气候变化领域集成服务门户(CCPortal): Carbon emission and firms' value: Evidence from Europe

CCPortal

DOI	10.1016/j.eneco.2024.107324
	Carbon emission and firms' value: Evidence from Europe
	Perdichizzi, Salvatore; Buchetti, Bruno; Cicchiello, Antonella Francesca; Dal Maso, Lorenzo
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/290723
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	Perdichizzi, Salvatore,Buchetti, Bruno,Cicchiello, Antonella Francesca,et al. Carbon emission and firms' value: Evidence from Europe[J],2024,131.
APA	Perdichizzi, Salvatore,Buchetti, Bruno,Cicchiello, Antonella Francesca,&Dal Maso, Lorenzo.(2024).Carbon emission and firms' value: Evidence from Europe.ENERGY ECONOMICS,131.
MLA	Perdichizzi, Salvatore,et al."Carbon emission and firms' value: Evidence from Europe".ENERGY ECONOMICS 131(2024).