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Environmental policy and R&D productivity: A case study from the Korean Emissions Trading Scheme

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  • Jung Youn

Abstract

This study investigates the relationship between emissions trading schemes and Research and Development (R&D) productivity based on data from manufacturing industries participating in the Korean Emissions Trading Scheme (KETS). First, this study estimates the total factor R&D productivity by industry, and it is confirmed that changes in R&D productivity vary across industries. The total factor R&D productivity in Korea has been decreasing, but the annual growth trend has been increasing rapidly due to the introduction of the KETS. Based on the estimated R&D productivity, panel data model estimation is executed to reveal the effect of environmental policy on R&D productivity. Empirical results confirm that environmental policy plays a vital role in promoting R&D productivity, and policy stringency affects R&D performance. The results also find that the environmental policy encourages enterprises to participate in KETS for improving R&D productivity.

Suggested Citation

  • Jung Youn, 2023. "Environmental policy and R&D productivity: A case study from the Korean Emissions Trading Scheme," Science and Public Policy, Oxford University Press, vol. 50(1), pages 120-128.
    • Handle: RePEc:oup:scippl:v:50:y:2023:i:1:p:120-128.
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    File URL: http://hdl.handle.net/10.1093/scipol/scac053
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