Managerial and Financial Barriers to the Green Transition

The authors thank Cevat Giray Aksoy, Cynthia Balloch (discussant), Darwin Choi (discussant), Richard Damania (discussant), Pedro de Lima (discussant), Harry Huizinga (discussant), Vasso Ioannidou (discussant), Valerie Karplus (discussant), Hendrik Schuldt (discussant), Piotr Śpiewanowski, Marie-Theres von Schickfus (discussant), Trang Tan (discussant), Athena Tsouderou (discussant), and seminar participants at Yale University, Nova School of Business and Economics, European Bank for Reconstruction and Development (EBRD), University of Birmingham, Bank of Finland, Economic and Social Research Institute (Dublin), European Center for Advanced Research in Economics and Statistics at the Université libre de Bruxelles (ULB), World Bank, European Central Bank, National Bank of Belgium, University of Zürich, Bayes Business School, LSE-Imperial Business School “Workshop in Environmental Economics”, Annual Conference of the European Association of Environmental and Resource Economists, Congress of the European Economic Association, Swiss Winter Conference on Financial Intermediation (Lenzerheide), Mannheim Conference on Energy and the Environment, European Network for Research on Investment Workshop, International Workshop on Financial System Architecture & Stability, 3rd Private Sector Development Research Network conference, Belgian Seminar on Firm Analysis, Institut für Wirtschaftsforschung Halle FIN-FIRE Workshop, Federal Reserve Bank of San Francisco Virtual Seminar on Climate Economics, Lisbon School of Management and Economics (ISEG) Workshop on Small and Medium Enterprises Financing, Endless Summer Conference on Financial Intermediation and Corporate Finance, the 2022 Empirical Management Conference (Washington, DC), Research Conference on Firm Organisation, Firm Financing and Firm Dynamics (Paris), and the IE University–Banco de España–Federal Reserve Bank of St. Luis Conference on “Current Challenges in Economics and Finance” for helpful comments. The views expressed in this paper are ours and not necessarily those of the EBRD, International Financial Corporation (IFC), or the National Bank of Belgium. The authors did not receive any funding in relation to this paper.