Narcissism, political tenure, financial indicators and the effectiveness of environmental regulation
Date
2018
Authors
Yang, M.
Ramiah, V.
Moosa, I.
He, Y.
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Journal article
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Applied Economics, 2018; 50(21):2325-2338
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Abstract
This article explores the factors that determine the effectiveness of environmental regulation in the United States and Australia. Unlike prior literature, in which lagging performance measures (such as carbon emissions) are used, we use financial data to develop effectiveness scores and identify the determinants of effectiveness, including narcissistic behaviour, tenure of political leaders and financial indicators. Consistent with the emerging literature on environmental finance, we find that abnormal returns are associated with environmental regulation and that effectiveness is adversely affected when narcissistic leaders are in power. Our results remain robust when we control for various event windows and models.
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Copyright 2017 Informa UK