{"id":"https://openalex.org/W3145215199","doi":"https://doi.org/10.3390/en14071855","title":"Does Carbon Risk Matter? Evidence of Carbon Premium in EU Energy-Intensive Companies","display_name":"Does Carbon Risk Matter? Evidence of Carbon Premium in EU Energy-Intensive Companies","publication_year":2021,"publication_date":"2021-03-26","ids":{"openalex":"https://openalex.org/W3145215199","doi":"https://doi.org/10.3390/en14071855","mag":"3145215199"},"language":"en","primary_location":{"id":"doi:10.3390/en14071855","doi":"https://doi.org/10.3390/en14071855","is_oa":true,"landing_page_url":"https://doi.org/10.3390/en14071855","pdf_url":"https://www.mdpi.com/1996-1073/14/7/1855/pdf?version=1617937201","source":{"id":"https://openalex.org/S198098182","display_name":"Energies","issn_l":"1996-1073","issn":["1996-1073"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["anvur-class-a","anvur-scientific","cwts-core","doaj","norway-1","poland-140","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Energies","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"gold","oa_url":"https://www.mdpi.com/1996-1073/14/7/1855/pdf?version=1617937201","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5085676356","display_name":"Pawe\u0142 Witkowski","orcid":"https://orcid.org/0000-0003-0080-3893","observed_orcids":["https://orcid.org/0000-0003-0080-3893"]},"institutions":[{"id":"https://openalex.org/I104588304","display_name":"University of Szczecin","ror":"https://ror.org/05vmz5070","country_code":"PL","type":"education","lineage":["https://openalex.org/I104588304"]}],"countries":["PL"],"is_corresponding":true,"raw_author_name":"Pawel Witkowski","raw_affiliation_strings":["Institute of Economics and Finance, University of Szczecin, 71-101 Szczecin, Poland"],"raw_orcid":"https://orcid.org/0000-0003-0080-3893","affiliations":[{"raw_affiliation_string":"Institute of Economics and Finance, University of Szczecin, 71-101 Szczecin, Poland","institution_ids":["https://openalex.org/I104588304"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5072005311","display_name":"Adam Adamczyk","orcid":"https://orcid.org/0000-0002-0491-5502","observed_orcids":["https://orcid.org/0000-0002-0491-5502"]},"institutions":[{"id":"https://openalex.org/I104588304","display_name":"University of Szczecin","ror":"https://ror.org/05vmz5070","country_code":"PL","type":"education","lineage":["https://openalex.org/I104588304"]}],"countries":["PL"],"is_corresponding":false,"raw_author_name":"Adam Adamczyk","raw_affiliation_strings":["Institute of Economics and Finance, University of Szczecin, 71-101 Szczecin, Poland"],"raw_orcid":"https://orcid.org/0000-0002-0491-5502","affiliations":[{"raw_affiliation_string":"Institute of Economics and Finance, University of Szczecin, 71-101 Szczecin, Poland","institution_ids":["https://openalex.org/I104588304"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5006113623","display_name":"S\u0142awomir Franek","orcid":"https://orcid.org/0000-0002-9698-4918","observed_orcids":["https://orcid.org/0000-0002-9698-4918"]},"institutions":[{"id":"https://openalex.org/I104588304","display_name":"University of Szczecin","ror":"https://ror.org/05vmz5070","country_code":"PL","type":"education","lineage":["https://openalex.org/I104588304"]}],"countries":["PL"],"is_corresponding":false,"raw_author_name":"Slawomir Franek","raw_affiliation_strings":["Institute of Economics and Finance, University of Szczecin, 71-101 Szczecin, Poland"],"raw_orcid":"https://orcid.org/0000-0002-9698-4918","affiliations":[{"raw_affiliation_string":"Institute of Economics and Finance, University of Szczecin, 71-101 Szczecin, Poland","institution_ids":["https://openalex.org/I104588304"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5085676356"],"corresponding_institution_ids":["https://openalex.org/I104588304"],"apc_list":{"value":2000,"currency":"CHF","value_usd":2160},"apc_paid":{"value":2000,"currency":"CHF","value_usd":2160},"fwci":2.7997,"has_fulltext":true,"cited_by_count":19,"citation_normalized_percentile":{"value":0.91284089,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":87,"max":98},"biblio":{"volume":"14","issue":"7","first_page":"1855","last_page":"1855"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T13146","display_name":"Sustainable Finance and Green Bonds","score":0.7099999785423279,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T13146","display_name":"Sustainable Finance and Green Bonds","score":0.7099999785423279,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.14419999718666077,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10471","display_name":"Climate Change Policy and Economics","score":0.05990000069141388,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/carbon-premium","display_name":"carbon