pith. sign in

arxiv: 2605.22994 · v1 · pith:PONN6VAHnew · submitted 2026-05-21 · 💰 econ.EM · q-fin.GN

Dynamic Evolution of Corporate Emissions Determinants

George Kapetanios , Steven Ongena , Alexia Ventouri , Huiyan Xiao This is my paper

Pith reviewed 2026-05-25 05:12 UTC · model grok-4.3

classification 💰 econ.EM q-fin.GN
keywords emissions determinantstime-varying mean-group estimatorindustrial facilitiesToxics Release Inventoryenvironmental regulationpanel data analysisstage-like dynamics
0
0 comments X

The pith

Emissions determinants shift in distinct stages, alternating between firm-level traits and aggregate conditions across decades.

A machine-rendered reading of the paper's core claim, the machinery that carries it, and where it could break.

The paper establishes that the factors driving industrial emissions growth are not fixed but evolve episodically, with firm financial and managerial characteristics dominating in some periods while macroeconomic and labor-market conditions take over in others. This matters because it implies that environmental regulations and firm strategies must adapt to these changing relationships rather than assuming stable influences over time. The analysis draws on a panel of 204 U.S. facilities from 1992 to 2023, linking Toxics Release Inventory data to financial and aggregate indicators via a time-varying mean-group estimator that permits smooth changes in average effects while preserving facility heterogeneity.

Core claim

Using the time-varying mean-group estimator on the linked TRI-financial panel, the paper shows that several covariates exhibit episodic associations with emissions growth, producing pronounced stage-like dynamics in which firm-level characteristics and aggregate conditions dominate in different periods.

What carries the argument

The time-varying mean-group estimator that permits average relationships between emissions and covariates to change smoothly over time while accommodating persistent facility heterogeneity.

If this is right

  • Firms adapt to environmental regulation in ways that depend on the prevailing period and their adaptive capacity.
  • Policy responses to emissions must account for time-dependent shifts in which factors matter most.
  • Innovation incentives for cleaner production should be timed differently depending on whether firm-level or macro conditions are dominant.
  • The episodic pattern suggests that single-period cross-sectional studies may miss the full dynamics of emissions determinants.

Where Pith is reading between the lines

These are editorial extensions of the paper, not claims the author makes directly.

  • If the stage-like pattern holds, emissions forecasting models would gain accuracy by incorporating regime-switching rather than constant coefficients.
  • Extending the same estimator to non-U.S. facilities could test whether the alternation between firm and aggregate drivers is a general feature of regulated industries.
  • The finding raises the possibility that aggregate economic shocks temporarily override firm-specific efforts, which could be checked by examining emissions around specific recession or boom episodes in the sample.

Load-bearing premise

The time-varying mean-group estimator correctly identifies smooth changes in average relationships and the linked TRI-financial panel accurately measures the relevant covariates without substantial measurement error or selection bias.

What would settle it

Re-estimating the model on the same panel with a standard fixed-effects estimator or an alternative time-varying specification that yields flat rather than episodic coefficients would falsify the stage-like dynamics claim.

Figures

Figures reproduced from arXiv: 2605.22994 by Alexia Ventouri, George Kapetanios, Huiyan Xiao, Steven Ongena.

