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Robert Halvorsen

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Robert Halvorsen

This Research Review presents forty-six of the most important and influential journal articles by some of the leading scholars in the field and addresses some of the most problematic issues concerning the sustainability of the world economy. Subjects included are: an introduction to the economics of nonrenewable resources; theoretical foundations for the field; nonhomogeneous resources; exploration and uncertainty; market structure; taxation and global climate change. The collection concludes with a discussion of the empirical research and the extent to which nonrenewable resources constrain economic growth as well as the consistency of the theoretical predictions of Hotelling-type models with actual economic outcomes. With an original introduction by the editor, this collection will be an important resource for students, academics and practitioners.
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Robert Halvorsen

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Firms, Finance and Sustainable Transitions

The Financial Constraints of Eco-Innovation Companies

Edgardo Sica

This thought-provoking book introduces a financial economics perspective to the topic of eco-innovations and, more generally, sociotechnical transitions. It develops a model that illustrates how financial constraints can prevent the development of eco-innovations within companies and hinder the transition process towards a more sustainable regime. Edgardo Sica presents a review of the state of the art, as well as new data from original surveys aimed at testing the impact of financial constraints on eco-innovative decisions at radical and niche levels.
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Edgardo Sica

This chapter reports the findings achieved from an ad hoc survey which investigates the financial constraints of eco-innovative companies at niche level. In other words, it explores the way financial constraints may affect the niche readiness by hampering the development of radical EIs. In particular, readiness is measured in terms of (1) networking activity within the niche, (2) level of knowledge of niche actors and (3) expectations of actors about the future development of the niche. The survey was administrated to the companies operating in the anaerobic digestion and biogas niche, both in England and Italy. This niche represents an interesting case study since it takes simultaneously into account the most relevant domains that can actively contribute to the transition towards a more sustainable regime, that is, energy, food and mobility.

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Edgardo Sica

This chapter reports the results achieved from the implementation of a survey specifically designed to investigate the financial constraints of eco-innovative companies at regime level. Specifically, it analyses the extent to which financial constraints can prevent the creation of favourable conditions in the socio-technical regime by hampering the development and/or adoption of incremental EIs. The survey was administrated to a sample of English and Italian manufacturing companies. The comparative analysis between these two countries represents an interesting case study due to the opposing configuration of their FS in terms of patterns of industrial finance, corporate governance system, financial sector, predominant system of business coordination and organisation and legal framework.

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Eco-innovations and finance theory

The Financial Constraints of Eco-Innovation Companies

Edgardo Sica

Although the importance of finance for innovations has been recognised by Schumpeter since 1912, literature on EIs does not take into account the role of financial resources as a possible driver/barrier to the companies’ eco-innovative decisions. In this framework, this chapter discusses the relevance of finance for EIs. The chapter starts by analysing the capital structure of companies with particular reference to the financial options provided by the green finance to the eco-innovative enterprises. Then, it moves towards the analysis of the finance theory and the corresponding empirical findings, by focusing on two main bodies of literature. The first includes literature on capital structure and the theory of hierarchy of finance. The second focuses upon the determinants of companies’ financial constraints, with particular reference to the role of different financial systems.

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Edgardo Sica

This chapter presents a multilevel perspective model based on the theoretical setting of the evolutionary theory. The model tries to capture the complexity of EIs’ contribution to the transition from the current (unsustainable) regime to a green economy where EIs become the market standard. In this framework, the model identifies the role played by the financial constraints in hindering the eco-innovative decisions of companies. On the one hand, financial constraints may impede regime level companies from developing or adopting incremental EIs that would otherwise allow niche-level EIs to enter the dominant regime. On the other, financial constraints can affect the development of radical EIs at niche level, by negatively influencing the niches readiness. In this way, financial constraints delay the alignment process among socio-technical levels, jeopardising the transition towards a more sustainable regime.

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The drivers of eco-innovations

The Financial Constraints of Eco-Innovation Companies

Edgardo Sica

The main incentive for innovation activities in companies is generally given by the possibility of achieving higher market shares and more profits. In turn, this is affected by a number of internal-to-company drivers (for example, company size, cost-savings associated with the implementation of innovations and so on) and external-to-company drivers (for example, market characteristics and competitiveness level and so on). However, in the case of EIs, further eco-related external factors should be taken into account, such as the type and effectiveness of environmental policy adopted, the environmental consciousness of consumers and their related preference for environmentally friendly goods and services. This chapter reviews all these aspects discussing the existing theoretical and empirical knowledge about the main drivers of EIs.