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Climate | Article
Outward foreign direct investments patterns of Italian firms in the EU ETS
05 February 2019
Authors: BORGHESI, Simone; DE FRANCO, Chiara; MARIN, Giovanni
We consider the role played by the EU Emission Trading System (EU ETS) as a possible driver of outward Foreign Direct Investments (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 pre-EU ETS period, we measure the patterns of FDI towards countries not covered by EU ETS. 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.
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