Figure 1
Figure 1. Figure 1: Single regressor Time-varying Mean-group estimation of coefficients, with fixed bandwidth H = √ T ≈ 5.57. Shaded area indicates 90% confidence interval. 39 [PITH_FULL_IMAGE:figures/full_fig_p040_1.png] view at source ↗
Figure 2
Figure 2. Figure 2: Time-varying Mean-group estimation of coefficients with principal component of macro in￾dicators as second regressor. Left figures display different proposed variables, figures on the right show the principal component estimated using a large macro dataset. Shaded area indicates 90% confidence interval. 41 [PITH_FULL_IMAGE:figures/full_fig_p042_2.png] view at source ↗
Figure 3
Figure 3. Figure 3: Joint multiple-regressors Time-varying Mean-group estimation of coefficients regressing all proposed variables and the principal component. Shaded area indicates 90% confidence interval. 42 [PITH_FULL_IMAGE:figures/full_fig_p043_3.png] view at source ↗
Figure 4
Figure 4. Figure 4: Time-varying coefficient estimation using aggregate emissions with the first principal compo￾nent, moving-block bootstrap confidence band at 90% level. 43 [PITH_FULL_IMAGE:figures/full_fig_p044_4.png] view at source ↗
Figure 5
Figure 5. Figure 5: Time-varying coefficient estimation using aggregate emissions with the first and second prin￾cipal component, moving-block bootstrap confidence band at 90% level. 44 [PITH_FULL_IMAGE:figures/full_fig_p045_5.png] view at source ↗
Figure 6
Figure 6. Figure 6: Time-varying coefficient estimation using aggregate emissions with the first, second, and third principal component, moving-block bootstrap confidence band at 90% level. 45 [PITH_FULL_IMAGE:figures/full_fig_p046_6.png] view at source ↗
Figure 7
Figure 7. Figure 7: Time-varying coefficient estimation using aggregate emissions with the first principal compo￾nent, conventional normal confidence band at 90% level with βˆ t ± 1.645 SE(βˆ t). 46 [PITH_FULL_IMAGE:figures/full_fig_p047_7.png] view at source ↗
Figure 8
Figure 8. Figure 8: Time-varying coefficient estimation using aggregate emissions with the first and second prin￾cipal component, conventional normal confidence band at 90% level with βˆ t ± 1.645 SE(βˆ t). 47 [PITH_FULL_IMAGE:figures/full_fig_p048_8.png] view at source ↗
Figure 9
Figure 9. Figure 9: Time-varying coefficient estimation using aggregate emissions with the first, second, and third principal component, conventional normal confidence band at 90% level with βˆ t ± 1.645 SE(βˆ t). 48 [PITH_FULL_IMAGE:figures/full_fig_p049_9.png] view at source ↗
Figure 10
Figure 10. Figure 10: Broad manufacturing sector Time-varying Mean-group estimation of coefficients, with fixed bandwidth H = √ T ≈ 5.57. Shaded area indicates 90% confidence interval. 58 [PITH_FULL_IMAGE:figures/full_fig_p059_10.png] view at source ↗
Figure 11
Figure 11. Figure 11: Sector 311: food manufacturing Time-varying Mean-group estimation of coefficients, with fixed bandwidth H = √ T ≈ 5.57. Shaded area indicates 90% confidence interval. 59 [PITH_FULL_IMAGE:figures/full_fig_p060_11.png] view at source ↗
Figure 12
Figure 12. Figure 12: Sector 325: chemical manufacturing Time-varying Mean-group estimation of coefficients, with fixed bandwidth H = √ T ≈ 5.57. Shaded area indicates 90% confidence interval. 60 [PITH_FULL_IMAGE:figures/full_fig_p061_12.png] view at source ↗
Figure 13
Figure 13. Figure 13: Sector 332: fabricated metal product manufacturing Time-varying Mean-group estimation of coefficients, with fixed bandwidth H = √ T ≈ 5.57. Shaded area indicates 90% confidence interval. 61 [PITH_FULL_IMAGE:figures/full_fig_p062_13.png] view at source ↗
Figure 14
Figure 14. Figure 14: Sector 333: machinery manufacturing Time-varying Mean-group estimation of coefficients, with fixed bandwidth H = √ T ≈ 5.57. Shaded area indicates 90% confidence interval. 62 [PITH_FULL_IMAGE:figures/full_fig_p063_14.png] view at source ↗
Figure 15
Figure 15. Figure 15: Single regressor Time-varying Mean-group estimation of coefficients with leave-one-unit-out cross-validation bandwidth selection. Shaded area indicates 90% confidence interval. 64 [PITH_FULL_IMAGE:figures/full_fig_p065_15.png] view at source ↗
Figure 16
Figure 16. Figure 16: Single regressor Time-varying Mean-group estimation of coefficients, with alternative fixed bandwidth H = T 0.4 ≈ 3.95. Shaded area indicates 90% confidence interval. 66 [PITH_FULL_IMAGE:figures/full_fig_p067_16.png] view at source ↗
Figure 17
Figure 17. Figure 17: Single regressor Time-varying Mean-group estimation of coefficients, with alternative fixed bandwidth H = T 0.6 ≈ 7.85. Shaded area indicates 90% confidence interval. 67 [PITH_FULL_IMAGE:figures/full_fig_p068_17.png] view at source ↗
Figure 18
Figure 18. Figure 18: Single regressor Time-varying Mean-group estimation of coefficients, with fixed bandwidth H = √ T ≈ 5.57 and Epanechnikov kernel. Shaded area indicates 90% confidence interval. 68 [PITH_FULL_IMAGE:figures/full_fig_p069_18.png] view at source ↗
Figure 19
Figure 19. Figure 19: First principal component estimated from the FRED-QD macro dataset [PITH_FULL_IMAGE:figures/full_fig_p071_19.png] view at source ↗
Figure 20
Figure 20. Figure 20: Annual aggregate facility emissions Transformations are needed to make variable series in the FRED-QD dataset stationary. “Tcode” indicates different transformations required. With Xt representing the original series, transformed type X˜ t follows: X˜ t =    Xt if Tcode = 1 ∆Xt if Tcode = 2 ∆2Xt if Tcode = 3 log(Xt) if Tcode = 4 ∆log(Xt) if Tcode = 5 ∆2 log(Xt) if … view at source ↗
read the original abstract

