Pub Date : 2024-12-05DOI: 10.1016/j.eneco.2024.108110
Pragati Priya, Chandan Sharma, Chandan Kumar Jha
Inequality in income and consumption expenditure is intricately linked to discrimination based on gender, caste, and religion in India. Using large-scale administrative survey data – the Consumer Pyramids Household Surveys (CPHS), we provide empirical evidence on Roemer's paradigm of equality of opportunity in energy consumption and its components: fuel and electricity consumption. We investigate the contributions of circumstance factors – gender, caste, and religion – in generating inequality of opportunity (IOP) in energy consumption and its components at the state level. We find evidence of high IOP in total energy consumption and moderate levels of IOP in fuel and electricity consumption. Our findings show that gender accounts for a substantial share of IOP in energy consumption and its components in southern regions, whereas caste and religion are the key drivers of such inequalities in the north and northeast states. Relative IOP estimates are high in northern states, but lower in the southern and northeast states. We draw several policy implications, highlighting the need for tailored policy initiatives designed and implemented at the state level to enhance energy accessibility and affordability to women-led households, backward castes, and minorities. We contend that the use of such indices cannot only inform the policymakers of the current state of IOP, but one can construct such indices to measure the progress toward ensuring equality of opportunity in energy consumption across demographic groups.
{"title":"Asymmetry in the inequality of opportunity in energy consumption across gender, caste, and religion in India","authors":"Pragati Priya, Chandan Sharma, Chandan Kumar Jha","doi":"10.1016/j.eneco.2024.108110","DOIUrl":"https://doi.org/10.1016/j.eneco.2024.108110","url":null,"abstract":"Inequality in income and consumption expenditure is intricately linked to discrimination based on gender, caste, and religion in India. Using large-scale administrative survey data – the Consumer Pyramids Household Surveys (CPHS), we provide empirical evidence on Roemer's paradigm of equality of opportunity in energy consumption and its components: fuel and electricity consumption. We investigate the contributions of circumstance factors – gender, caste, and religion – in generating inequality of opportunity (IOP) in energy consumption and its components at the state level. We find evidence of high IOP in total energy consumption and moderate levels of IOP in fuel and electricity consumption. Our findings show that gender accounts for a substantial share of IOP in energy consumption and its components in southern regions, whereas caste and religion are the key drivers of such inequalities in the north and northeast states. Relative IOP estimates are high in northern states, but lower in the southern and northeast states. We draw several policy implications, highlighting the need for tailored policy initiatives designed and implemented at the state level to enhance energy accessibility and affordability to women-led households, backward castes, and minorities. We contend that the use of such indices cannot only inform the policymakers of the current state of IOP, but one can construct such indices to measure the progress toward ensuring equality of opportunity in energy consumption across demographic groups.","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"143 1","pages":""},"PeriodicalIF":12.8,"publicationDate":"2024-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142825381","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-12-05DOI: 10.1016/j.eneco.2024.108105
Minhyuk Jeong, Kwangwon Ahn
This study investigates the role of energy organization sentiments for oil return forecasts. First, we construct organization sentiment indexes using ChatGPT, a large language model, which enables us to extract sentimental information from the oil market reports issued by the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC). We found that organization sentiment indexes have a significantly negative impact on future oil price changes, and the information in OPEC's sentiment dominates that in the IEA's sentiment. The significance survives in models controlled by well-known oil pricing factors, e.g., oil market fundamentals, financial factors, and consumer and investor sentiments. The organization sentiment indexes Granger cause changes in oil production decisions, where oil production is identified as the channel through which the organization sentiment indexes influence future crude oil returns. We also found that the impact of organization sentiments is time-varying depending on investor sentiments and the market returns but mostly remains significant for both the in-sample fit and out-of-sample forecasts. Oil market participants, e.g., oil consumers, producers, and investors, can refer to the proposed organization sentiment indexes while trading crude oil to improve their utility. The inclusion of OPEC sentiment yields 2.40 % of certainty equivalent return gain, which is increased to 2.56 % with the addition of IEA sentiment. The findings of this study imply that the IEA should review its role and influence to maintain energy security effectively, and OPEC should track the profitability of its production adjustments.
