lords of the harvest third party influence and regulatory approval of genetically modified organisms little is known about the factors that influence regulatory agency decision making we posit that regulatory agencies are influenced by the firms they regulate but not exclusively via dyadic exchanges as is traditionally argued in the regulatory capture and business government literatures instead regulatory decisions are indirectly shaped via third party actors who shield agencies from legitimacy threats focusing empirically on the united states department of agriculture s usda approval of genetically modified organisms gmos we find that product assessments by powerful stakeholders and peer agencies influence product approval and that their effects vary under different threats we also discuss the implications of these findings for businessgovernment relations nonmarket strategy and organization theory

navigating the paradox of openness in energy and transport innovation insights from eight corporate clean technology research and development case studies using an inductive case study approach drawn from original interview data this article investigates the innovation approaches among a sample of international energy companies or corporate firms it first presents a conceptual framework synthesized from the business studies entrepreneurship evolutionary economics innovation studies management science organization studies political science and sociology literature this framework suggests that corporate approaches to clean technology innovation will cut across the four dimensions of organizational multiplicity and stakeholder involvement information sharing coordination and control and market orientation it then explores how eight firms the algal carbon conversion flagship and aurora algae biofuel dong and statoil carbon capture and storage tesla and volkswagen electric vehicles and siemens and vestas offshore wind turbines approach clean technology development with open innovation attributes mixed with closed attributes although the study finds striking similarities among the particular approaches embraced by each corporate actor it also notes that approaches are technology and firm specific and the potential for different permutations leads to an almost endless number of possible stylistic combinations the innovation profiles depicted also reveal conflict and competition among various stakeholders the implication being that corporate innovation in the energy sector remains a conflicted disjointed and messy process

puttin on the ritz pre ipo enlistment of prestigious affiliates as deadline induced remediation we describe two theoretical explanations for the amount pace and costs of the prestige enhancement a firm engages in during the year before its initial public offering the snowball model captures well known processes whereby prestige rich organizations accumulate even more prestige the dressing up model builds upon deadline induced remediation a phenomenon not previously studied in a macro organizational context in 242 software ipos the snowball model substantially explains final year prestigious hiring but there is also strong evidence of a tandem dressing up process as the final year counts down prestige poor firms aggressively hire prestigious executives and directors and pay higher prices to do so

better together signaling interactions in new venture pursuit of initial external capital after new ventures have exhausted the limited financial resources of founders family and friends they often pursue initial external capital to secure investment entrepreneurs can signal about

the social structure of a national securities market in this article a national securities market the stock options market is characterized as a social structure represented by the networks of actors who traded options on the floor of a major securities exchange trading among actors exhibited distinct social structural patterns that dramatically affected the direction and magnitude of option price volatility the argument that this market is socially structured is constructed in four parts behavioral assumptions about the nature of economic actors models of micronetworks models of macronetworks and price consequences in the ideal typical model of the market actors are assumed to be hyperrational and never to act opportunistically with these behavioral assumptions the micronetworks of actors should be expansive a condition which would result in undifferentiated and homogeneous macronetworks such macronetworks would tend to reduce the volatility of option prices but in the empirical market studied here actors are subject to bounded rationality a

weighing the costs and benefits of state renewables portfolio standards in the united states a comparative analysis of state level policy impact projections abstract state renewables portfolio standards rps have emerged as one of the most important policy drivers of renewable energy capacity expansion in the u s as rps policies have been proposed or adopted in an increasing number of states a growing number of studies have attempted to quantify the potential impacts of these policies focusing primarily on cost impacts but sometimes also estimating macroeconomic risk reduction and environmental effects this article synthesizes and analyzes the results and methodologies of 31 distinct state or utility level rps cost impact analyses completed since 1998 together these studies model proposed or adopted rps policies in 20 different states we highlight the key findings of these studies on the projected costs of state rps policies examine the sensitivity of projected costs to model assumptions evaluate the reasonableness of key input assumptions and suggest possible areas of improvement for future rps analyses we conclude that while there is considerable uncertainty in the study results the majority of the studies project modest cost impacts seventy percent of the state rps cost studies project retail electricity rate increases of no greater than 1 nonetheless there is considerable room for improving the analytic methods and therefore accuracy of these estimates

