TY  - UNPD
A1  - Götz, Martin
T1  - Financing conditions and toxic emissions
T2  - SAFE working paper series ; No. 254
N2  - Exploiting heterogeneity in U.S. firms' exposure to an unconventional monetary policy shock that reduced debt financing costs, I identify the impact of financing conditions on firms' toxic emissions. I find robust evidence that lower financing costs reduce toxic emissions and boost investments in emission reduction activities, especially capital-intensive pollution control activities. The effect is stronger for firms in noncompliance with environmental regulation. Examining the ability of regaining regulatory compliance by implementing pollution control activities I find that only capital-intensive activities help firms regaining compliance. These findings underscore the impact of firms' financing conditions for emissions and the environment.
T3  - SAFE working paper - 254 
KW  - Toxic Emissions
KW  - Financing Conditions
KW  - Bond Markets
KW  - Unconventional Monetary Policy
Y1  - 2019
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/50824
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-508245
IS  - June 27, 2019 ; First draft: November 19, 2018
PB  - SAFE
CY  - Frankfurt am Main
ER  -