{"title":"Energy organization sentiment and oil return forecast","authors":"Minhyuk Jeong, Kwangwon Ahn","doi":"10.1016/j.eneco.2024.108105","DOIUrl":"https://doi.org/10.1016/j.eneco.2024.108105","url":null,"abstract":"This study investigates the role of energy organization sentiments for oil return forecasts. First, we construct organization sentiment indexes using ChatGPT, a large language model, which enables us to extract sentimental information from the oil market reports issued by the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC). We found that organization sentiment indexes have a significantly negative impact on future oil price changes, and the information in OPEC's sentiment dominates that in the IEA's sentiment. The significance survives in models controlled by well-known oil pricing factors, e.g., oil market fundamentals, financial factors, and consumer and investor sentiments. The organization sentiment indexes Granger cause changes in oil production decisions, where oil production is identified as the channel through which the organization sentiment indexes influence future crude oil returns. We also found that the impact of organization sentiments is time-varying depending on investor sentiments and the market returns but mostly remains significant for both the in-sample fit and out-of-sample forecasts. Oil market participants, e.g., oil consumers, producers, and investors, can refer to the proposed organization sentiment indexes while trading crude oil to improve their utility. The inclusion of OPEC sentiment yields 2.40 % of certainty equivalent return gain, which is increased to 2.56 % with the addition of IEA sentiment. The findings of this study imply that the IEA should review its role and influence to maintain energy security effectively, and OPEC should track the profitability of its production adjustments.","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"93 1","pages":""},"PeriodicalIF":12.8,"publicationDate":"2024-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142889324","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
As a complement to previous studies related to geopolitical risk (GPRs) and renewable energy development, this study examines the impact of GPRs on renewable energy technology innovation in an attempt to reveal whether fluctuations in GPRs promote energy transition. The study finds that increased levels of GPRs will foster technological innovation in the renewable energy sector, most pronounced in the solar energy sector. Heterogeneity analysis showed that developed and non-OECD countries with less aggressive renewable policies see the most significant effects. The results from empirical analysis demonstrate that economic policy uncertainty could intensify the beneficial impact of GPRs on the development of renewable energy technology innovation. These findings confirm that the heightened GPRs globally could serve as new momentum for energy transition, providing some implications for policymakers and energy market investors to promote energy transition.
{"title":"Would geopolitical risks be the new driver of the energy transition? An empirical study on renewable energy technology innovation","authors":"Ying Zhang, Baoliu Liu, Jinjun Xue, Yiming Chen, Fang Zhao","doi":"10.1016/j.eneco.2024.108100","DOIUrl":"https://doi.org/10.1016/j.eneco.2024.108100","url":null,"abstract":"As a complement to previous studies related to geopolitical risk (GPRs) and renewable energy development, this study examines the impact of GPRs on renewable energy technology innovation in an attempt to reveal whether fluctuations in GPRs promote energy transition. The study finds that increased levels of GPRs will foster technological innovation in the renewable energy sector, most pronounced in the solar energy sector. Heterogeneity analysis showed that developed and non-OECD countries with less aggressive renewable policies see the most significant effects. The results from empirical analysis demonstrate that economic policy uncertainty could intensify the beneficial impact of GPRs on the development of renewable energy technology innovation. These findings confirm that the heightened GPRs globally could serve as new momentum for energy transition, providing some implications for policymakers and energy market investors to promote energy transition.","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"43 1","pages":""},"PeriodicalIF":12.8,"publicationDate":"2024-12-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142825379","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-12-04DOI: 10.1016/j.eneco.2024.108106
Luisa Loiacono, Leonzio Rizzo, Carlo Stagnaro
In the European Union's electricity wholesale markets, energy is traded across large bidding zones, which, in most cases coincide with national borders: the so-called zonal markets. Within each market zone, energy flows are supposed to be free of transmission constraints. However, in some cases transmission constraints exist, implying an inefficient mismatch between demand and supply in different areas where the zonal market holds. Does transition to a more homogeneous multi-zonal market change equilibrium prices by facilitating a better balance between demand and supply when transmission constraints hold? We answer this question, by testing if the market re-configuration from one bidding zone to four zones, together with the commitment to not limit export with the neighboring countries, which took place in Sweden in November 2011, implied a change in prices. We perform a Regression Discontinuity in Time (RDiT) to compare change in prices in the four zones of Sweden. We find that, after November 2011, electricity prices increase across all zones with a stronger effect in southern Sweden.