renewable electricity policies heterogeneity and cost effectiveness abstract renewable electricity policies promote investment in renewable electricity generators and have become increasingly common around the world because of intermittency and the composition of other generators in the power system the value of certain renewable particularly wind and solar varies across locations and technologies this paper investigates the implications of this heterogeneity for the cost effectiveness of renewable electricity policies a simple model of the power system shows that renewable electricity policies cause different investment mixes policies also differ according to their effect on electricity prices and both factors cause the cost effectiveness to vary across policies we use a detailed long run planning model that accounts for intermittency on an hourly basis to compare the cost effectiveness for a range of policies and alternative parameter assumptions the differences in cost effectiveness are economically significant where broader policies such as an emissions price outperform renewable electricity policies

environmental accounting for pollution in the united states economy this study presents a framework to include environmental externali ties into a system of national accounts the paper estimates the air pollution damages for each industry in the united states an inte grated assessment model quantifies the marginal damages of air pol lution emissions for the us which are multiplied times the quantity of emissions by industry to compute gross damages solid waste com bustion sewage treatment stone quarrying marinas and oil and coal fired power plants have air pollution damages larger than their value added the largest industrial contributor to external costs is coal fired electric generation whose damages range from 0 8 to 5 6 times value added jel e01 l94 q53 q56

climate change policy what do the models tell us very little a plethora of integrated assessment models iams have been constructed and used to estimate the social cost of carbon scc and evaluate alternative abatement policies these models have crucial flaws that make them close to useless as tools for policy analysis certain inputs e g the discount rate are arbitrary but have huge effects on the scc estimates the models produce the models descriptions of the impact of climate change are completely ad hoc with no theoretical or empirical foundation and the models can tell us nothing about the most important driver of the scc the possibility of a catastrophic climate outcome iam based analyses of climate policy create a perception of knowledge and precision but that perception is illusory and misleading jel c51 q54 q58

monitoring costs managerial ethics and corporate governance a modeling approach this article evaluates effectiveness and costs of external regulation in particular the sarbanes oxley act of 2002 sox in restricting managerial malfeasance and safeguarding shareholder interests it discusses the role of managerial ethics as an alternative corporate governance mechanism to protect shareholder value this article builds a mathematical model to illustrate shareholders choices of best corporate governance mechanisms taking into account the influence of managerial ethics effectiveness and costs of monitoring we suggest that the best corporate governance design and the optimal monitoring expenses are influenced by managerial types monitoring efficiency and effectiveness of ethics education we conclude that stringent regulation and monitoring may not always enhance shareholder value when managerial ethics could be improved by ethics education or social norms ethics education may be a better alternative than stringent regulation

institutional sources of boundary spanning structures the establishment of investor relations departments in the fortune 500 industrials the authors analyze the coercive and mimetic conditions leading to the establishment of investor relations departments among fortune 500 industrial firms during the 1984 1994 period the results show that antimanagement resolutions brought to a vote by social movement activists significantly contributed to the establishment of investor relations departments intense scrutiny by financial analysts also impelled firms to create such departments whereas social movement activists framed shareholder rights as a problem and compelled organizations to uphold them professional analysts subtly coerced organizations to signal their commitment to investor rights by creating boundary spanning structures that solution was transmitted through board interlocks to other organizations

growth and renewable energy in europe a random effect model with evidence for neutrality hypothesis this is an empirical study on the causal relationship between economic growth and renewable energy for 27 european countries in a multivariate panel framework over the period 1997 2007 using a random effect model and including final energy consumption greenhouse gas emissions and employment as additional independent variables in the model empirical results do not confirm causality between renewable energy consumption and gdp although panel causality tests unfold short run relationships between renewable energy and greenhouse gas emissions and employment the estimated cointegration factor refrains from unity indicating only a weak if any relationship between economic growth and renewable energy consumption in europe suggesting evidence of the neutrality hypothesis which can partly be explained by the uneven and insufficient exploitation of renewable energy sources across europe

