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International production chains and the pollution offshoring hypothesis: an empirical investigation

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  • Saussay, Aurélien
  • Zugravu-Soilita, Natalia

Abstract

Most analyses of the impact of heterogeneous environmental policy stringency on the location of industrial firms have considered the relocation of entire activities – the well-known pollution haven hypothesis. Yet international enterprises may decide to only offshore a subset of their production chain – the so-called pollution offshoring hypothesis (POH). We introduce a simple empirical approach to test the POH combining a comprehensive industrial mergers and acquisitions dataset, a measure of sectoral linkages based on input-output tables and an index score of environmental policy stringency. Our results confirm the impact of relative environmental policy stringency on firms’ decisions to engage in cross-country M&As. Our findings also indicate that environmental taxation have a stronger impact on international investment decisions than standards-based policies. Further, we find that transactions involving a target firm operating in a sector upstream of the acquirer are more sensitive to environmental policy stringency, especially when that sector is highly pollution-intensive. This empirical evidence is consistent with the pollution offshoring hypothesis.

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  • Saussay, Aurélien & Zugravu-Soilita, Natalia, 2023. "International production chains and the pollution offshoring hypothesis: an empirical investigation," LSE Research Online Documents on Economics 118352, London School of Economics and Political Science, LSE Library.
  • Handle: RePEc:ehl:lserod:118352
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    More about this item

    Keywords

    FDI; pollution offshoring; global supply chain; firm location; environmental regulation; Centre for Climate Change Economics and Policy grant (ES/R009708/1); Climate SOLSTICE project JUST-DECARB (ES/V013971/1); PRINZ (ES/W010356/1); Leverhulme Early Career Fellowship (ECF/2021/536); Grantham Foundation for the Protection of the Environment;
    All these keywords.

    JEL classification:

    • D20 - Microeconomics - - Production and Organizations - - - General
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • Q28 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Government Policy

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