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    Title: 嚴格控制和漂綠傾向:無效選擇導致的福利損失
    Tighter Control and Greenwashing Propensities: The case of welfare loss due to ineffective selection
    Authors: 林思羽
    Lin, Sz-Yu
    Contributors: 李文傑
    王信實

    Lee, Wen-Chieh
    Wang, Shinn-Shyr

    林思羽
    Lin, Sz-Yu
    Keywords: 綠色債券
    漂綠
    資源錯置
    獨佔性競爭
    Green bonds
    Greenwashing
    Capital misallocation
    Social welfare
    Green regulations
    Monopolistic competition
    Date: 2024
    Issue Date: 2024-07-01 12:18:38 (UTC+8)
    Abstract: 美國企業長期以來不斷因濫用綠色債券和在美國債券市場中普遍存在的漂綠行為而備受質疑。在對漂綠之影響的廣泛定性討論基礎上,本研究透過建立一個理論架構,來衡量美國漂綠行為對資本錯置的影響。通過將美國債券數據應用於該理論框架,數據顯示美國債券市場中確實存在漂綠行為。由於漂綠所造成的資本錯置將導致社會福利惡化,本研究設計了多項數值模擬,展示了通過系統化的新監管措施能夠有效改善資本配置。新的監管措施將通過減少漂綠行為來提高社會福利。同時,此結果在不同參數組合設定下均顯示出穩健性。
    The American-producing firms have long been doubted for misappropriating cheap green bonds and exhibiting widespread greenwash behavior in the American bond markets. On top of the extensive qualitative discussions on the query of effects caused by greenwash, this research contributes by developing a theoretical framework to gauge the capital misallocation effects of greenwash behaviors in America. By applying the American bond data to the theoretical framework, the greenwash is shown numerically existing in the American bond market. Given the worsening social welfare caused by the misallocated capital of greenwash, several numerical exercises are devised to show the prospective improving capital allocations from the systematic new monitoring regulations. The updated regulations would enhance social welfare from the ease of greenwashing behaviors. The results are shown to be robust on the different setups of parameter combinations.
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    [2] Cortellini, G., Panetta, I. C. (2021), “Green Bond: A Systematic Literature Review for Future Research Agendas,” Journal of Risk and Financial Management, 14(12), 589.
    [3] Davis, J. J. (1992), “Ethics and environmental marketing,” Ethics and environmental marketing, Volume 11, 81–87.
    [4] de Freitas Netto, S. V., Sobral, M. F. F., Ribeiro, A. R. B., and Soares, G. R. D. L. (2020), “Concepts and forms of greenwashing: A systematic review,” Environmental Sciences Europe, Volume 32, 1-12.
    [5] de Jong, M. D. T., Huluba, G., and Beldad, A. D. (2020), “Different Shades of Greenwashing: Consumers’Reactions to Environmental Lies, Half-Lies, and Organizations Taking Credit for Following Legal Obligations,” Journal of Business and Technical Communication, 34(1), 38–76.
    [6] Deschryver, P., de Mariz, F. (2020), “What Future for the Green Bond Market? How Can Policymakers, Companies, and Investors Unlock the Potential of the Green Bond Market?” Journal of Risk and Financial Management, 13(3),61.
    [7] Dixit, A. K., Stiglitz, J. E. (1977), “Monopolistic competition and optimum product diversity” The American economic review, 67(3), 297-308.
    [8] Ehlers, T. and Packer, F. (2017), “Green bond finance and certification,” BIS Quarterly Review, (4), 89–104.
    [9] Flammer, C. (2020), “Green bonds: Effectiveness and implications for public policy,” Environmental and Energy Policy and the Economy, 1(1), 95–128.
    [10] G20 Green Finance Study Group. (2016), “G20 Green finance synthesis report
    2016,” G20 Green Finance Study Group.
    [11] Helpman, E., Melitz, M. J., and Yeaple, S. R. (2004), “Export versus FDI with
    heterogeneous firms,” American Economic Review, 94(1), 300-316.
    [12] Hopenhayn, H. A. (1992), “Entry, Exit, and Firm Dynamics in Long Run Equilibrium,” Econometrica, 60(5), 1127–1150.
    [13] Hsieh, C. T., and Klenow, P. J. (2009), “Misallocation and Manufacturing TFP in
    China and India,” The Quarterly Journal of Economics, 124(4), 1403–1448.
    [14] International Capital Market Association. (2021), “Green bond Principles, Voluntary Process Guidelines for Issuing Green Bonds,” International Capital Market Association.
    [15] Lee, W. C., and Wang, S. S. (2017), “Misallocations and policy constraints on
    mergers in the modern manufacturing sector,” Journal of Macroeconomics, Volume 52, 268-286.
    [16] Melitz, M. J. (2003), “The Impact of Trade on Intra-Industry Reallocations and Aggregate Industry Productivity,” Econometrica, 71(6), 1695-1725.
    [17] Melitz, M. J., Redding, S. J. (2015), “New trade models, new welfare implications,” American Economic Review, 105(3), 1105-1146.
    [18] Michetti, C., Chouhan, N., Harrison, C., and MacGeoch, M. (2023), “Sustainable Debt Global State of the Market 2022” Climate Bonds Initiative.
    [19] Nyilasy, G., Gangadharbatla, H., and Paladino, A. (2014), “Perceived Greenwashing: The Interactive Effects of Green Advertising and Corporate Environmental Performance on Consumer Reactions,” Journal of Business Ethics, Volume 125, 693–707.
    [20] Sraer, D., and Thesmar, D. (2023), “How to Use Microdata for MacroFinance,” Annual Review of Financial Economics, Volume 15, 387-406.
    [21] Team, C. W. (2008), “Climate Change 2007: Synthesis Report,”Intergovernmental Panel on Climate Change.
    [22] TerraChoice. (2007), “The ‘‘Six sins of greenwashing,” Terra Choice Environmental Marketing Inc.
    [23] Wang, E. K. (2018), “Financing Green: Reforming Green Bond Regulation in The United States,” Brooklyn Journal of Corporate, Financial & Commercial Law, 12(2), 467.
    [24] Yeow, K. E., and Ng, S. H. (2021), “The impact of green bonds on corporate environmental and financial performance,” Managerial Finance, 47(10), 1486-1510.
    Description: 碩士
    國立政治大學
    經濟學系
    111258001
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0111258001
    Data Type: thesis
    Appears in Collections:[經濟學系] 學位論文

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