The Effects of Environmental Regulations on the Productivity of Large Companies: An Empirical Analysis of the Spanish Case

摘要: This article provides evidence to the debateabout whether or not investments designated forcompliance with environmental performance andtechnology standards favor harm workproductivity of companies. A panel data modelis analyzed, which refers 53 largeSpanish companies quoted on stock exchangeand that have participated in a subsidizedenvironmental protection program during the1990–1995 period, specifically theIndustrial and Technological Program for theEnvironment (PITMA). Cobb-Douglas productionfunction is used relate measure pollutionabatement investment dedicated compliancewith standards. The resulting negativecoefficient, although close zero, should notbe interpreted as result derived from justany kind regulation, but rather ofthe regulation analyzed this work,meaning command control thatoften binds make environmentalinvestments are productive theconventional economic sense, they areproductive terms quality.In addition, order specify kindof company conclusions thispaper applicable, characteristics PITMA areanalyzed comparatively didnot participate.