Green Pressure, Lean Measures: Unveiling Corporate Downsizing Within the European Union Emissions Trading System
利用2017年欧盟排放交易体系碳价飙升作为准自然实验，研究发现排放密集型私营企业，尤其是财务受限者，更可能通过剥离生产资产来裁员并减少排放；小型现金短缺上市公司则通过降低经营杠杆来精简，同时保持产出和资产水平。
Abstract In 2017, the European Union Emissions Trading System underwent a policy intervention that resulted in a surge in carbon prices. Using this setting as a quasi-natural experiment, we focus on employment, productivity, and emission outcomes among covered enterprises. Results show that emission-intensive private firms, particularly those with financial constraints, are more likely to downsize by divesting production assets, reducing both workforce and emissions. Smaller, cash-strapped listed firms are also prone to downsize by decreasing their operating leverage while maintaining emission output and asset levels. Positive productivity outcomes indicate that both private and listed firms become leaner postintervention.