Green Firms, Environmental Hazards, and Investment
Tommaso Oliviero,
Sandro Rondinella,
Alberto Zazzaro
Abstract:In this work, we analyze the relation between environmental risks and firms’ investments, and whether this relationship is different for green firms. We merge balance sheet and patenting activity data on Italian firms in manufacturing sectors during the period 2010–2019 with information on environmental risk at the municipality level. We show that investments in capital assets are smaller on average for firms operating in municipalities with higher levels of environmental risk, particularly when the risk is hy… Show more
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