renewable energy an efficient mechanism to improve gdp abstract this article analyzes the effects of renewable energy on gdp for 116 economies in 2003 through structural equation modeling sem approach in order to decipher the mechanism of how the use of renewables improves macroeconomic efficiency we decompose gdp by the expenditure approach although previous theory predicts positive effects of renewables on capital formation and trade balance the sem results show that renewables have a significant positive influence on capital formation only the result that renewables do not have a significant impact on trade balance implies that renewables do not have an import substitution effect thus we confirm the positive relationship between renewable energy and gdp through the path of increasing capital formation but not for the path of increasing trade balance

how much prestige is enough assessing the value of multiple types of high status affiliates for young firms abstract young unproven firms can signal their worthiness or potential through affiliations with various types of prestigious parties drawing from signaling theory we present a formal consideration of the implications of multiple numbers and types of prestigious affiliates for ipo valuations we argue that different types of prestigious affiliates prestigious executives directors venture capital firms and underwriters convey different signals of ipo worth depending on the extent to which they provide certification or substantive benefits based on a sample of 257 software ipos we find considerable support for our expectations the benefits of prestigious executives and directors accumulate in a linear more is better fashion in contrast the payoffs from vc and underwriter prestige accumulate in a curvilinear fashion we discuss the theoretical implications of these findings and propose an agenda for future research

founder s human capital external investment and the survival of new high technology ventures the effect of founder characteristics in attracting external investment and enhancing survival of new high technology ventures is explored using human capital theory and signalling theory we test the effect of founder characteristics on external investment in and survival of new high technology ventures by tracking a random sample of 193 high technology start ups all participants in the israeli technology incubator program founder s business management expertise and academic status attracted external investment but founder s general technological expertise did not founder s business management expertise and general technological expertise positively affected venture survival but founder s academic status did not possible implications for entrepreneurs investors policy and further research are discussed

can deployment of renewable energy put downward pressure on natural gas prices abstract high and volatile natural gas prices have increasingly led to calls for investments in renewable energy one line of argument is that deployment of these resources may lead to reductions in the demand for and price of natural gas many recent us based modeling studies have demonstrated that this effect could provide significant consumer savings in this article we evaluate these studies and benchmark their findings against economic theory other modeling results and a limited empirical literature we find that many uncertainties remain regarding the absolute magnitude of this effect and that the reduction in natural gas prices may not represent an increase in aggregate economic wealth nonetheless we conclude that many of the studies of the impact of renewable energy on natural gas prices appear to have represented this effect within reason given current knowledge these studies specifically suggest that a 1 reduction in us natural gas demand could lead to long term average wellhead price reductions of 0 8 2 and that each megawatt hour of renewable energy may benefit natural gas consumers to the tune of at least 7 5 20

organizational debut on the public stage marketing myopia and initial public offerings successful initial public offerings ipos provide firms with access to valuable resources but also put pressure on firms to impress potential investors with evidence of their current well being and prospects for future growth to impress investors ipo firms might curtail their marketing budgets which appears to inflate current earnings and provide evidence of current well being however curtailing marketing budgets unexpectedly during an ipo may be a myopic practice in that the immediate benefits of these budget cuts are offset by their longer term adverse consequences on financial well being the extent of these adverse consequences in turn may be moderated by external firm factors including strategic alliances and key customer relationships and internal firm factors such as the strategic emphasis on value creation versus value appropriation a sample of 1 095 ipos during 2000 2011 reveals evidence of myopic marketing practices in more than 37 of the sample investors seem misled during ipos bu