This paper examines how firm-level determinants of industrial emissions evolve over time as firms adapt to environmental regulation, economic conditions, and organisational constraints. Using a panel of 204 U.S. industrial facilities observed from 1992 to 2023, we link facility-level emissions from the Toxics Release Inventory to firm financial characteristics, managerial attributes, local labour-market conditions, and aggregate macroeconomic indicators. We employ a time-varying mean-group estimator that allows average relationships to change smoothly over time while accommodating persistent heterogeneity across facilities. We find several covariates display episodic associations with emissions growth. The results reveal pronounced stage-like dynamics in emissions determinants, with firm-level characteristics and aggregate conditions dominating in different periods. From an innovation-policy perspective, the findings highlight that firms' responses to environmental regulation are time-dependent and shaped by their adaptive capacity.

Editorial analysis

A structured set of objections, weighed in public.

Desk editor's note, referee report, simulated authors' rebuttal, and a circularity audit. Tearing a paper down is the easy half of reading it; the pith above is the substance, this is the friction.

Referee Report

3 major / 1 minor

Summary. The paper examines how firm-level determinants of industrial emissions evolve over time using a panel of 204 U.S. industrial facilities observed from 1992 to 2023. It links facility-level emissions from the Toxics Release Inventory to firm financial characteristics, managerial attributes, local labour-market conditions, and aggregate macroeconomic indicators. Employing a time-varying mean-group estimator that allows average relationships to change smoothly over time while accommodating persistent heterogeneity across facilities, the study finds that several covariates display episodic associations with emissions growth. The results reveal pronounced stage-like dynamics in emissions determinants, with firm-level characteristics and aggregate conditions dominating in different periods, implying that firms' responses to environmental regulation are time-dependent and shaped by adaptive capacity.

Significance. If the central claim holds after addressing robustness concerns, the paper would contribute to environmental and innovation economics by providing evidence on the time-dependent nature of emissions determinants over three decades. The linkage of public TRI data with firm financials and the application of a mean-group estimator to a long panel represent strengths in data construction and methodological approach. The policy implication that responses are shaped by adaptive capacity could inform targeted regulation design, though the small facility sample limits external validity.

major comments (3)
  1. [Abstract] Abstract and estimator description: The claim of 'pronounced stage-like dynamics' and 'episodic associations' rests on the time-varying mean-group estimator's allowance for smooth coefficient changes. This smoothness restriction can mechanically generate apparent episodic patterns via gradual drift even when underlying shifts are abrupt (e.g., post-regulation changes), yet the manuscript supplies no robustness checks against discrete-break alternatives or tests confirming that detected stages survive removal of the smoothness constraint.
  2. [Data] Data section (panel construction): With a sample of only 204 facilities, the analysis is vulnerable to selection into the TRI-financial panel and measurement error in facility-firm matching. These issues could induce spurious time variation in estimated relationships, but no discussion of selection bias, matching accuracy, or sensitivity to sample restrictions is provided to support the central claim.
  3. [Methods] Methods and results: The abstract describes the estimator and headline pattern but supplies no details on specification tests, robustness to alternative smoothers, exact period definitions, or handling of missing data. Without these, the episodic and stage-like patterns cannot be evaluated as load-bearing evidence rather than artifacts of the chosen smoother.
minor comments (1)
  1. [Abstract] The abstract would benefit from briefly noting the number of covariates examined and the specific periods or stages identified to allow readers to assess the scope of the episodic findings.

