Heterogeneity of Green Investments, Firms' Sales, and Wages: Italian Evidence on Circular Economy, Resource‐Saving, and Energy Efficiency Investments
利用意大利企业数据，研究了不同绿色技术投资（循环经济、技术进步、节能增效）对企业销售额和工资的影响，发现整体绿色投资提升绩效，但不同技术效果差异显著。
ABSTRACT This paper analyses the relationship between firms' investment in green technologies and competitive performance. We take advantage of new data on the adoption of different green technologies (circular economy, technical advancements, energy savings, and efficiency gains) from a large representative sample of Italian firms. We find the following results. First, overall green investment increases the sales per employee and average wages. Second, we show a significant heterogeneity in the estimated effect across different green technologies. These results are robust to different checks, accounting for a large set of observed characteristics, time‐invariant unobserved heterogeneity and endogeneity issues. In sum, our results support the hypothesis that the ongoing ecological transformation of productive processes may favor firms' competitiveness, but substantial heterogeneity still matters. The policy implications are then discussed.