renewable generation and electricity prices taking stock and new evidence for germany and austria abstract economic theory predicts that the increase of renewable electricity production should reduce the price of electricity in the short run which is also known as the merit order effect although the merit order effect is only one of several consequences of renewable production on the electricity system it is crucial to determine its size for the economic evaluation of renewable energies in this paper we present a comprehensive overview of relevant past research results on the price effect of renewables additionally we conduct a new empirical analysis of the price effect of renewable production for the austrian german region a market that clearly qualifies for a merit order effect analysis given its characteristics based on the review and our own analysis we show that the merit order effect varies depending on the region and the assessment method chosen we also find that the size of this effect is less dispersed throughout different markets than previously suggested by the literature

the impact of wind generation on wholesale electricity prices in the hydro rich pacific northwest extant literature documents that wind generation can reduce wholesale electricity market prices by displacing conventional generation but how large is the wholesale price effect of wind generation in an electricity market dominated by hydroelectric generation we explore this question by analyzing the impact of wind generation on wholesale electricity prices in the pacific northwest region of the united states this hydro rich system tends to be energy limited rather than capacity constrained with its marginal generation during the hydro runoff season often a hydro unit instead of a natural gas fired unit we find that increased wind generation reduces wholesale market prices by a small but statistically significant amount while a hydro rich system can integrate wind generation at a lower cost than a thermal dominated region the direct economic benefits to end users from greater investment in wind power may be negligible

market networks and corporate behavior data on market relations between a large population of corporations and investment banks are used to study the organization market interforce the pattern of direct market ties between a firm and its banks forms of interfaces range from a long term exclusive tie the relationship interface to many short lived episodic ties the transaction interface with hybrid forms between the two poles contrary to widespread belief the article finds that strong relationships still exist transactions interfaces are rare most firms use hybrid interfaces a firm s interface is conceptualized as the intentional result of its efforts to reduce dependence and exploit power advantages observed interfaces are shown to be related systematically to various power dependence concepts including resource intensity number of transactions and dollar amounts raised criticality the availability of resource alternatives power asymmetry between a firm and its main bank organization size standardization of exchange and

an empirical investigation of ipo returns and subsequent equity offerings abstract several recent papers present signaling models in which firms underprice their initial public offerings of equity ipos so that they can subsequently issue seasoned equity at more favorable prices we test the implications of these models we find a positive relation between ipo underpricing and the probability and size of subsequent seasoned offerings although these results are consistent with the implications of the signaling hypotheses the economic significance appears weak we conduct additional tests to evaluate other explanations for these findings and find the alternatives more compelling

a retrospective analysis of benefits and impacts of u s renewable portfolio standards abstract as states consider revising or developing renewable portfolio standards rps they are evaluating policy costs benefits and other impacts we present the first u s national level assessment of state rps program benefits and impacts focusing on new renewable electricity resources used to meet rps compliance obligations in 2013 in our central case scenario reductions in life cycle greenhouse gas emissions from displaced fossil fuel generated electricity resulted in 2 2 billion of global benefits health and environmental benefits from reductions in criteria air pollutants sulfur dioxide nitrogen oxides and particulate matter 2 5 were even greater estimated at 5 2 billion in the central case further benefits accrued in the form of reductions in water withdrawals and consumption for power generation finally although best considered resource transfers rather than net societal benefits new renewable electricity generation used for rps compliance in 2013 also supported nearly 200 000 u s based gross jobs and reduced wholesale electricity prices and natural gas prices saving consumers a combined 1 3 4 9 billion in total the estimated benefits and impacts well exceed previous estimates of rps compliance costs

spatial collocation and venture capital in the us biotechnology industry biotechnology firms operate in a high risk and high reward environment and are in a constant race to secure venture capital vc funds previous contributions to the literature show that the vc firms tend to invest locally in order to monitor their investments and to provide operating assistance to their target firms further biotechnology is a knowledge based industry that tends to exhibit spatial clusters and the firms in such industries may collocate to benefit from gaining access to local markets for specialized inputs e g skilled researchers and from local knowledge spillovers and network externalities if such gains exist we expect that the collocated firms should exhibit positively correlated performance including in their ability to attract venture capital funds the purpose of this paper is to empirically measure the strength and spatial extent of the relationships among the amount of funds raised by proximate biotechnology firms we model these relationships with a spatial autoregression sar model and we control for characteristics of the biotechnology firms and the vc firms that provide their funds as well as site specific factors based on our fitted sar model we find that the amount of venture capital raised by a particular biotechnology firm is significantly influenced by the number of vc firms and the vc funding levels raised by biotechnology firms located within a 10 mile radius but these relationships are not statistically significant beyond this range