Simulated Author's Rebuttal

3 responses · 0 unresolved

We thank the referee for their thoughtful comments, which have helped us identify areas for improvement in our manuscript. We address each major comment below and will revise the paper accordingly to strengthen the analysis and presentation.

read point-by-point responses

  1. Referee: [Abstract] Abstract and estimator description: The claim of 'pronounced stage-like dynamics' and 'episodic associations' rests on the time-varying mean-group estimator's allowance for smooth coefficient changes. This smoothness restriction can mechanically generate apparent episodic patterns via gradual drift even when underlying shifts are abrupt (e.g., post-regulation changes), yet the manuscript supplies no robustness checks against discrete-break alternatives or tests confirming that detected stages survive removal of the smoothness constraint.

    Authors: We agree that the smoothness assumption in the time-varying mean-group estimator could potentially generate gradual patterns that mimic episodic shifts. To address this concern, we will conduct additional robustness analyses using discrete structural break models and alternative estimators that do not impose smoothness. We will also provide tests to confirm the stability of the identified stages under different specifications. These will be added to the revised manuscript. revision: yes

  2. Referee: [Data] Data section (panel construction): With a sample of only 204 facilities, the analysis is vulnerable to selection into the TRI-financial panel and measurement error in facility-firm matching. These issues could induce spurious time variation in estimated relationships, but no discussion of selection bias, matching accuracy, or sensitivity to sample restrictions is provided to support the central claim.

    Authors: The referee correctly identifies a limitation in our data section. While the sample of 204 facilities represents the successfully matched observations from the TRI and financial databases, we acknowledge the need for greater transparency. In the revision, we will expand the data section to include a detailed discussion of the panel construction process, potential selection biases, the accuracy of the facility-firm matching procedure, and sensitivity checks to alternative sample restrictions. This will help assess whether the time variation is robust. revision: yes

  3. Referee: [Methods] Methods and results: The abstract describes the estimator and headline pattern but supplies no details on specification tests, robustness to alternative smoothers, exact period definitions, or handling of missing data. Without these, the episodic and stage-like patterns cannot be evaluated as load-bearing evidence rather than artifacts of the chosen smoother.

    Authors: We will revise the methods and results sections to provide comprehensive details on specification tests, robustness checks using alternative smoothing parameters or methods, precise definitions of the identified periods, and our approach to handling missing data. These additions will allow readers to better evaluate the reliability of the episodic patterns. revision: yes

Circularity Check

0 steps flagged

No circularity; derivation applies external estimator to public data

full rationale

The paper applies a pre-existing time-varying mean-group estimator to linked TRI and firm financial panel data. The abstract and description indicate the estimator allows smooth time variation in coefficients, with 'stage-like dynamics' presented as an empirical interpretation of the resulting estimates rather than a quantity forced by construction or by self-citation. No equations or steps reduce the reported patterns to fitted inputs renamed as predictions, and no load-bearing self-citations or uniqueness theorems are invoked. The central claim remains an output of the estimation on external data.

Axiom & Free-Parameter Ledger

0 free parameters · 0 axioms · 0 invented entities

Abstract-only review supplies no explicit free parameters, axioms, or invented entities; the estimator's smoothness assumption and data-linkage accuracy are implicit but unquantified.

pith-pipeline@v0.9.0 · 5666 in / 1065 out tokens · 18297 ms · 2026-05-25T05:12:17.918072+00:00 · methodology

discussion (0)

Sign in with ORCID, Apple, or X to comment. Anyone can read and Pith papers without signing in.

