Does a Carbon Management System Mitigate the Consequences of Carbon Emissions on Firm Value? An International Study

Autor: Pramila Shrestha, Bobae Choi, Le Luo
Rok vydání: 2022
Předmět:
Zdroj: Journal of International Accounting Research. 21:147-167
ISSN: 1558-8025
1542-6297
Popis: Although a firm's carbon emissions entail future costs and liabilities, very little research has focused on the value relevance of a carbon management system (CMS) in the international context. Obtaining carbon emissions and carbon management data from the CDP from 2010 to 2017, we examine whether the adverse impact of carbon emissions on a firm's value is alleviated by its CMS. Our findings suggest that the level of carbon emissions is negatively associated with firm value, but a higher-quality CMS weakens this negative relationship. Further analyses show that positive moderating effects of CMS are found only in carbon-intensive, large, mature, and highly profitable firms. Our results have potentially useful implications for corporate managers and outside stakeholders who are concerned about the risks associated with carbon emissions and the financial implications of a firm's CMS.
Databáze: OpenAIRE
Externí odkaz:
Nepřihlášeným uživatelům se plný text nezobrazuje