Delisting and Emission Intensity
Monica Billio, Stefano Colonnello, Ivan Gufler
Applied Economics Letters,
forthcoming
Abstract
We focus on listed non-financial companies from the largest European economies to explore the impact of rising stakeholders’ attention towards climate risk on firms’ probability to delist. An aggregate analysis shows that, despite growing awareness about the climate problem, enhanced scrutiny over more polluting firms and improved access to information about corporate sustainability over the last two decades, the share of carbon-intensive industries has not significantly declined in the listed sector relative to the whole economy. Also at the micro-level, firms in carbon-intensive sectors have not become more likely to delist, even in periods of enhanced stakeholders’ concern about climate risk, potentially because they experienced a shift towards lower emissions over the same period. We confirm this result by means of a quasi-natural experiment centered around the enhanced disclosure requirements introduced by the EU Non-Financial Reporting Directive of 2014.
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14.01.2026 • 2/2026
Compliance with the EU fiscal rules requires extensive consolidation – Medium-term projection of macroeconomic developments and public finances in Germany
Germany faces considerable structural burdens from both macroeconomic and fiscal perspectives, as potential growth is likely to be significantly lower than in past decades. A projection by the Halle Institute for Economic Research (IWH) on macroeconomic developments up to the year 2040 shows that, under unchanged fiscal policies, public debt can be expected to continue rising. The federal government's fiscal-structural plan assumes compliance with EU requirements, but this is only achievable under the assumption of high global spending cuts that have not yet been specified in detail.
Oliver Holtemöller
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Einhaltung der EU-Fiskalregeln erfordert umfangreiche Konsolidierung — Mittelfristige Projektion der gesamtwirtschaftlichen
Entwicklung und der öffentlichen Finanzen in Deutschland
Andrej Drygalla, Katja Heinisch, Oliver Holtemöller, Axel Lindner, Christoph Schult, Götz Zeddies
IWH Policy Notes,
No. 1,
2026
Abstract
Der Beitrag untersucht die mittelfristige Entwicklung der deutschen Wirtschaft und der öffentlichen Finanzen vor dem Hintergrund der seit 2025 geltenden neuen EU-Fiskalregeln und der jüngsten Lockerung der nationalen Schuldenbremse. Im Mittelpunkt steht die Frage, ob und unter welchen Bedingungen Deutschland die europäischen Vorgaben zu Defizit, Schuldenstand und Nettoprimärausgaben einhalten kann.
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Output
EU Initiative TSI ProdTool 2025-2028 Find all recent project updates, reports, and event details below: IWH-CompNet 2nd ProdTool Workshop › 21-22 OCTOBER, 2026 - BRUSSELS, BELGIUM…
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Research Articles
Research Articles Explore cutting-edge research based on CompNet’s micro-aggregated firm-level data and related analytical tools. These articles cover empirical and theoretical…
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Halle Institute for Economic Research (IWH) – Member of the Leibniz Association
EREI-Update: Rents remain high in Spanish cities Pressure in the Spanish rental market made Prime Minister Sánchez call for early elections. The latest European Real Estate Index…
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25.09.2025 • 28/2025
Joint Economic Forecast Autumn 2025: Fiscal stimulus masks structural weakness
The German economy is emerging from the trough and is likely to regain some momentum over the next two years. Following stagnation in the first half of the year, the Joint Economic Forecast project group predicts gross domestic product growth of 0.2% for the current year in its fall report. In the next two years, an expansionary fiscal policy is likely to accelerate economic growth noticeably to 1.3% and 1.4%, respectively. This means that the institutes' forecast for this year and next remains roughly unchanged from the spring report. “The German economy is still on shaky ground,” says Dr Geraldine Dany-Knedlik, head of the Forecasting and Economic Policy Division at the German Institute for Economic Research (DIW Berlin). “It will recover noticeably in the next two years. However, given ongoing structural weaknesses, this momentum will not last.”
Oliver Holtemöller
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At a Glance
IWH at a Glance The Halle Institute for Economic Research (IWH) – Member of the Leibniz Association was founded on January 1, 1992. It is a member of the Leibniz Association. It…
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Wirtschaft im Wandel
Wirtschaft im Wandel Die Zeitschrift „Wirtschaft im Wandel“ unterrichtet die breite Öffentlichkeit über aktuelle Themen der Wirtschaftsforschung. Sie stellt wirtschaftspolitisch…
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IWH Subsidy Database
IWH Subsidy Databse The microdatabase currently comprises nine data sets on direct business subsidy programmes in Germany. The programme statistics kept by the project sponsors…
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