Environmental Regulation Cost and Industry Structure Changes
研究环境合规成本对纸浆造纸行业市场结构的影响，发现环境支出显著影响企业规模变动，但行业整合更可能发生在环境成本下降时，而非上升时。
Nonstationary Markov analyses are used to investigate impacts of environmental regulatory costs associated with compliance on changes in market structure in pulp and paper industries. Results show environmental regulation expenditures have statistically significant effects on the probabilities of capacity moving to a larger company-size category, so industry structure is affected by environmental regulation. However, counter to expectations, results further show consolidation occurs with higher probability when environmental costs are falling rather than when they are rising. Policy analyses that presume immediate policy responses to cost changes or that industry structure is unchanged may yield time-inconsistent policy conclusions. <i></i>