Reference graph

Works this paper leans on

64 extracted references · 64 canonical work pages

  1. [1]

    Review of Finance , volume=

    Not in my backyard: intrinsic motivation and corporate pollution abatement , author=. Review of Finance , volume=. 2025 , publisher=

    work page 2025

  2. [2]

    Environmental and energy policy and the economy , volume=

    Business cycles and environmental policy: a primer , author=. Environmental and energy policy and the economy , volume=. 2022 , publisher=

    work page 2022

  3. [3]

    Southern Economic Journal , volume=

    Do community characteristics influence environmental outcomes? Evidence from the toxics release inventory , author=. Southern Economic Journal , volume=. 1999 , publisher=

    work page 1999

  4. [4]

    Quality & Quantity , volume=

    Examining the environmental Phillips curve hypothesis in G7 nations: critical insights from wavelet coherence and wavelet causality analysis , author=. Quality & Quantity , volume=. 2024 , publisher=

    work page 2024

  5. [5]

    Econometrica , volume=

    Estimating and testing linear models with multiple structural changes , author=. Econometrica , volume=. 1998 , publisher=

    work page 1998

  6. [6]

    Econometrics and Statistics , volume=

    Mean group instrumental variable estimation of time-varying large heterogeneous panels with endogenous regressors , author=. Econometrics and Statistics , volume=. 2026 , publisher=

    work page 2026

  7. [7]

    Journal of political Economy , volume=

    Effects of air quality regulations on polluting industries , author=. Journal of political Economy , volume=. 2000 , publisher=

    work page 2000

  8. [8]

    Economic Policy , volume=

    Exporting pollution: where do multinational firms emit CO2? , author=. Economic Policy , volume=. 2021 , publisher=

    work page 2021

  9. [9]

    Journal of the Royal Statistical Society Series B: Statistical Methodology , volume=

    Techniques for testing the constancy of regression relationships over time , author=. Journal of the Royal Statistical Society Series B: Statistical Methodology , volume=. 1975 , publisher=

    work page 1975

  10. [10]

    Review of economics and statistics , volume=

    Environmental policy and directed technological change: evidence from the European carbon market , author=. Review of economics and statistics , volume=. 2016 , publisher=

    work page 2016

  11. [11]

    Econometrica , volume=

    Tests of equality between sets of coefficients in two linear regressions , author=. Econometrica , volume=. 1960 , publisher=

    work page 1960

  12. [12]

    Review of Economic dynamics , volume=

    Drifts and volatilities: monetary policies and outcomes in the post WWII US , author=. Review of Economic dynamics , volume=. 2005 , publisher=

    work page 2005

  13. [13]

    Journal of Business Ethics , volume=

    Hunting and Fishing CEOs: Environmental Plunderers or Saviors? , author=. Journal of Business Ethics , volume=. 2025 , publisher=

    work page 2025

  14. [14]

    American Economic Review , volume=

    Environmental health risks and housing values: evidence from 1,600 toxic plant openings and closings , author=. American Economic Review , volume=. 2015 , publisher=

    work page 2015

  15. [15]

    The annals of Statistics , volume=

    Fitting time series models to nonstationary processes , author=. The annals of Statistics , volume=. 1997 , publisher=

    work page 1997

  16. [16]

    Proceedings of the national academy of sciences , volume=

    Consumption-based accounting of CO2 emissions , author=. Proceedings of the national academy of sciences , volume=. 2010 , publisher=

    work page 2010

  17. [17]

    Environmental health perspectives , volume=

    Economic activity and trends in ambient air pollution , author=. Environmental health perspectives , volume=. 2010 , publisher=

    work page 2010

  18. [18]

    Environmental and Energy Policy and the Economy , volume=

    Coal-fired power plant retirements in the United States , author=. Environmental and Energy Policy and the Economy , volume=. 2022 , publisher=

    work page 2022

  19. [19]

    American Economic Journal: Economic Policy , volume=

    The fall of coal: Joint impacts of fuel prices and renewables on generation and emissions , author=. American Economic Journal: Economic Policy , volume=. 2018 , publisher=

    work page 2018

  20. [20]

    British Journal of Management , volume=

    Informal institutions and corporate reputational exposure: The role of public environmental perceptions , author=. British Journal of Management , volume=. 2021 , publisher=

    work page 2021

  21. [21]

    Review of Economics and Statistics , volume=

    Regulation-induced pollution substitution , author=. Review of Economics and Statistics , volume=. 2019 , publisher=

    work page 2019

  22. [22]

