Outward Foreign Direct Investment Patterns of Italian Firms in the European Union's Emission Trading Scheme*
研究了欧盟排放交易体系是否促使意大利制造企业向非欧盟国家进行对外直接投资，发现该体系对新建海外子公司数量影响微弱，但显著增加了现有子公司的生产规模，尤其在贸易密集型行业。
Abstract We consider the role played by the European Union's Emissions Trading System (EU ETS) as a possible driver of outward foreign direct investment (FDI) for Italian manufacturing firms. Using a panel dataset of about 22,000 firms covering the first two phases of the EU ETS and the period before the EU ETS, we measure the patterns of FDI towards countries not covered by the EU ETS. The results show that the EU ETS had a weak effect on the number of new subsidiaries abroad (extensive margin), while it had a larger impact on production taking place in foreign subsidiaries (intensive margin), especially in trade‐intensive sectors.