Abstract：
European manufacturing firms have to cope with the new regulations that advocate a greener and more sustainable future with less emissions and at the same time enhance or at least maintain their productivity levels. A unique dataset is constructed by combining information on different firms\' pollutants with their financial information during the 2011-2017 period. A non-radial directional distance function analysis is adopted with desirable and undesirable outputs to estimate environmental productivity growth and its components, which addresses the problem of heterogeneity. A regulatory impact indicator that provides information about the loss of outputs resulting from new policies is also computed. Finally, the impact of environmental regulations on productivity growth is explored using a panel vector autoregressive method. Our findings showcase different average values of productivity for each pollutant group. Moreover, results indicate that increasing the index of regulations by 1%, increases environmental productivity by 0.24% and 0.44% for heavy metals and greenhouse gases groups, respectively. Finally, results support the \"weak\" Porter Hypothesis, which attests that welldesigned environmental regulations can exert a positive effect on environmental innovation.
摘要：
欧洲制造公司必须应对新的法规，这些法规倡导更环保，更可持续的未来，减少排放，同时提高或至少保持其生产率水平。通过将2011-2017年期间不同公司污染物的信息与其财务信息相结合，构建了一个独特的数据集。采用非径向方向距离函数分析，具有期望和不期望的输出，以估计环境生产率增长及其组成部分，解决了异质性问题。还计算了一个监管影响指标，该指标提供了有关新政策造成的产出损失的信息。最后,使用面板向量自回归方法探讨了环境法规对生产率增长的影响。我们的研究结果展示了每个污染物组不同的生产率平均值。此外，结果表明，将法规指标提高1%，重金属和温室气体组的环境生产率提高0.24%和0.44%，分别。最后,结果支持“弱”波特假说，这证明了精心设计的环境法规可以对环境创新产生积极影响。
