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Do transaction costs influence firm trading behaviourin the European emissions trading system?
Umeå University, Faculty of Social Sciences, Center for Environmental and Resource Economics (CERE). Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
Umeå University, Faculty of Social Sciences, Center for Environmental and Resource Economics (CERE). Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
2015 (English)In: Environmental and Resource Economics, ISSN 0924-6460, E-ISSN 1573-1502, Vol. 62, no 3, 583-613 p.Article in journal (Refereed) Published
Abstract [en]

This study is one of the first to empirically investigate firm trading behaviour and the importance of permit trading transaction costs, such as information costs and search costs, in the first phase of the European Union’s Emissions Trading System (EU ETS). The signs and significance of our constructed transaction costs proxy variables indicate for a presence of these costs in the initial years of the EU ETS. In particular, this paper shows that ETS firms with the smaller number of installations and with less trading experience were less likely to participate in the European emissions trading market and traded the lower quantities of permits. Furthermore, these firms chose to trade permits indirectly via third parties. This study also supports the concerns that transaction costs could be excessive for smaller participants and firms operating in the new EU member states.

Place, publisher, year, edition, pages
Springer-Verlag New York, 2015. Vol. 62, no 3, 583-613 p.
Keyword [en]
Climate policy, Emissions trading, EU ETS, European Union, Firm-level data, Trading behaviour, Transaction costs
National Category
Economics
Identifiers
URN: urn:nbn:se:umu:diva-94625DOI: 10.1007/s10640-014-9831-7ISI: 000364221800009OAI: oai:DiVA.org:umu-94625DiVA: diva2:755216
Note

Published online 9 October 2014.

Available from: 2014-10-14 Created: 2014-10-14 Last updated: 2017-12-05Bibliographically approved

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Jaraite-Kazukauske, JurateKazukauskas, Andrius
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CiteExportLink to record
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