the private and public economics of renewable electricity generation generating electricity from renewable sources is more expensive than conventional approaches but reduces pollution externalities analyzing the tradeoff is much more challenging than often presumed because the value of electricity is extremely dependent on the time and location at which it is produced which is not very controllable with some renewables such as wind and solar likewise the pollution benefits from renewable generation depend on what type of generation it displaces which also depends on time and location without incorporating these factors cost benefit analyses of alternatives are likely to be misleading other common arguments for subsidizing renewable power green jobs energy security and driving down fossil energy prices are unlikely to substantially alter the analysis the role of intellectual property spillovers is a strong argument for subsidizing energy science research but less persuasive as an enhancement to the value of installing current renewable energy technologies

the merit order effect a detailed analysis of the price effect of renewable electricity generation on spot market prices in germany the german feed in support of electricity generation from renewable energy sources has led to high growth rates of the supported technologies critics state that the costs for consumers are too high an important aspect to be considered in the discussion is the price effect created by renewable electricity generation this paper seeks to analyse the impact of privileged renewable electricity generation on the electricity market in germany the central aspect to be analysed is the impact of renewable electricity generation on spot market prices the results generated by an agent based simulation platform indicate that the financial volume of the price reduction is considerable in the short run this gives rise to a distributional effect which creates savings for the demand side by reducing generator profits in the case of the year 2006 the volume of the merit order effect exceeds the volume of the net support payments for renewable electricity generation which have to be paid by consumers

diversity and ignorance in electricity supply investment addressing the solution rather than the problem the need for diversity has been cited as a rationale for important recent investment decisions in the uk electricity supply sector it is invoked as the principal argument for continuing major government intervention yet there exists no formal analytical basis for the concept why is diversity good what is meant by diversification what is it that must be diversified what trade off should be struck between diversity and other measures of performance the resulting ambiguity causes confusion and is vulnerable to special pleading despite this this paper argues that diversification offers a superior alternative to probabilistic approaches towards uncertainty and ignorance in electricity supply investments and proposes a formal analytical approach a quantitative index of diversity is borrowed from information theory and used to derive a value for the government s implicit willingness to pay for diversity in the uk electricity supply mix this is then applied in a pilot exercise to the problem of optimizing the diversity and financial performance of the supply portfolio although provisional the results are relevant to the government s forthcoming nuclear review particularly in assessing the relative levels of support for nuclear power and renewable energy

green jobs economic impacts of renewable energy in germany abstract the labor market implications of large investment into renewable energy re are analyzed in this text although a growing re industry can be observed in germany the overall effect of large increases of re based electricity and heat generating technologies on the german economy require a careful model based analysis the applied model panta rhei has been used among others to evaluate the german energy concept in 2010 it takes positive and negative impacts of re into account the paper shows the overall effects under different assumptions for fossil fuel prices domestic installations and international trade the results are sensitive to assumptions on the development of re world markets and german exports to these markets almost all of these scenarios exhibit positive net employment effects under medium assumptions net employment of re expansion will reach around 150 thousand in 2030 only with assumptions for german re exports below today s level net impacts are slightly negative gross employment will increase from 340 thousand in 2009 to between 500 and 600 thousand in 2030

the effect of going public on innovative productivity and exploratory search this paper investigates whether and how going public affects firm innovation i propose that initial public offerings ipos fundamentally reshape core organizational structures and processes and i consider implications for firms overall innovative productivity and their exploratory search strategies using longitudinal data on u s medical device firms funded by venture capital and inverse probability of treatment weights to account for self selection into ipos and the presence of time dependent confounders i find that a firm s overall innovative productivity increases after the firm goes public going public also decreases the proportion of innovation search that explores new and recently developed knowledge and increases the proportion of exploratory search building on scientific knowledge estimates represent population average treatment effects

