Vertical acquisition and carbon capture and storage choices under cap-and-trade regulation with sustainable finance
學年 113
學期 1
出版（發表）日期 2024-09-18
作品名稱 Vertical acquisition and carbon capture and storage choices under cap-and-trade regulation with sustainable finance
作品名稱（其他語言）
著者 Shi Chen; Yonghong Zhao; Chuen-Ping Chang; Jyh-Horng Lin; Ching-Hui Chang
單位
出版者
著錄名稱、卷期、頁數 Energy Economics 139 (2024) 107912
摘要 In this paper, we establish a contingent claim framework for environmental management. The paper focuses on the vertical acquisition of a supply chain in the context of sustainable insurance (i.e., sustainable finance), specifically considering carbon capture and storage (CCS) technology choices and cap-and-trade regulations. The main results are as follows. Firstly, a more stringent cap-and-trade scheme increases equity efficiency in sustainable insurance, particularly when the green upstream manufacturer with advanced CCS technology acquires the brown downstream manufacturer, which also uses advanced CCS technology. Secondly, it harms risk efficiency, especially when the green upstream manufacturer with backward CCS technology acquires the brown downstream manufacturer, which uses advanced CCS technology. Thirdly, it increases the default risk in the insurer’s equity, especially when the green upstream manufacturer with backward CCS technology acquires the brown downstream manufacturer, which also uses backward CCS technology. Overall, cap-and-trade’s effects on equity and risk efficiency in vertical acquisition and default risk in insurer’s equity within sustainable insurance depend on adopting CCS technology. Policymakers should incentivize advanced CCS technologies in vertical acquisitions to enhance equity and reduce default risks, supporting long-term financial stability and environmental sustainability toward Sustainable Development Goals.
關鍵字 Cap-and-trade;Carbon capture and storage;Sustainable development goals;Sustainable insurance;Vertical acquisition
語言 en
ISSN
期刊性質 國外
收錄於 SSCI
產學合作
通訊作者 Jyh-Horng Lin
審稿制度 是
國別 NLD
公開徵稿
出版型式 ,電子版
相關連結

機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/126312 )

SDGS 消除貧窮,永續城市與社區,夥伴關係,良好健康和福祉,尊嚴就業與經濟發展