GDL

Journal from gdlhub / 2017-08-14 11:56:36
Oleh : C. Leigh Anderson, Robert A. Kagan, ELSEVIER (la@u.washington.edu (L. Anderson))
Dibuat : 2010-08-25, dengan 1 file

Keyword : Adversarial, legalism, transaction, costs, industrial, hypothesis, revisited

Empirical evidence that firms respond to differences in environmental compliance costs


among jurisdictions—the industrial-flight hypothesis—has been mixed. In this article, we


propose a new explanation for this ambivalence, which also sheds light on an emerging


paradox in overseas investment: U.S. capital outflows appear to be sensitive to rising


abatement costs, yet the investment recipients increasingly are countries with comparably


stringent environmental standards. Our explanation for this paradox is based on the role of


regulatory process costs, usually left out of total compliance costs. Most empirical work has


looked for capital movement in response to differential abatement costs, predicting that


investment would flow from environmentally stringent regimes to those with more lax


environmental regulations, for example, from the United States to some developing coun-


tries. But little evidence has been found of these pollution havens. If, however, at the margin


it is regulatory process costs, liability risks, and uncertainties that constitute the most


important compliance cost differentials, then we have been looking for U.S. capital outflows


in the wrong places.

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