    Journal of Econometrics , volume=

    Inference on stochastic time-varying coefficient models , author=. Journal of Econometrics , volume=. 2014 , publisher=

    work page 2014

  23. [23]

    Journal of Time Series Analysis , volume=

    Inference on multivariate heteroscedastic time varying random coefficient models , author=. Journal of Time Series Analysis , volume=. 2018 , publisher=

    work page 2018

  24. [24]

    Journal of Econometrics , volume=

    Time-varying instrumental variable estimation , author=. Journal of Econometrics , volume=. 2021 , publisher=

    work page 2021

  25. [25]

    Energies , volume=

    Cost-energy optimum pathway for the UK food manufacturing industry to meet the UK national emission targets , author=. Energies , volume=. 2018 , publisher=

    work page 2018

  26. [26]

    Journal of political economy , volume=

    The impacts of environmental regulations on industrial activity: Evidence from the 1970 and 1977 clean air act amendments and the census of manufactures , author=. Journal of political economy , volume=. 2002 , publisher=

    work page 1970

  27. [27]

    American Economic Review , volume=

    Estimating regulation-induced substitution: The effect of the Clean Air Act on water and ground pollution , author=. American Economic Review , volume=. 2003 , publisher=

    work page 2003

  28. [28]

    2010 , publisher=

    Assessing the environmental impacts of consumption and production: priority products and materials , author=. 2010 , publisher=

    work page 2010

  29. [29]

    Review of Economic Dynamics , volume=

    How should environmental policy respond to business cycles? Optimal policy under persistent productivity shocks , author=. Review of Economic Dynamics , volume=. 2012 , publisher=

    work page 2012

  30. [30]

    Journal of Business Ethics , volume=

    Does CEO risk-aversion affect carbon emission? , author=. Journal of Business Ethics , volume=. 2023 , publisher=

    work page 2023

  31. [31]

    The econometrics of panel data: Fundamentals and recent developments in theory and practice , pages=

    Random coefficient models , author=. The econometrics of panel data: Fundamentals and recent developments in theory and practice , pages=. 2008 , publisher=

    work page 2008

  32. [32]

    Corporate Social Responsibility and Environmental Management , volume=

    The impact of CEO characteristics on corporate sustainable development , author=. Corporate Social Responsibility and Environmental Management , volume=. 2013 , publisher=

    work page 2013

  33. [33]

    International Review of Financial Analysis , volume=

    Chemical releases and corporate cash holdings , author=. International Review of Financial Analysis , volume=. 2019 , publisher=

    work page 2019

  34. [34]

    Sustainability , volume=

    Does increased representation of female executives improve corporate environmental investment? Evidence from China , author=. Sustainability , volume=. 2018 , publisher=

    work page 2018

  35. [35]

    Journal of Economic Dynamics and Control , volume=

    Modeling structural breaks in economic relationships using large shocks , author=. Journal of Economic Dynamics and Control , volume=. 2010 , publisher=

    work page 2010

  36. [36]

    The Quarterly Journal of Economics , volume=

    Consequences of the Clean Water Act and the demand for water quality , author=. The Quarterly Journal of Economics , volume=. 2019 , publisher=

    work page 2019

  37. [37]

    Review of economics and statistics , volume=

    Does the market value environmental performance? , author=. Review of economics and statistics , volume=. 2001 , publisher=

    work page 2001

  38. [38]

    Journal of Environmental Management , volume=

    The toxic release inventory: Fact or fiction? A case study of the primary aluminum industry , author=. Journal of Environmental Management , volume=. 2007 , publisher=

    work page 2007

  39. [39]

    Atmospheric Environment , volume=

    Reducing power sector emissions under the 1990 Clean Air Act Amendments: A retrospective on 30 years of program development and implementation , author=. Atmospheric Environment , volume=. 2021 , publisher=

    work page 1990

  40. [40]

    Environmental science & technology , volume=

    Mapping global flows of chemicals: from fossil fuel feedstocks to chemical products , author=. Environmental science & technology , volume=. 2018 , publisher=

    work page 2018

  41. [41]

    Journal of business ethics , volume=

    The impact of CEO characteristics on corporate social performance , author=. Journal of business ethics , volume=. 2010 , publisher=

    work page 2010

  42. [42]