{"title":"Impact of bidding zone re-configurations on electricity prices: Evidence from Sweden","authors":"Luisa Loiacono, Leonzio Rizzo, Carlo Stagnaro","doi":"10.1016/j.eneco.2024.108106","DOIUrl":"https://doi.org/10.1016/j.eneco.2024.108106","url":null,"abstract":"In the European Union's electricity wholesale markets, energy is traded across large bidding zones, which, in most cases coincide with national borders: the so-called zonal markets. Within each market zone, energy flows are supposed to be free of transmission constraints. However, in some cases transmission constraints exist, implying an inefficient mismatch between demand and supply in different areas where the zonal market holds. Does transition to a more homogeneous multi-zonal market change equilibrium prices by facilitating a better balance between demand and supply when transmission constraints hold? We answer this question, by testing if the market re-configuration from one bidding zone to four zones, together with the commitment to not limit export with the neighboring countries, which took place in Sweden in November 2011, implied a change in prices. We perform a Regression Discontinuity in Time (RDiT) to compare change in prices in the four zones of Sweden. We find that, after November 2011, electricity prices increase across all zones with a stronger effect in southern Sweden.","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"252 1","pages":""},"PeriodicalIF":12.8,"publicationDate":"2024-12-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142825377","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-12-04DOI: 10.1016/j.eneco.2024.108101
Aviral Kumar Tiwari, Mehmet Metin Dam, Halil Altıntaş, Festus Victor Bekun
This paper uses the dynamic connectedness framework to investigate the interrelationship between the decomposed oil supply, demand and risk shocks that Ready (2018) developed and the stock market returns of emerging market economies. For this purpose, we use daily data from 11 October 2001 to 5 April 2021. Novel empirical methodologies, including wavelet quantile correlation (WQC), cross-quantilogram analysis, nonparametric causality-in-quantile approaches, contemporaneous R<ce:sup loc="post">2</ce:sup> connectedness approach and generalized R<ce:sup loc="post">2</ce:sup> connectedness approaches, are employed. The results show that oil price fluctuations significantly impact the economic performance of emerging market economies, reflecting historical events. Demand price shocks are regarded as net transmitters within the system, whereas supply and risk price shocks are net receivers of spillovers. Concurrently, our findings indicate a considerable degree of dynamic connectedness among the stock markets of emerging market economies. In particular, the stock markets of Brazil, Mexico, and Argentina have been identified as net transmitters of spillovers. In contrast, the stock markets of Turkey, South Korea, Malaysia, Indonesia and India are classified as net receivers of spillovers. Furthermore, we examine and document the advantages of diversified portfolios that include all sector indices, including oil price shocks and emerging market economy stock markets, in terms of portfolio performance. The insights offered here are valuable for investors and policymakers striving to enhance their strategic approaches in today's interconnected global financial context. The results show that oil price fluctuations significantly impact the economic performance of emerging market economies and reflect historical events. Demand shocks affecting the stock market indices of Brazil, Argentina and Mexico tend to act as net spillover transmitters. In contrast, supply shocks affecting the stock market indices of Indonesia, South Korea, India, Turkey and Malaysia mainly act as net spillover receivers. Net pairwise interconnectedness analysis reveals that, except for crisis periods, interactions between financial markets or macroeconomic indicators are evenly distributed. Thus, systemic risk is lower, and markets act independently. Empirical findings obtained using WQC generally show the presence of negative correlations at long-time scales and low quantiles, which is considered an indicator of the safe-haven feature associated with the asset in question. The hedge feature is observed to be evident only at long time scales. The results of the cross-quantilogram analysis show mixed evidence of correlation in all stock indices, especially in the weekly lag structure, compared to daily and monthly lags. Finally, non-parametric Granger causality test results show that stock returns are insensitive to oil price fluctuations, making these markets attractive for investors se
{"title":"The dynamic connectedness between oil price shocks and emerging market economies stock markets: Evidence from new approaches","authors":"Aviral Kumar Tiwari, Mehmet Metin Dam, Halil Altıntaş, Festus Victor Bekun","doi":"10.1016/j.eneco.2024.108101","DOIUrl":"https://doi.org/10.1016/j.eneco.2024.108101","url":null,"abstract":"This paper uses the dynamic connectedness framework to investigate the interrelationship between the decomposed oil supply, demand and risk shocks that Ready (2018) developed and the stock market returns of emerging market economies. For this purpose, we use daily data from 11 October 2001 to 5 April 2021. Novel empirical methodologies, including wavelet quantile correlation (WQC), cross-quantilogram analysis, nonparametric causality-in-quantile approaches, contemporaneous R<ce:sup loc=\"post\">2</ce:sup> connectedness approach and generalized R<ce:sup loc=\"post\">2</ce:sup> connectedness approaches, are employed. The results show that oil price fluctuations significantly impact the economic performance