为区块链技术对促进企业可持续发展的影响提供了理论支持和实证证据。

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引用次数: 0

Price competition and market dynamics under asymmetric costs: Evidence from discount gas station policy 非对称成本下的价格竞争与市场动态：来自折扣加油站政策的证据

IF 12.8 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2026-01-21 DOI: 10.1016/j.eneco.2026.109144

Yenjae Chang, Junyeol Ryu

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 : 2026-01-20 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

A pathway towards energy transition: Urbanization and clean fuel adoption in Chinese homes 能源转型之路：城市化和清洁燃料在中国家庭中的应用

IF 14.2 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2026-01-20 DOI: 10.1016/j.eneco.2026.109153

Han Yan

The transition from traditional cooking fuels to cleaner alternatives is essential for addressing environmental and public health challenges in developing countries. Economic growth and urbanization influence household cooking fuel choices by improving access to modern energy infrastructure. Using data from the China Family Panel Study (CFPS), this study develops a structural model with an indirect utility framework to evaluate how fuel prices, household characteristics, internal migration, and infrastructure expansion shape cooking fuel preferences. A key contribution is the use of data on natural gas pipeline length and built-up area to capture the extent of urbanization and to support counterfactual policy analysis. The policy experiments examine how household registration reforms that affect internal migration, as well as changes in natural gas prices and infrastructure, alter residential energy choices and household welfare. The results show that both increased internal migration and expanded infrastructure substantially raise the likelihood that households adopt cleaner cooking fuels.

从传统烹饪燃料过渡到更清洁的替代品对于解决发展中国家的环境和公共卫生挑战至关重要。经济增长和城市化通过改善获得现代能源基础设施的机会，影响家庭烹饪燃料的选择。利用中国家庭面板研究（CFPS）的数据，本研究开发了一个具有间接效用框架的结构模型，以评估燃料价格、家庭特征、内部迁移和基础设施扩张如何影响烹饪燃料偏好。一项关键贡献是利用天然气管道长度和建筑面积的数据来捕捉城市化程度，并支持反事实政策分析。政策实验考察了户籍改革对国内移民的影响，以及天然气价格和基础设施的变化，如何改变居民的能源选择和家庭福利。结果表明，国内移民的增加和基础设施的扩大都大大提高了家庭采用更清洁的烹饪燃料的可能性。

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 : 2026-01-19 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

Climate policy and firm cross-regional investment: Evidence from China 气候政策与坚定的跨区域投资：来自中国的证据

IF 14.2 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2026-01-19 DOI: 10.1016/j.eneco.2026.109151

Jian Xu , Dongmin Kong

This study investigates the causal impact of regional climate policy on corporate cross-regional investment location choices in China. Exploiting the quasi-experimental shock of the Low-Carbon City Pilot program through a staggered difference-in-differences method, we find that the policy implementation significantly reduces the Mergers and Acquisitions activities targeting firms in regulated cities. In addition, firms within regulated regions exhibit a higher propensity to establish subsidiaries in non-regulated regions, reflecting strategic relocation to mitigate regulatory risks. One potential explanation is that the climate policy introduces region-specific uncertainty, amplifying investors' and managers' risk perceptions regarding climate transition exposure in regulated areas. Heterogeneity analysis reveals that the effects are more pronounced in firms with lower information disclosure quality, entrenched management, financial constraints, and firms under non-high-tech industries. Our findings highlight unintended consequences of climate policy, and provide timely policy implications for central regulators in developing economies to balance environmental objectives with firms' adaptive investment behaviors when designing place-based climate policies.

