Heterogenous Energy Consumption Behavior by Firm Size: Evidence from Korean Environmental Regulations
- Authors
- Lee, Jaeseok; Yu, Jongmin
- Issue Date
- 1-Jun-2019
- Publisher
- MDPI
- Keywords
- panel vector autoregression (VAR); energy; industrial sector; GHG emissions; large firms; SMEs
- Citation
- SUSTAINABILITY, v.11, no.11
- Journal Title
- SUSTAINABILITY
- Volume
- 11
- Number
- 11
- URI
- https://scholarworks.bwise.kr/hongik/handle/2020.sw.hongik/1469
- DOI
- 10.3390/su11113226
- ISSN
- 2071-1050
- Abstract
- We analyze the interdependencies between energy usage, energy costs, renewable energy shares, economic growth, and greenhouse gas (GHG) emissions in the Korean industrial sector by employing a time-series panel vector model. Although the topic itself about has been classic one, our research to investigate diverse dynamics between large and small-mid size businesses using micro-firm level data is the first study in literature. Since firms with different sizes are put in different policy circumstances, the aggregate-level data analysis could possibly disregard the effectiveness of environmental & renewable policies and underestimate the policy sensitivity of firms. Our findings demonstrate that the increase in energy consumption in larger firms has a greater impact on their energy costs and GHG emissions than for small and medium-sized enterprises (SMEs). Moreover, it has a significant effect on GDP. Also, the increase in renewable energy shares only has a significant influence on the energy consumption and GHG emission levels of large firms.
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