Abrell, J.; A. Ndoye Faye; and G. Zachmann. “Assessing the Impact of the EU ETS Using Firm Level Data,” No. 2011/08. Working Paper, Bruegel (2011).
Ahmadjian, C. L., and P. Robinson. “Safety in Numbers: Downsizing and the Deinstitutionalization of Permanent Employment in Japan.” Administrative Science Quarterly, 46 (2001), 622–654.
Akey, P., and I. Appel. “The Limits of Limited Liability: Evidence from Industrial Pollution.” Journal of Finance, 76 (2021), 5–55.
Albanese, A.; M. Picchio; and C. Ghirelli. “Timed to Say Goodbye: Does Unemployment Benefit Eligibility Affect Worker Layoffs?” Labour Economics, 65 (2020), 101846.
Alexeeva-Talebi, V. “Cost Pass-Through of the EU Emissions Allowances: Examining the European Petroleum Markets.” Energy Economics, 33 (2011), S75–S83.
Andreou, P. C., and N. M. Kellard. “Corporate Environmental Proactivity: Evidence from the European Union's Emissions Trading System.” British Journal of Management, 32 (2021), 630–647.
Anger, N., and U. Oberndorfer. “Firm Performance and Employment in the EU Emissions Trading Scheme: an Empirical Assessment for Germany.”Energy Policy, 36 (2008), 12–22.
Arslan-Ayaydin, Ö.; C. Florackis; and A. Ozkan. “Financial Flexibility, Corporate Investment and Performance: Evidence from Financial Crises.” Review of Quantitative Finance and Accounting, 42 (2014), 211–250.
Baghai, R. P.; R. C. Silva; V. Thell; and V. Vig. “Talent in Distressed Firms: Investigating the Labor Costs of Financial Distress.” Journal of Finance, 76 (2021), 2907–2961.
Bai, J.; D. Fairhurst; and M. Serfling. “Employment Protection, Investment, and Firm Growth.” Review of Financial Studies, 33 (2019), 644–688
Barrot, J. N., and R. Nanda. “The Employment Effects of Faster Payment: Evidence from the Federal Quickpay Reform.” Journal of Finance, 75 (2020), 3139–3173.
Bayer, P., and M. Aklin. “The European Union Emissions Trading System Reduced CO2 Emissions Despite Low Prices.” Proceedings of the National Academy of Sciences, 117 (2020), 8804–8812.
Beaver, W. H.; S. Cascino; and M. M. Correia. “Bankruptcy in Groups.” Review of Accounting Studies, 29 (2024), 3449–3496
Bel, G., and S. Joseph. “Emission Abatement: Untangling the Impacts of the EU ETS and the Economic Crisis.” Energy Economics, 49 (2015), 531–539.
Bellon, A. “Does Private Equity Ownership Make Firms Cleaner? The Role of Environmental Liability Risks.” European Corporate Governance Institute–Finance Working Paper 799 (2020).
Bena, J., and T. Xu. “Competition and Ownership Structure of Closely Held Firms.” Review of Financial Studies, 30 (2017), 1583–1626.
Beuselinck, C.; G. Markarian; and A. Verriest. “Employee Protection Shocks and Corporate Cash Holdings.” Journal of Corporate Finance, 69 (2021), 102027.
Bossler, M., and H.-D. Gerner. “Employment Effects of the New German Minimum Wage: Evidence from Establishment-Level Microdata.” ILR Review, 73 (2020), 1070–1094.
Black, S.; I. Parry; and K. Zhunussova. “More Countries Are Pricing Carbon, But Emissions are Still Too Cheap.” Retrieved online at: https://www.imf.org/en/Blogs/Articles/2022/07/21/blog-more-countries-are-pricingcarbon-but-emissions-are-still-too-cheap (2022).
Cascio, W. F.; A. Chatrath; and R. A. Christie-David. “Antecedents and Consequences of Employee and Asset Restructuring.” Academy of Management Journal, 64 (2021), 587–613.
Cembureau “Proposal for a Carbon Border Adjustment Mechanism (CBAM).” Retrieved online at: https://cembureau.eu/media/ft1j1kaw/cembureau-position-paper-carbon-borderadjustment-mechanisms-october-2021.pdf (2021)
Chan, H. S. R.; S. Li; and F. Zhang. “Firm Competitiveness and the European Union Emissions Trading Scheme.” Energy Policy, 63 (2013), 1056–1064.
Chang, X.; K. Fu; T. Li; L. Tam; and G. Wong. “Corporate Environmental Liabilities and Capital Structure.” Working Paper available at SSRN 3200991 (2021).
Chen, M.-Y., and C.-L. Kao. “Women on Boards of Directors and Firm Performance: The Mediation of Employment Downsizing.” International Journal of Human Resource Management, 33 (2022), 2597–2629.