the evolution of intraindustry firm heterogeneity insights from a process study in this study we propose a process framework for understanding the evolution of intraindustry firm heterogeneity drawing on a longitudinal study of the development of the cellular telephone servi

effects of social capital and power on surviving transformational change the case of initial public offerings we examined how social capital and the power of venture capitalists and founderceos affect ipo firm survival using data from 218 u s initial public offerings conducted in 1992 we found that average management team tenure and an ipo deal s network embeddedness decreased the likelihood of failure during a firm s first five years as a public entity founder ceo presence at the time of an ipo interacted with ceo ownership to decrease the likelihood of failure and ceo ownership and venture capitalist ownership concentration also decreased that likelihood evolutionary perspectives on organizations are often accompanied by the presumption that organizations face an increased risk of failure early in their lives owing to liabilities of newness aldrich 1999 stinchcombe 1965 as organizational goals and patterns of activity become routinized over time increased reliability in performance and accountability for actions taken enhance a firm s survival chances hannan freeman 1984 this process however also generates strong inertial pressures that not only discourage organizational change but also because of the potential for disruption to existing internal and external routines make change hazardous research findings suggest that even in older better established firms significant transformational events during their life cycles can effectively reset the clock and reintroduce risks associated with the liability of newness as firms struggle to adapt strategies internal operational and administrative processes and or external ties and relationships amburgey kelly barnett 1993 thus transformational change in organizational operations decreases efficiency and increases failure rates at least in the short term as resources and attention are diverted from normal routinized operating functions to processes involving adaptation and reorientation haveman 1992

why don t issuers get upset about leaving money on the table in ipos one of the puzzles regarding initial public offerings ipos is that issuers rarely get upset about leaving substantial amounts of money on the table defined as the number of shares sold times the difference between the first day closing market price and the offer price the average ipo leaves 9 1 million on the table this number is approximately twice as large as the fees paid to investment bankers and represents a substantial indirect cost to the issuing firm we present a prospect theory model that focuses on the covariance of the money left on the table and wealth changes our reasoning also provides an explanation for a second puzzling pattern much more money is left on the table following recent market rises than after market falls this results in an explanation of hot issue markets we also offer a new explanation for why ipos are underpriced copyright 2002 oxford university press

wind power and electricity prices at the pjm market increased deployment of wind power generation is changing the landscape of power supply around the world when integrated with electricity markets wind power is also widely known to influence the prices cleared at the market this paper examines the effect of wind power generation on the day ahead market prices in the pjm electricity market using robust econometric models and statistical inference results show that the quantified expected benefits to wholesale market participants may be substantial despite the relatively low wind power penetration levels still observed within the pjm jurisdiction relative to other markets the quantified unitary benefits outweigh by a great margin the renewable energy credits given to qualifying wind farms across the market when benefits outweigh the costs incurred to generate them welfare is accrued to this end benefit allocation mechanisms are proposed which may contribute to the continued development of wind power on the roadmap to a cleaner power industry of the future

does acquiring venture capital pay off for the funded firms a meta analysis on the relationship between venture capital investment and funded firm financial performance abstract researchers and practitioners frequently propose that venture capital vc is an important resource to increase the performance of funded firms especially in environments of uncertainty in this paper we scrutinize these theoretical propositions following an evidence based research approach we synthesize 76 empirical samples on 36 567 firms we find a small positive performance effect of vc investment on funded firm performance however the effect vanishes if researchers control for industry selection effects furthermore we find that the performance effect mainly relates to firm growth while profitability is unaffected we also uncover that performance effects are reduced when the funded firms are very young or very mature in addition studies focusing on ipo events which constitute the majority of studies determine a substantially smaller performance effect we discuss theoretical implications and offer suggestions for future research on vc