of emerging market economies, reflecting historical events. Demand price shocks are regarded as net transmitters within the system, whereas supply and risk price shocks are net receivers of spillovers. Concurrently, our findings indicate a considerable degree of dynamic connectedness among the stock markets of emerging market economies. In particular, the stock markets of Brazil, Mexico, and Argentina have been identified as net transmitters of spillovers. In contrast, the stock markets of Turkey, South Korea, Malaysia, Indonesia and India are classified as net receivers of spillovers. Furthermore, we examine and document the advantages of diversified portfolios that include all sector indices, including oil price shocks and emerging market economy stock markets, in terms of portfolio performance. The insights offered here are valuable for investors and policymakers striving to enhance their strategic approaches in today's interconnected global financial context. The results show that oil price fluctuations significantly impact the economic performance of emerging market economies and reflect historical events. Demand shocks affecting the stock market indices of Brazil, Argentina and Mexico tend to act as net spillover transmitters. In contrast, supply shocks affecting the stock market indices of Indonesia, South Korea, India, Turkey and Malaysia mainly act as net spillover receivers. Net pairwise interconnectedness analysis reveals that, except for crisis periods, interactions between financial markets or macroeconomic indicators are evenly distributed. Thus, systemic risk is lower, and markets act independently. Empirical findings obtained using WQC generally show the presence of negative correlations at long-time scales and low quantiles, which is considered an indicator of the safe-haven feature associated with the asset in question. The hedge feature is observed to be evident only at long time scales. The results of the cross-quantilogram analysis show mixed evidence of correlation in all stock indices, especially in the weekly lag structure, compared to daily and monthly lags. Finally, non-parametric Granger causality test results show that stock returns are insensitive to oil price fluctuations, making these markets attractive for investors se","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"18 1","pages":""},"PeriodicalIF":12.8,"publicationDate":"2024-12-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142825378","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-12-03DOI: 10.1016/j.eneco.2024.108112
Sami Ben Jabeur, Yassine Bakkar, Oguzhan Cepni
We investigate the impact of global common volatility and geopolitical risks on clean energy prices. Our study utilizes daily data from January 1, 2001, to March 18, 2024. Using a new framework based on explainable artificial intelligence (XAI) methods, our findings demonstrate that the COVOL index outperforms the geopolitical risk index in accurately predicting clean energy prices. Furthermore, the Extreme Trees algorithm shows superior performance compared to traditional regression techniques. Our findings indicate that XAI improves transparency, thereby making a substantial contribution to agile decision-making in predicting clean energy prices. Practitioners, including investors and portfolio managers, can enhance investment decisions and manage systemic risks by incorporating COVOL into their risk assessment and asset allocation models.
{"title":"Do global COVOL and geopolitical risks affect clean energy prices? Evidence from explainable artificial intelligence models","authors":"Sami Ben Jabeur, Yassine Bakkar, Oguzhan Cepni","doi":"10.1016/j.eneco.2024.108112","DOIUrl":"https://doi.org/10.1016/j.eneco.2024.108112","url":null,"abstract":"We investigate the impact of global common volatility and geopolitical risks on clean energy prices. Our study utilizes daily data from January 1, 2001, to March 18, 2024. Using a new framework based on explainable artificial intelligence (XAI) methods, our findings demonstrate that the COVOL index outperforms the geopolitical risk index in accurately predicting clean energy prices. Furthermore, the Extreme Trees algorithm shows superior performance compared to traditional regression techniques. Our findings indicate that XAI improves transparency, thereby making a substantial contribution to agile decision-making in predicting clean energy prices. Practitioners, including investors and portfolio managers, can enhance investment decisions and manage systemic risks by incorporating COVOL into their risk assessment and asset allocation models.","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"47 1","pages":""},"PeriodicalIF":12.8,"publicationDate":"2024-12-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142790095","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper examines how border carbon adjustments (BCAs) may address the consequences of uncoordinated global climate action, focusing on the economic impacts for Canada. We investigate these impacts under different BCA design features and by considering a coalition of countries and regions that adopt BCAs. We find that when Canada is within a coalition of BCA-implementing countries including the United States, BCA measures in the form of import tariffs reduce Canada's carbon leakage and boost domestic and foreign competitiveness. We show that these results may change if Canada imposes BCAs on a different set of sectors than the rest of the coalition or includes export rebates and free emissions allowances to firms. When Canada remains in the coalition while the United States does not, we show that Canada's carbon leakage increases, domestic competitiveness weakens, and foreign competitiveness improves.
