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| DOI | 10.1016/j.eneco.2024.107324 |
| Carbon emission and firms' value: Evidence from Europe | |
| 发表日期 | 2024 |
| ISSN | 0140-9883 |
| EISSN | 1873-6181 |
| 起始页码 | 131 |
| 卷号 | 131 |
| 英文摘要 | Amidst the growing global concern about climate change, societies have taken increased interest in corporations' output of greenhouse gas emissions, primarily CO2. Our study examines the direct and indirect effect of carbon emissions on firm value. We document that, in the European context, corporate carbon emissions are negatively associated with a company's market valuation. Moreover, we find that CO2 emissions reduce the relevance of earnings (i.e., for high-polluting firms, earnings are less relevant for market valuation). Additionally, we show that the results are driven by Scope 1 emissions, not by Scopes 2 and 3. Finally, we establish that the country-level formal and informal institutions shape these effects. |
| 英文关键词 | Carbon emission; Carbon intensity; Value relevance; Market value; Formal and Informal institutions |
| 语种 | 英语 |
| WOS研究方向 | Business & Economics |
| WOS类目 | Economics |
| WOS记录号 | WOS:001176601200001 |
| 来源期刊 | ENERGY ECONOMICS
 |
| 文献类型 | 期刊论文 |
| 条目标识符 | http://gcip.llas.ac.cn/handle/2XKMVOVA/290721 |
| 作者单位 | University of Padua; University of Padua; Catholic University of the Sacred Heart; University of Bologna |
| 推荐引用方式 GB/T 7714 | . Carbon emission and firms' value: Evidence from Europe[J],2024,131. |
| APA | (2024).Carbon emission and firms' value: Evidence from Europe.ENERGY ECONOMICS,131. |
| MLA | "Carbon emission and firms' value: Evidence from Europe".ENERGY ECONOMICS 131(2024). |
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