the potential impacts of climate change policy on freshwater use in thermoelectric power generation climate change policy involving a price on carbon would change the mix of power plants and the amount of water they withdraw and consume to generate electricity we analyze what these changes could entail for electricity generation in the united states under four climate policy scenarios that involve different costs for emitting co2 and different technology options for reducing emissions out to the year 2030 the potential impacts of the scenarios on the u s electric system are modeled using a modified version of the u s national energy modeling system and water use factors for thermoelectric power plants derived from electric utility data compiled by the u s energy information administration under all the climate policy scenarios freshwater withdrawals decline 2 14 relative to a business as usual bau scenario of no u s climate policy furthermore water use decreases as the price on co2 under the climate policies increases at relatively high carbon prices 50 tonne co2 however retrofitting coal plants to capture co2 increases freshwater consumption compared to bau in 2030 our analysis suggests that climate policies and a carbon price will reduce both electricity generation and freshwater withdrawals compared to bau unless a substantial number of coal plants are retrofitted to capture co2

the role of power and politics in the repricing of executive options we explore how ceo power affects the repricing of executive options the spread between an option s exercise or strike price and the market value of a stock impacts the likelihood of repricing

timing is everything curvilinear effects of age at entry on new firm growth and survival and the moderating effect of ipo performance abstract theory suggests that an earlier age at international entry results in improved growth but also decreased survival chances empirical studies tell a different story providing mixed and equivocal results that challenge the tenets of extant theory to begin to bridge the gap between theory and results we develop theoretical explanations for curvilinear inverted u shaped relationships between age at entry and both firm growth and firm survival as well as the moderating impact of resource providing initial public offering ipo on the resource intensive internationalization process our findings support the inverted u shaped relationships and that ipo performance steepens the growth curve and flattens the survival curve taken together our study enhances understanding of the effects of age at entry bridges the ipo and international entrepreneurship literatures and offers avenues for extending the micro foundations of the development of capabilities for new foreign market entry in doing so we advance knowledge about the conditions under which earlier or later internationalization leads some firms to thrive while others fail

the environmental and cost implications of solar energy preferences in renewable portfolio standards abstract many state level renewable portfolio standards rps include preferences for solar generation with goals of increasing the generation diversity reducing solar costs and encouraging local solar industries depending on their policy design these preferences can impact the rps program costs and emissions reduction this study evaluates the impact of these policies on costs and emissions coupling an economic dispatch model with optimized renewable site selection three policy designs of an increased rps in michigan are investigated 1 20 solar carve out 2 5 distributed generation solar carve out and 3 3 solar multiplier the 20 solar carve out scenario was found to increase rps costs 28 while the 5 distributed generation solar carve out increased costs by 34 both of these solar preferences had minimal impact on total emissions the 3 solar multiplier decreases total rps program costs by 39 but adds less than half of the total renewable generation of the other cases significantly increasing emissions of co 2 no x and so 2 relative to an rps without the solar credit multiplier sensitivity analysis of the installed cost of solar and the natural gas price finds small changes in the results of the carve out cases with a larger impact on the 3 solar multiplier

state renewable energy electricity policies an empirical evaluation of effectiveness over the past decade state governments have emerged as us energy policy leaders across the country states are adopting policy instruments aimed at carbon mitigation and renewable energy deployment one of the most prevalent and innovative policy instruments is a renewable portfolio standard rps which seeks to increase the share of renewable energy electrification in the electricity market this analysis evaluates the effectiveness of state energy programs with an empirical investigation of the linkage between state rps policy implementation and the percentage of renewable energy electricity generation across states we use a variant of a standard fixed effects model referred to as a fixed effects vector decomposition with state level data from 1998 to 2006 results indicate that rps implementation is not a significant predictor of the percentage of renewable energy generation out of the total generation mix yet for each additional year that a state has an rps policy they are found to increase the total amount of renewable energy generation these findings reveal a potentially significant shortcoming of rps policies political institutions natural resource endowments deregulation gross state product per capita electricity use per person electricity price and the presence of regional rps policies are also found to be significantly related to renewable energy deployment

