George Kapetanios, Steven Ongena, Alexia Ventouri, Huiyan Xiao
arXiv 21 May 2026 · Econometrics
arXiv:2605.22994 · PDF · DOI · OpenAlex · Extracted main text
This paper examines how firm-level determinants of industrial emissions evolve over time as firms adapt to environmental regulation, economic conditions, and organisational constraints. Using a panel of 204 U.S. industrial facilities observed from 1992 to 2023, we link facility-level emissions from the Toxics Release Inventory to firm financial characteristics, managerial attributes, local labour-market conditions, and aggregate macroeconomic indicators. We employ a time-varying mean-group estimator that allows average relationships to change smoothly over time while accommodating persistent heterogeneity across facilities. We find several covariates display episodic associations with emissions growth. The results reveal pronounced stage-like dynamics in emissions determinants, with firm-level characteristics and aggregate conditions dominating in different periods. From an innovation-policy perspective, the findings highlight that firms' responses to environmental regulation are time-dependent and shaped by their adaptive capacity.
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The works this paper leans on most, across its whole bibliography — not restricted to papers in our corpus. Ranked by composite intensity, which combines how often a work is mentioned, how many sections mention it, and how much of that falls in the main text rather than the appendix.
| Reference | Intensity | Mentions | Sections | Main text | |
|---|---|---|---|---|---|
| 1 | Tomar, Sorabh (2023) Greenhouse gas disclosure and emissions benchmarking | 0.928 | 5 | 3 | 80% |
| 2 | Konar, Shameek and Cohen, Mark A (2001) Does the market value environmental performance? | 0.920 | 9 | 3 | 78% |
| 3 | Shapiro, Joseph S and Walker, Reed (2018) Why is pollution from US manufacturing declining? The roles of environmental regulation, productivity, and trade | 0.874 | 9 | 4 | 67% |
| 4 | Giraitis, Liudas and Kapetanios, George and Marcellino, Massimiliano (2021) Time-varying instrumental variable estimation self | 0.874 | 6 | 2 | 100% |
| 5 | Andrikogiannopoulou, Angie and Ventouri, Alexia and Yonker, Scott E (2025) Not in my backyard: intrinsic motivation and corporate pollution abatement self | 0.811 | 4 | 2 | 100% |
| 6 | Giraitis, Liudas and Kapetanios, George and Yates, Tony (2014) Inference on stochastic time-varying coefficient models self | 0.811 | 4 | 2 | 100% |
| 7 | Hossain, Ashrafee and Saadi, Samir and Amin, Abu S (2023) Does CEO risk-aversion affect carbon emission? | 0.737 | 4 | 2 | 75% |
| 8 | Giraitis, Liudas and Kapetanios, George and Yates, Tony (2018) Inference on multivariate heteroscedastic time varying random coefficient models self | 0.737 | 3 | 2 | 100% |
| 9 | McCracken, Michael and Ng, Serena (2020) FRED-QD: A quarterly database for macroeconomic research | 0.737 | 3 | 2 | 100% |
| 10 | Yang, Lavender and Muller, Nicholas Z and Liang, Pierre Jinghong (2021) The real effects of mandatory CSR disclosure on emissions: Evidence from the greenhouse gas reporting program | 0.737 | 3 | 2 | 100% |
Showing the top 10 of 46 scored citations.