Chen, P.; V. Mehrotra; R. Sivakumar; and W. W. Yu. “Layoffs, Shareholders’ Wealth, and Corporate Performance.” Journal of Empirical Finance, 8 (2001), 171–199.
Clò, S. “Grandfathering, Auctioning and Carbon Leakage: Assessing the Inconsistencies of the New ETS Directive.” Energy Policy, 38 (2010), 2420–2430.
Commins, N.; S. Lyons; M. Schiffbauer; and R. S. Tol. “Climate Policy & Corporate Behavior.” Energy Journal, 32 (2011), 51–68.
Compagnie, V.; K. Struyfs; and W. Torsin. “Tax Avoidance as an Unintended Consequence of Environmental Regulation: Evidence from the EU ETS.” Journal of Corporate Finance, 82 (2023), 102463.
Cousins, P.; M. Dutordoir; B. Lawson; and J. Q. Frota Neto. “Shareholder Wealth Effects of Modern Slavery Regulation.” Management Science, 66 (2020), 5265–5289.
Crane, A. D., and A. Koch. “Shareholder Litigation and Ownership Structure: Evidence from a Natural Experiment.” Management Science, 64 (2018), 5–23.
Dechezleprêtre, A.; D. Nachtigall; and F. Venmans. “The Joint Impact of the European Union Emissions Trading System on Carbon Emissions and Economic Performance.” Journal of Environmental Economics and Management, (2022) 102758.
De Beule, F.; N. Dewaelheyns; F. Schoubben; K. Struyfs; and C. Van Hulle. “The Influence of Environmental Regulation on the FDI Location Choice of EU ETS-Covered MNEs.” Journal of Environmental Management, 321 (2022), 115839.
De Beule, F.; F. Schoubben; and K. Struyfs. “The Pollution Haven Effect and Investment Leakage: The Case of the EU-ETS.” Economics Letters, 215 (2022), 110536.
De Jonghe, O.; K. Mulier; and G. Schepens. “Going Green by Putting a Price on Pollution: Firm-Level Evidence from the EU” Working Paper NBB No. 390 (Issues 390, National Bank of Belgium) (2020).
Dial, J., and K. J. Murphy. “Incentives, Downsizing, and Value Creation at General Dynamics.” Journal of Financial Economics, 37 (1995), 261–314.
Euractiv. “ETS Reform Agreement Catches its Architect by Surprise.” Retrieved online at: https://www.euractiv.com/section/emissions-trading-scheme/opinion/ets-reformagreement-catches-its-architect-by-surprise/ (2017a).
Euractiv. “Oil Refiners Warn Increased CO2 Costs Could Force Them Out of Europe.” Retrieved online at: https://www.euractiv.com/section/energy/news/oil-refiners-warn-increased-co2costs-could-force-them-out-of-europe/ (2017b).
Faleye, O.; V. Mehrotra; and R. Morck. “When Labor Has a Voice in Corporate Governance.” Journal of Financial and Quantitative Analysis, 41 (2006), 489–510.
Filatotchev, I.; T. Buck; and V. Zhukov. “Downsizing in Privatized Firms in Russia, Ukraine, and Belarus.” Academy of Management Journal, 43 (2000), 286–304.
FuelsEurope. “Recommendations from the Alliance for a Fair ETS Ahead of the October Trilogue Meeting.” Retrieved online at: https://www.fuelseurope.eu/wpcontent/uploads/2017/09/Alliancefor-a-fair-ETS-Trilogue-Recommendations-2017-09-25.pdf (2017).
Gogineni, S.; S. C. Linn; and P. K. Yadav. “Vertical and Horizontal Agency Problems in Private Firms: Ownership Structure and Operating Performance.” Journal of Financial and Quantitative Analysis, 57 (2022), 1237–1278.
Granja, J.; C. Makridis; C. Yannelis; and E. Zwick. “Did the Paycheck Protection Program Hit the Target?” Journal of Financial Economics, 145 (2022), 725–761.
Grubb, M.; C. Azar; and U. M. Persson. “Allowance Allocation in the European Emissions Trading System: A Commentary.” Climate Policy, 5 (2005), 127–136.
Grupa Azoty Puławy. “Directors’ Report on the Operations 2018.” Retrieved online at: https://pulawy.grupaazoty.com/upload/3/files/raportykresowe/Directorsreportontheoperations2018.pdf (2018).
