KETEP 세계에너지시장정보

Non-Technical Summary .............. 2

1 Introduction ................ 4

2 The Green Paradox Literature .............. 6

3 Empirical Design and Data .............. 7
 3.1 Data Sources ...................... 7
  3.1.1 Compustat Data ................ 7
  3.1.2 Climate Change Exposure ............... 8
  3.1.3 Trucost: Breakdown of Capital Expenditures .............. 10
  3.1.4 Supplementary Data .............. 10
 3.2 Descriptive Statistics .............. 10
 3.3 Empirical Design ................... 11

4 Results .............. 15
 4.1 Impact of Expected Climate Change Policies on Investment ............. 15
 4.2 Distinguishing between Fossil Fuel and Alternative Investments .................. 16
 4.3 Tackling Endogeneity Concerns .................. 18
  4.3.1 Parallel Trends .............. 18
  4.3.2 Differences in Firm Size ................. 19
  4.3.3 Oil Price Sensitivity .............. 20
  4.3.4 Policy Exposure in Europe versus North America .............. 21
  4.3.5 Synthetic Differences-in-Differences ................... 22
  4.3.6 Alternative Treatment Periods ............. 23
  4.3.7 Alternative Sectors .................. 24
 4.4 Robustness ............... 25

5 Policy Implications .............. 28

6 Conclusion .................... 29

References .................. 30

Online Appendix .................. 33