costs and benefits of renewables portfolio standards in the united states lbnl xxxx costs and benefits of renewables portfolio standards in the united states by galen barbose 1 jenny heeter 2 lori bird 2 samantha weaver 1 francisco flores espino 2 and ryan wiser 1 lawrence berkeley national laboratory national renewable energy laboratory corresponding author galen barbose research scientist electricity markets and policy group environmental energy technologies division lawrence berkeley national laboratory 1 cyclotron road ms 90r4000 berkeley ca 94720 phone 510 984 3453 email glbarbose lbl gov abstract as state level renewable portfolio standards rps have driven large increases in u s renewable generation capacity states have sought to quantify the costs and benefits of these policies this paper examines recent costs and benefits of rps implementation focusing on the net or incremental cost to utilities of renewables used for compliance with rps targets during the years 2010 2012 incremental rps cost estimates are developed using a wide variety of methods and assumptions which makes comparisons among states imperfect for states with restructured electricity markets we use a standardized method to calculate incremental costs based on renewable energy certificate prices alternative compliance payment levels and compliance obligations for states with traditionally regulated electricity markets we rely on estimates produced by utilities and regulators whose methods and underlying assumptions vary widely we find that recent estimated incremental rps costs were equivalent to less than 2 of retail rates in 17 states and about 2 4 in eight states or 4 mwh to 48 mwh of renewable energy required across all states for the most recent year available in each state estimated rps costs in most states were well below the respective cost caps although a few states are currently operating at or near their cap 1 introduction twenty nine states washington dc and puerto rico have adopted renewables portfolio standards rps helping drive a roughly eight fold increase in u s renewable generation capacity over the past decade concern over the impact of these policies on electricity prices and economic growth however has spurred recent legislation in at least a dozen states to repeal reduce or freeze existing rps requirements at the same time other recent legislative proposals have sought to expand state rps policies understanding the actual historical costs and benefits of rps policies is critical to informing these legislative debates but the subject is inadequately understood this paper examines historical costs of rps implementation drawing on a recent joint report by lawrence berkeley national laboratory and the national renewable energy laboratory estimating the costs and benefits of complying with renewable portfolio standards reviewing experience to date heeter et al 2014 1 we summarize the methods state agencies and utilities have used to assess rps costs compare incremental rps compliance costs to date and evaluate the potential for increases in rps compliance costs as legislative targets rise and cost caps in some states potentially become binding the aforementioned report also synthesizes recent estimates of broader societal benefits from formal state agency evaluations including estimates of health and emission reduction benefits economic development benefits and wholesale electricity market price reductions though those findings are not included in the present paper compared to the summary of estimated rps costs the summary of rps benefits is more limited as relatively few states have undertaken detailed benefits estimates and then only for a few types of potential policy impacts in some cases the same impacts may be captured in the assessment of costs for these reasons and because methodologies and level of rigor vary widely direct comparisons between the estimates of benefits and costs are challenging 2 methods and data sources for estimating incremental rps compliance costs rps compliance costs may be defined as either gross costs or incremental costs gross costs consist of the total cost of procuring renewables to meet the rps while incremental costs also referred to as net or above market costs represent this report is publically available at http emp lbl gov publications participation by lawrence berkeley national laboratory was supported by the office of energy efficiency and renewable energy solar technologies office of the u s department of energy under lawrence berkeley national laboratory contract no de ac02 05ch1131

clean energy policies and green jobs an evaluation of green jobs in u s metropolitan areas state and local governments in the u s are actively promoting renewable energy and energy efficiency to seek economic development opportunities and create green jobs this study evaluates the employment effects of state and local clean energy and climate policies in u s metropolitan areas msas in 2006 the regression analysis shows that both state and local clean energy policies have positive and statistically significant impacts on green jobs at the metropolitan level the results from two stage probit least squares 2spls indicate that every additional state clean energy policy tool adopted is associated with 1 more green jobs in the msa on average msas with iclei membership maintain 9 3 more green jobs than msas without iclei membership ceteris paribus