本研究探讨了区域气候政策对中国企业跨区域投资区位选择的因果影响。利用低碳城市试点项目的准实验冲击，通过交错差中差方法，我们发现政策的实施显著减少了针对受监管城市企业的并购活动。此外，受监管地区内的公司更倾向于在非监管地区建立子公司，这反映了为减轻监管风险而进行的战略转移。一种可能的解释是，气候政策引入了特定地区的不确定性，放大了投资者和管理者对受监管地区气候转型风险敞口的风险感知。异质性分析表明，在信息披露质量较低、管理根深蒂固、财务约束条件较差的企业和非高新技术产业中，这种影响更为明显。我们的研究结果突出了气候政策的意外后果，并为发展中经济体的中央监管机构在设计基于地方的气候政策时平衡环境目标与企业适应性投资行为提供了及时的政策启示。

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引用次数: 0

From demand deficit to development strategy: Navigating mini-grid viability in a fragile context1 从需求不足到发展战略：在脆弱环境下导航微型电网的可行性

IF 14.2 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2026-01-18 DOI: 10.1016/j.eneco.2026.109141

Elie Lunanga , Nik Stoop , Marijke Verpoorten , Sébastien Desbureaux

Four in five people without access to electricity live in Sub-Saharan Africa, where mini-grids are seen as a key solution. Yet investment remains constrained by low and unpredictable demand, especially in fragile settings. We study electricity demand in North Kivu (Democratic Republic of Congo), using pre-grid census and survey data combined with six years of post-connection consumption records. Five key findings emerge: (i) demand is highly heterogeneous across and within localities, with pockets of low uptake; (ii) pre-grid covariates explain some variation but have limited predictive power for realized connection and consumption; (iii) SMEs consume far more per connection than households while making up a small share of connections; (iv) consumption rises after connection and then plateaus, indicating slow movement up the energy ladder; (v) conflict shocks temporarily depress consumption, but usage rebounds, highlighting resilience in the face of insecurity. We further examine how an integrated, demand-building strategy by the local operator can partially mitigate these challenges. The case highlights that mini-grid viability in fragile settings may depend less on improved demand forecasting and more on the capacity to build and coordinate demand alongside infrastructure, with implications for policy design, risk-sharing finance, and the role of public and donor support.

五分之四用不上电的人生活在撒哈拉以南非洲，在那里微型电网被视为一个关键的解决方案。然而，投资仍然受到需求低迷和不可预测的制约，特别是在脆弱的环境中。我们研究了北基伍省（刚果民主共和国）的电力需求，使用了电网前的人口普查和调查数据，并结合了六年的并网后消费记录。出现了五个主要发现：(i)地方之间和地方内部的需求高度异质，有一些地方的吸收率很低；（ii）电网前协变量解释了一些变化，但对实现连接和消耗的预测能力有限；（三）中小企业的单次连接消费远高于家庭，但所占的连接比例却很小；（iv）连接后消耗上升，然后趋于平稳，表明能源阶梯向上移动缓慢；（五）冲突冲击暂时抑制消费，但消费回升，凸显面对不安全的韧性。我们进一步研究了当地运营商的综合需求建设战略如何在一定程度上缓解这些挑战。该案例强调，在脆弱环境中，微型电网的可行性可能更少地依赖于改进的需求预测，而更多地依赖于在基础设施建设的同时建设和协调需求的能力，这对政策设计、风险分担融资以及公共和捐助者支持的作用都有影响。

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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 : 2026-01-16 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

Electric vehicle adoption and energy prices: Empirical evidence from four Nordic countries 电动汽车的采用与能源价格：来自四个北欧国家的经验证据

IF 14.2 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2026-01-16 DOI: 10.1016/j.eneco.2026.109148

Xiao-Bing Zhang , Jiayi Xu , Ying Zheng , Ramazan Sari , Yanlai Chu

While the transport sector accounts for around 25% of the EU's total GHG emissions, the adoption of electric vehicles (EVs) plays an important role in achieving the EU's net zero emissions goal. Alongside subsidies or tax exemptions for EV purchases, energy prices, i.e., electricity price and gasoline price, can also serve as policy instruments to encourage consumers to shift from internal combustion engine (ICE) vehicles to EVs. Using a unique panel of EV registrations at the product-level from four Nordic countries (Denmark, Finland, Norway, and Sweden), this paper investigates how electricity prices and gasoline prices stimulate the adoption of EVs. The results show that gasoline prices have a more statistically significant effect on the adoption of EVs (as a substitute for ICE vehicles), compared with electricity prices. On average, 1% increase in gasoline price would increase the sales of EVs by 0.85% and the effect is larger for EV models with relatively lower purchase cost (where the effect of electricity price is also found statistically significant) and those with less-known brands. Further simulation results show that a 1% increase in the gasoline price would reduce the lifecycle GHG emissions of new automobiles by 0.16%. Our study highlights the importance of energy prices in accelerating EV adoption and mitigating carbon emissions in the Nordic countries.

