환경규제강화와 기술혁신 -한국 제조업을 중심으로- = Environmental Regulation Implementation and Innovation -Focusing on Korean Manufacturing Industries-

다국어 초록 (Multilingual Abstract)

The purpose of this paper is to analyse the relationship between stringency of environmental regulation and innovative activity by manufacturing firms using industry-level data over time. I find that environmental compliance expenditures have a significant positive effect on R&D expenditures. From this it might be deduced that environmental regulation encourage innovative activity. I find little evidence, however, that industries` inventive output(as meaured by successful patents application) if related to environmental compliance expenditures. There is evidence that, in general, the social rate of return of R&D exceeds the private return, implying that an increase in R&D spending creates net social benefits. Seen from this point of view, positive relationship between environmental regulation and Ru&D is very suggestive.