| Abstract [eng] |
With the rapid development of industry and manufacturing, emissions of the most environmentally harmful substances are increasingly, leading to more unfavourable climate change. For this reason, it is necessary to ensure a more efficient use of non-renewable resources and reduce negative impact on the environment in manufacturing processes. In this context, it is very important to promote equipment and plant linked to cleaner technology investment which can reduce negative impact on the environment, but it is still unclear what determinants of cleaner technology investment in manufacturing sector are. Therefore, it is appropriate to investigate manufacturing sector‘s investment in cleaner technology determinants. The object for this work is factors for manufacturing sector investment in cleaner technologies. The aim for this paper is to identify factors for investment in cleaner technologies in the European Union. Research objectives: 1. To overview relevance of science researches related to investment in cleaner technologies. 2. To identify the factors of investment from a theoretical point of view. 3. To prepare a methodology for empirical research of factors influencing manufacturing sector investment in cleaner technologies. 4. To determine the factors for manufacturing sector investment in cleaner technology in the in the European Union through an empirical study. Research methods: analysis of scientific literature, regression analysis of statistical data and synthesis method. Based on the analysis of the problem in the first part, it has been identified that the manufacturing sector needs to introduce and invest in cleaner technologies. Second part concentrated on theoretical analysis of factors of investment. Results showed that that the main factors that may affect the manufacturing sector's investment in cleaner technologies in the European Union are environmental taxes, leverage of companies, electricity price uncertainty, energy consumption, public support, public education, inflation, GDP growth, CO2 emissions, financial sector development, stock market development, interest rate and sales turnover. The methodological part of the work included selecting indicators to measure the selected factors and describing the suitability assumptions of the panel data regression models. In the fourth part of the work, an empirical study is performed using data from 2009-2018, 23 European Union countries, the sample of the study is limited by the availability of data. Applying the fixed effects regression model, it was found that manufacturing sector investments in cleaner technologies of the European Union are negatively affected by public education, the price of electricity and positively influenced by the development of the stock market, carbon dioxide and other factors. |