虽然交通运输部门占欧盟温室气体排放总量的25%左右，但电动汽车（ev）的采用在实现欧盟净零排放目标方面发挥着重要作用。除了购买电动汽车的补贴或免税外，能源价格，即电价和汽油价格也可以作为鼓励消费者从内燃机汽车转向电动汽车的政策工具。本文利用来自四个北欧国家（丹麦、芬兰、挪威和瑞典）的独特的电动汽车产品注册面板，研究了电价和汽油价格如何刺激电动汽车的采用。结果表明，与电价相比，汽油价格对采用电动汽车（作为内燃机汽车的替代品）的影响在统计上更为显著。平均而言，汽油价格上涨1%会使电动汽车销量增加0.85%，对于购买成本相对较低的电动汽车车型（电价的影响也有统计学意义）和品牌知名度较低的电动汽车车型的影响更大。进一步的模拟结果表明，汽油价格每上涨1%，新车生命周期温室气体排放量将减少0.16%。我们的研究强调了能源价格在加速电动汽车普及和减少北欧国家碳排放方面的重要性。

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引用次数: 0

Revisiting the Last Mile: The development effects of a mass electrification program in Kenya 重访最后一英里：肯尼亚大规模电气化计划对发展的影响

IF 14.2 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2026-01-13 DOI: 10.1016/j.eneco.2025.109098

Dana Kassem , Giulia Zane , Eustace Uzor

Access to electricity remains a central priority in development policy, particularly in Sub-Saharan Africa (SSA), which accounts for over half of the global population without reliable power. This study examines the socio-economic impacts of Kenya’s Last Mile Connectivity Project (LMCP), a large-scale electrification initiative aimed at expanding grid access by connecting households and businesses within 600 meters of distribution transformers. Using a spatial regression discontinuity design, we evaluate the program’s effectiveness in increasing electricity access and its broader development outcomes. Our findings show that the LMCP significantly improved household connectivity, leading to a substantial shift from off-grid energy sources to grid electricity. While this transition resulted in modest yet positive economic effects, most notably, increased household consumption, there was no significant impact on employment, income, or women’s empowerment. These limited economic gains appear to stem from persistent challenges such as unreliable power supply and financial constraints that hinder productive electricity use. Interestingly, we find that the positive impact of LMCP on consumption is driven by households connected earlier, suggesting that the impact of the program might increase over time. While our results highlight the role of electrification in improving living conditions, they also suggest that access alone may not be sufficient to drive broader economic transformation, and benefits take time to accrue.

获得电力仍然是发展政策的核心优先事项，特别是在撒哈拉以南非洲（SSA），该地区占全球没有可靠电力的人口的一半以上。本研究考察了肯尼亚“最后一英里连接项目”（LMCP）的社会经济影响，这是一项大型电气化倡议，旨在通过连接配电变压器600米范围内的家庭和企业来扩大电网接入。利用空间回归不连续设计，我们评估了该项目在增加电力供应方面的有效性及其更广泛的发展成果。我们的研究结果表明，LMCP显著改善了家庭连通性，导致从离网能源到电网电力的实质性转变。虽然这一转变带来了适度但积极的经济影响，最显著的是增加了家庭消费，但对就业、收入或妇女赋权没有显著影响。这些有限的经济收益似乎源于持续存在的挑战，如不可靠的电力供应和阻碍生产性电力使用的财政限制。有趣的是，我们发现LMCP对消费的积极影响是由早期连接的家庭推动的，这表明该计划的影响可能会随着时间的推移而增加。虽然我们的研究结果强调了电气化在改善生活条件方面的作用，但它们也表明，仅靠电气化可能不足以推动更广泛的经济转型，而且效益需要时间来积累。

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引用次数: 0