premium","score":0.9639999866485596},{"id":"https://openalex.org/keywords/eu-emissions-trading-system","display_name":"EU Emissions Trading System","score":0.925000011920929},{"id":"https://openalex.org/keywords/carbon-risk","display_name":"carbon risk","score":0.5180000066757202},{"id":"https://openalex.org/keywords/emission-allowances","display_name":"emission allowances","score":0.7870000004768372},{"id":"https://openalex.org/keywords/carbon-pricing","display_name":"carbon pricing","score":0.5090000033378601}],"concepts":[{"id":"https://openalex.org/C2780821815","wikidata":"https://www.wikidata.org/wiki/Q5340806","display_name":"Portfolio","level":2,"score":0.6332182288169861},{"id":"https://openalex.org/C100405246","wikidata":"https://www.wikidata.org/wiki/Q8348417","display_name":"Emissions trading","level":3,"score":0.5961064696311951},{"id":"https://openalex.org/C2910001868","wikidata":"https://www.wikidata.org/wiki/Q458","display_name":"European union","level":2,"score":0.5484743714332581},{"id":"https://openalex.org/C151541453","wikidata":"https://www.wikidata.org/wiki/Q523022","display_name":"Risk premium","level":2,"score":0.5373017191886902},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.4987063407897949},{"id":"https://openalex.org/C198531522","wikidata":"https://www.wikidata.org/wiki/Q485146","display_name":"Sample (material)","level":2,"score":0.4894832372665405},{"id":"https://openalex.org/C140205800","wikidata":"https://www.wikidata.org/wiki/Q5860","display_name":"Carbon fibers","level":3,"score":0.43709057569503784},{"id":"https://openalex.org/C37965861","wikidata":"https://www.wikidata.org/wiki/Q839399","display_name":"Carbon credit","level":3,"score":0.43144896626472473},{"id":"https://openalex.org/C47737302","wikidata":"https://www.wikidata.org/wiki/Q167336","display_name":"Greenhouse gas","level":2,"score":0.42027100920677185},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.3552456796169281},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.3508091866970062},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.21616417169570923},{"id":"https://openalex.org/C155202549","wikidata":"https://www.wikidata.org/wiki/Q178803","display_name":"International trade","level":1,"score":0.1490429937839508},{"id":"https://openalex.org/C185592680","wikidata":"https://www.wikidata.org/wiki/Q2329","display_name":"Chemistry","level":0,"score":0.0},{"id":"https://openalex.org/C192562407","wikidata":"https://www.wikidata.org/wiki/Q228736","display_name":"Materials science","level":0,"score":0.0},{"id":"https://openalex.org/C43617362","wikidata":"https://www.wikidata.org/wiki/Q170050","display_name":"Chromatography","level":1,"score":0.0},{"id":"https://openalex.org/C18903297","wikidata":"https://www.wikidata.org/wiki/Q7150","display_name":"Ecology","level":1,"score":0.0},{"id":"https://openalex.org/C159985019","wikidata":"https://www.wikidata.org/wiki/Q181790","display_name":"Composite material","level":1,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C104779481","wikidata":"https://www.wikidata.org/wiki/Q50707","display_name":"Composite number","level":2,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.3390/en14071855","doi":"https://doi.org/10.3390/en14071855","is_oa":true,"landing_page_url":"https://doi.org/10.3390/en14071855","pdf_url":"https://www.mdpi.com/1996-1073/14/7/1855/pdf?version=1617937201","source":{"id":"https://openalex.org/S198098182","display_name":"Energies","issn_l":"1996-1073","issn":["1996-1073"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["anvur-class-a","anvur-scientific","cwts-core","doaj","norway-1","poland-140","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Energies","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:gam:jeners:v:14:y:2021:i:7:p:1855-:d:524986","doi":null,"is_oa":false,"landing_page_url":"https://www.mdpi.com/1996-1073/14/7/1855/","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},{"id":"pmh:oai:doaj.org/article:1cf5213eb325403ba082a15bbeab726a","doi":null,"is_oa":true,"landing_page_url":"https://doaj.org/article/1cf5213eb325403ba082a15bbeab726a","pdf_url":null,"source":{"id":"https://openalex.org/S4306401280","display_name":"DOAJ (DOAJ: Directory of Open Access Journals)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-sa","license_id":"https://openalex.org/licenses/cc-by-sa","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Energies, Vol 14, Iss 7, p 1855 (2021)","raw_type":"article"}],"best_oa_location":{"id":"doi:10.3390/en14071855","doi":"https://doi.org/10.3390/en14071855","is_oa":true,"landing_page_url":"https://doi.org/10.3390/en14071855","pdf_url":"https://www.mdpi.com/1996-1073/14/7/1855/pdf?version=1617937201","source":{"id":"https://openalex.org/S198098182","display_name":"Energies","issn_l":"1996-1073","issn":["1996-1073"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["anvur-class-a","anvur-scientific","cwts-core","doaj","norway-1","poland-140","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Energies","raw_type":"journal-article"},"sustainable_development_goals":[{"id":"https://metadata.un.org/sdg/13","display_name":"Climate action","score":0.9786999821662903},{"id":"https://metadata.un.org/sdg/7","display_name":"Affordable and clean energy","score":0.5690000057220459}],"study_designs":[],"awards":[{"id":"https://openalex.org/G2611133249","display_name":null,"funder_award_id":"001 / RID / 2018/19","funder_id":"https://openalex.org/F4320322733","funder_display_name":"Ministerstwo Edukacji i Nauki"}],"funders":[{"id":"https://openalex.org/F4320322733","display_name":"Ministerstwo Edukacji i Nauki","ror":"https://ror.org/05dwvd537"}],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W3145215199.pdf","grobid_xml":"https://content.openalex.org/works/W3145215199.grobid-xml"},"referenced_works_count":31,"referenced_works":["https://openalex.org/W912318740","https://openalex.org/W1991520326","https://openalex.org/W1995834279","https://openalex.org/W2010681793","https://openalex.org/W2018299604","https://openalex.org/W2134807435","https://openalex.org/W2134950752","https://openalex.org/W2136120210","https://openalex.org/W2268648219","https://openalex.org/W2293279554","https://openalex.org/W2345548424","https://openalex.org/W2884816728","https://openalex.org/W2914218819","https://openalex.org/W2924794861","https://openalex.org/W3005904981","https://openalex.org/W3020696846","https://openalex.org/W3020972119","https://openalex.org/W3046488827","https://openalex.org/W3048733882","https://openalex.org/W3111002808","https://openalex.org/W3122214229","https://openalex.org/W3122344833","https://openalex.org/W3123002762","https://openalex.org/W3123217383","https://openalex.org/W3124527043","https://openalex.org/W3124759730","https://openalex.org/W3125906919","https://openalex.org/W4236181625","https://openalex.org/W4237239309","https://openalex.org/W4285379085","https://openalex.org/W6922607534"],"related_works":["https://openalex.org/W7064599238","https://openalex.org/W4417453123","https://openalex.org/W7008896415","https://openalex.org/W4368248097","https://openalex.org/W2236014974","https://openalex.org/W6986218235","https://openalex.org/W2181343734","https://openalex.org/W2304019096","https://openalex.org/W4399748625","https://openalex.org/W2079117566"],"abstract_inverted_index":{"In":[0,62],"this":[1],"paper":[2],"we":[3,65,124],"have":[4,165],"assessed":[5],"the":[6,9,18,21,27,53,63,85,88,96,112,120,134,159,174,177,181,185],"impact":[7,175],"of":[8,20,26,87,100,176,187,190],"European":[10],"Union\u2019s":[11],"Emissions":[12],"Trading":[13],"Scheme":[14],"(EU":[15],"ETS)":[16],"on":[17,180],"level":[19],"carbon":[22,37,89,109,131,152,182],"premium.":[23],"The":[24],"aim":[25],"study":[28],"is":[29,34,148,184],"to":[30,73,83,93,158],"determine":[31],"whether":[32],"there":[33,140,147],"a":[35,74,105,116,128,149,169],"stable":[36],"premium":[38,90,110,132,153,183],"in":[39,52,95,111,119,133,172],"energy-intensive":[40,155],"sectors.":[41],"Unlike":[42],"other":[43],"studies,":[44],"our":[45,67],"research":[46],"sample":[47],"included":[48],"not":[49,126],"only":[50],"companies":[51,72,156,194],"energy":[54],"sector,":[55],"but":[56,123],"also":[57,166],"entities":[58],"classified":[59],"as":[60],"energy-intensive.":[61],"research,":[64],"used":[66],"own":[68],"criterion":[69],"for":[70,98,144,154],"allocating":[71],"clean":[75,191],"and":[76,115,192],"dirty":[77,193],"portfolio,":[78],"which":[79],"made":[80],"it":[81],"possible":[82],"make":[84],"estimation":[86],"more":[91],"resistant":[92],"changes":[94],"rules":[97],"allocation":[99],"emission":[101],"allowances.":[102],"We":[103,164],"detected":[104],"positive,":[106],"statistically":[107,129],"significant":[108,130,170],"years":[113,121],"2003\u20132012":[114],"negative":[117],"one":[118],"2013\u20132015,":[122],"did":[125],"detect":[127],"period":[135],"2016\u20132019.":[136],"This":[137],"means":[138],"that":[139,146,168],"are":[141],"no":[142],"grounds":[143],"concluding":[145],"stable,":[150],"positive":[151],"subject":[157],"EU":[160,178],"ETS":[161,179],"over":[162],"time.":[163],"noticed":[167],"problem":[171],"studying":[173],"use":[186],"static":[188],"portfolios":[189]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2025,"cited_by_count":4},{"year":2024,"cited_by_count":5},{"year":2023,"cited_by_count":5},{"year":2022,"cited_by_count":3},{"year":2021,"cited_by_count":1}],"updated_date":"2026-11-07T11:25:07.637180","created_date":"2021-04-13T00:00:00"}