Grupa Azoty Zaklady Chemiczne Police Group. “Directors’ Report on the Operations 2018.” Retrieved online at: https://zchpolice.grupaazoty.com/upload/4/files/2019/20190423Sprawozdanie20ZarzC485du20z20dziaC582alnoC59Bci20GK20POLICE20za20rok202018final.pdf (2018)
Hallock, K. F. “Layoffs, Top Executive Pay, and Firm Performance.” American Economic Review, 88 (1998), 711–723.
Hillier, D.; A. Marshall; P. McColgan; and S. Werema. “Employee Layoffs, Shareholder Wealth and Firm Performance: Evidence from the UK.” Journal of Business Finance & Accounting, 34 (2007), 467–494.
Hitzemann, S., and M. Uhrig-Homburg. “Equilibrium Price Dynamics of Emission Permits.” Journal of Financial and Quantitative Analysis, 53 (2018), 1653–1678.
Ikkatai, S.; K. Hori; and I. Kurita. “The Impact of the European Union Emissions Trading Scheme on the Polish Economy: Interviews with Four Companies in Poland.” KIER Discussion Paper, (2011) 786.
Ikkatai, S.; D. Ishikawa; and K. Sasaki. “Effect of the European Union Emission Trading Scheme (EU ETS) on Companies: Interviews with European Companies.” KIER Discussion Paper, 660 (2008).
Joltreau, E., and K. Sommerfeld. “Why Does Emissions Trading Under the EU Emissions Trading System (ETS) Not Affect Firms’ Competitiveness? Empirical Findings from the Literature.” Climate Policy, 19 (2019), 453–471.
Karpoff, J. M.; J. R. Lott, Jr; and E. W. Wehrly. “The Reputational Penalties for Environmental Violations: Empirical Evidence.” Journal of Law and Economics, 48 (2005), 653–675.
Lancaster, T. “The Incidental Parameter Problem Since 1948.” Journal of Econometrics, 95 (2000), 391–413.
Lewis. “Steel CEOs Say EU Carbon Reforms Threaten Jobs, Investment.” Retrieved online at: https://www.reuters.com/article/carbontrading-steel-idINL8N1IU0P6 (2017).
Marin, G.; M. Marino; and C. Pellegrin. “The Impact of the European Emission Trading Scheme on Multiple Measures of Economic Performance.” Environmental and Resource Economics, 71 (2018), 551–582.
Martin, R.; M. Muûls; and U. J. Wagner. “The Impact of the European Union Emissions Trading Scheme on Regulated Firms: What Is the Evidence After Ten Years?” Review of Environmental Economics and Policy, 10 (2016), 129–148.
Misch, F., and M. P. Wingender. “Revisiting Carbon Leakage.” International Monetary Fund (2021).
Neyman, J., and E. L. Scott. “Consistent Estimates Based on Partially Consistent Observations.” Econometrica: Journal of the Econometric Society, (1948)1–32.
Nguyen, J. H., and H. Phan. “Carbon Risk and Corporate Capital Structure.” Journal of Corporate Finance, 64 (2020), 101713.
Petrick, S., and U. J. Wagner. “The Impact of Carbon Trading on Industry: Evidence from German Manufacturing Firms.” Working Paper, available at SSRN 2389800 (2014).
OECD. “OECD Expert Workshop on Environmental Policies: Social and Economic Outcomes.” Retrieved online at: https://www.oecd.org/environment/toolsevaluation/oecdexpertworkshoponenvironmentalpoliciessocialandeconomicoutcomes.htm (2022).
Osterman, P. “Work Reorganization in an Era of Restructuring: Trends in Diffusion and Effects on Employee Welfare.” ILR Review, 53 (2000), 179–196.
Qiu, Y. “Labor Adjustment Costs and Risk Management.” Journal of Financial and Quantitative Analysis, 54 (2019), 1447–1468.
Roberts, M. R., and T. M. Whited. “Endogeneity in Empirical Corporate Finance- Chapter 7.” In Handbook of the Economics of Finance (2013) (pp. 493–572).
Shive, S. A., and M. M. Forster. “Corporate Governance and Pollution Externalities of Public and Private Firms.” Review of Financial Studies, 33 (2020), 1296–1330.
Vicente-Lorente, J. D., and I. Suárez-González. “Ownership Traits and Downsizing Behaviour: Evidence for the Largest Spanish Firms, 1990–1998.” Organization Studies, 28 (2007), 1613–1638.
Wagner, U. J.; M. Muûls; R. Martin; and J. Colmer. “The Causal Effects of the European Union Emissions Trading Scheme: Evidence from French Manufacturing Plants.” Working Paper (2014, June). .
Wooldridge, J. M. “Econometric Analysis of Cross Section and Panel Data.” Cambridge, MA: MIT Press (2010).
Xu, Q., and T. Kim. “Financial Constraints and Corporate Environmental Policies.” Review of Financial Studies, 35 (2022), 576–635.