{"title":"Impacts of border carbon adjustments on the Canadian economy","authors":"Hossein Jebeli, Y.-H. Henry Chen, Craig Johnston, Sergey Paltsev, Marie-Christine Tremblay","doi":"10.1016/j.eneco.2024.108089","DOIUrl":"https://doi.org/10.1016/j.eneco.2024.108089","url":null,"abstract":"This paper examines how border carbon adjustments (BCAs) may address the consequences of uncoordinated global climate action, focusing on the economic impacts for Canada. We investigate these impacts under different BCA design features and by considering a coalition of countries and regions that adopt BCAs. We find that when Canada is within a coalition of BCA-implementing countries including the United States, BCA measures in the form of import tariffs reduce Canada's carbon leakage and boost domestic and foreign competitiveness. We show that these results may change if Canada imposes BCAs on a different set of sectors than the rest of the coalition or includes export rebates and free emissions allowances to firms. When Canada remains in the coalition while the United States does not, we show that Canada's carbon leakage increases, domestic competitiveness weakens, and foreign competitiveness improves.","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"1 1","pages":""},"PeriodicalIF":12.8,"publicationDate":"2024-11-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142790081","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-11-28DOI: 10.1016/j.eneco.2024.108079
Sefa Awaworyi Churchill , Russell Smyth , Trong-Anh Trinh
In the eighteenth and nineteenth centuries the United Kingdom transported convicts to the penal colonies of New South Wales and Van Diemen's Land. Most of the convicts who were sent to the colonies were men. Treating it as a quasi-natural experiment, we employ the gender imbalance associated with this historical event to examine how gender norms influence the adoption of photovoltaic solar panels (PVS) in modern day Australia. Estimates from our preferred instrumental variable specification suggest that a unit increase in the historical sex ratio causes 3.5 more PVS units to be installed per 1000 population. We provide indirect evidence on the role of female bargaining power as a channel. We find that women living in locations which had higher historical sex ratios report being more satisfied with the division of childcare and household responsibilities, consistent with having greater bargaining power. We find that the effect of historical sex ratios on each of these proxies for female bargaining power is moderated by having an Australian-born parent, such that having an Australian-born parent strengthens the relationship, consistent with gender norms being passed down across generations. We also find that the effect of historical sex ratios on female bargaining power is attenuated by internal migration and greater ethnic diversity in the postcode, both of which weaken the vertical transmission of gender norms.
{"title":"Gender norms and solar panel energy adoption in Australia: Evidence from a natural experiment","authors":"Sefa Awaworyi Churchill , Russell Smyth , Trong-Anh Trinh","doi":"10.1016/j.eneco.2024.108079","DOIUrl":"10.1016/j.eneco.2024.108079","url":null,"abstract":"<div><div>In the eighteenth and nineteenth centuries the United Kingdom transported convicts to the penal colonies of New South Wales and Van Diemen's Land. Most of the convicts who were sent to the colonies were men. Treating it as a quasi-natural experiment, we employ the gender imbalance associated with this historical event to examine how gender norms influence the adoption of photovoltaic solar panels (PVS) in modern day Australia. Estimates from our preferred instrumental variable specification suggest that a unit increase in the historical sex ratio causes 3.5 more PVS units to be installed per 1000 population. We provide indirect evidence on the role of female bargaining power as a channel. We find that women living in locations which had higher historical sex ratios report being more satisfied with the division of childcare and household responsibilities, consistent with having greater bargaining power. We find that the effect of historical sex ratios on each of these proxies for female bargaining power is moderated by having an Australian-born parent, such that having an Australian-born parent strengthens the relationship, consistent with gender norms being passed down across generations. We also find that the effect of historical sex ratios on female bargaining power is attenuated by internal migration and greater ethnic diversity in the postcode, both of which weaken the vertical transmission of gender norms.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"141 ","pages":"Article 108079"},"PeriodicalIF":13.6,"publicationDate":"2024-11-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142756644","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The paper examines how women's political empowerment affects renewable energy demand, considering factors like energy costs, green technologies, and gross domestic product (GDP) growth in the panel dataset of 36 Organisation for Economic Cooperation and Development (OECD) economies from 1990 to 2022. The Least Absolute Shrinkage and Selection Operators (LASSOs) algorithms select the critical drivers of renewable energy demand. Then, the paper applies Bayesian Model Averaging (BMA), Partialing-out Linear Regression (POLR), Double Selection Linear Regression (DSLR), and Cross-fit Partialing-out Linear Regression (Cross-fit POLR) LASSO techniques to check the robustness of the LASSOs findings. It is found that gender inequality and green technologies have significant positive effects on renewable energy demand. Conversely, GDP growth exhibits a significant negative influence, while the effect of energy costs is found to be statistically insignificant. Potential policy implications are also discussed.