    2020 , institution=

    FRED-QD: A quarterly database for macroeconomic research , author=. 2020 , institution=

    work page 2020

  43. [43]

    Journal of the American Statistical Association , volume=

    Testing for the constancy of parameters over time , author=. Journal of the American Statistical Association , volume=. 1989 , publisher=

    work page 1989

  44. [44]

    Organization studies , volume=

    Corporate social and financial performance: A meta-analysis , author=. Organization studies , volume=. 2003 , publisher=

    work page 2003

  45. [45]

    Journal of econometrics , volume=

    Estimating long-run relationships from dynamic heterogeneous panels , author=. Journal of econometrics , volume=. 1995 , publisher=

    work page 1995

  46. [46]

    Econometrica , volume=

    Estimation and inference in large heterogeneous panels with a multifactor error structure , author=. Econometrica , volume=. 2006 , publisher=

    work page 2006

  47. [47]

    Econometrica , volume=

    The CUSUM test with OLS residuals , author=. Econometrica , volume=. 1992 , publisher=

    work page 1992

  48. [48]

    Social Responsibility Journal , volume=

    Financial constraints and carbon emissions: an empirical investigation , author=. Social Responsibility Journal , volume=. 2024 , publisher=

    work page 2024

  49. [49]

    Statistical analysis and forecasting of economic structural change , pages=

    Nonparametric estimation of time-varying parameters , author=. Statistical analysis and forecasting of economic structural change , pages=. 1989 , publisher=

    work page 1989

  50. [50]

    Economic structural change: Analysis and forecasting , pages=

    Time-varying nonlinear regression , author=. Economic structural change: Analysis and forecasting , pages=. 1991 , publisher=

    work page 1991

  51. [51]

    American economic review , volume=

    Why is pollution from US manufacturing declining? The roles of environmental regulation, productivity, and trade , author=. American economic review , volume=. 2018 , publisher=

    work page 2018

  52. [52]

    Journal of Business & Economic Statistics , volume=

    Evidence on structural instability in macroeconomic time series relations , author=. Journal of Business & Economic Statistics , volume=. 1996 , publisher=

    work page 1996

  53. [53]

    Journal of the American statistical association , volume=

    Forecasting using principal components from a large number of predictors , author=. Journal of the American statistical association , volume=. 2002 , publisher=

    work page 2002

  54. [54]

    Journal of Accounting Research , volume=

    Greenhouse gas disclosure and emissions benchmarking , author=. Journal of Accounting Research , volume=. 2023 , publisher=

    work page 2023

  55. [55]

    Strategic management journal , volume=

    The corporate social performance--financial performance link , author=. Strategic management journal , volume=. 1997 , publisher=

    work page 1997

  56. [56]

    The Review of Financial Studies , volume=

    Financial constraints and corporate environmental policies , author=. The Review of Financial Studies , volume=. 2022 , publisher=

    work page 2022

  57. [57]

    2021 , institution=

    The real effects of mandatory CSR disclosure on emissions: Evidence from the greenhouse gas reporting program , author=. 2021 , institution=

    work page 2021

  58. [58]

    Nature communications , volume=

    Allocating capital-associated CO2 emissions along the full lifespan of capital investments helps diffuse emission responsibility , author=. Nature communications , volume=. 2023 , publisher=

    work page 2023

  59. [59]

    American Economic Review , volume=

    The impact of pollution on worker productivity , author=. American Economic Review , volume=. 2012 , publisher=

    work page 2012

  60. [60]

    Journal of Economic Perspectives , volume=

    Toward a new conception of the environment--competitiveness relationship , author=. Journal of Economic Perspectives , volume=

    work page

  61. [61]

    Journal of Financial Economics , year =

    Bolton, Patrick and Kacperczyk, Marcin , title =. Journal of Financial Economics , year =

    work page

  62. [62]

    Management Science , year =

    Chava, Sudheer , title =. Management Science , year =

    work page

  63. [63]

    , title =

    Krueger, Philipp and Sautner, Zacharias and Starks, Laura T. , title =. Review of Financial Studies , year =

    work page

  64. [64]

    Sustainable investing in equilibrium , journal =

    P. Sustainable investing in equilibrium , journal =. 2021 , volume =

    work page 2021