{"title":"The impact of women's political empowerment on renewable energy demand: Evidence from OECD countries","authors":"Giray Gozgor, Jing Li, Irfan Saleem, Riazullah Shinwari","doi":"10.1016/j.eneco.2024.108081","DOIUrl":"https://doi.org/10.1016/j.eneco.2024.108081","url":null,"abstract":"The paper examines how women's political empowerment affects renewable energy demand, considering factors like energy costs, green technologies, and gross domestic product (GDP) growth in the panel dataset of 36 Organisation for Economic Cooperation and Development (OECD) economies from 1990 to 2022. The Least Absolute Shrinkage and Selection Operators (LASSOs) algorithms select the critical drivers of renewable energy demand. Then, the paper applies Bayesian Model Averaging (BMA), Partialing-out Linear Regression (POLR), Double Selection Linear Regression (DSLR), and Cross-fit Partialing-out Linear Regression (Cross-fit POLR) LASSO techniques to check the robustness of the LASSOs findings. It is found that gender inequality and green technologies have significant positive effects on renewable energy demand. Conversely, GDP growth exhibits a significant negative influence, while the effect of energy costs is found to be statistically insignificant. Potential policy implications are also discussed.","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"17 1","pages":""},"PeriodicalIF":12.8,"publicationDate":"2024-11-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142790070","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-11-28DOI: 10.1016/j.eneco.2024.108092
Mostafa Monzur Hasan, Xiaomeng Charlene Chen
We investigate the relationship between business strategies and corporate carbon (CO2) emissions. Using a sample of US publicly listed firms, we document that firms following a prospector-type business strategy emit significantly less CO2 than those adopting a defender-type strategy. We also find that this relationship holds for Scope 1, Scope 2, and Scope 3 emissions. This connection is more evident in firms with greater board gender diversity, those operating in environmentally sensitive industries, and those headquartered in regions with high social capital. Our mechanism analysis demonstrates that the innovation culture of prospector firms plays a crucial role in reducing CO2 emissions. We conduct a series of robustness tests, including two-stage least-squares and difference-in-differences, and show that our findings are not influenced by endogeneity issues. Further analysis reveals that higher CO2 emissions by prospectors result in a decline in firm value. Overall, our results underscore the importance of strategic alignment with environmental objectives for both environmental sustainability and firm performance.
{"title":"Business strategies and carbon emissions","authors":"Mostafa Monzur Hasan, Xiaomeng Charlene Chen","doi":"10.1016/j.eneco.2024.108092","DOIUrl":"https://doi.org/10.1016/j.eneco.2024.108092","url":null,"abstract":"We investigate the relationship between business strategies and corporate carbon (CO2) emissions. Using a sample of US publicly listed firms, we document that firms following a prospector-type business strategy emit significantly less CO2 than those adopting a defender-type strategy. We also find that this relationship holds for Scope 1, Scope 2, and Scope 3 emissions. This connection is more evident in firms with greater board gender diversity, those operating in environmentally sensitive industries, and those headquartered in regions with high social capital. Our mechanism analysis demonstrates that the innovation culture of prospector firms plays a crucial role in reducing CO2 emissions. We conduct a series of robustness tests, including two-stage least-squares and difference-in-differences, and show that our findings are not influenced by endogeneity issues. Further analysis reveals that higher CO2 emissions by prospectors result in a decline in firm value. Overall, our results underscore the importance of strategic alignment with environmental objectives for both environmental sustainability and firm performance.","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"82 1","pages":""},"PeriodicalIF":12.8,"publicationDate":"2024-11-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142790100","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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