British Accounting Review最新文献

英文中文

The effects of extreme high temperature spells on financial performance 极端高温对财务业绩的影响

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-03-01 DOI: 10.1016/j.bar.2024.101383

Paul A. Griffin , David H. Lont , Martien J.P. Lubberink

We examine EU and UK firms to investigate the impact of spells of extreme high temperature on three common financial performance measures: the ratio of sales-to-assets, pretax profit margin, and return on assets. Supporting our hypotheses, we find that spells of extreme high temperature have a curvilinear impact on financial performance. While extreme high temperature spells tend to degrade financial performance in regions or months with normally hotter conditions, the opposite effect is observed for extreme high temperature spells in regions or months with normally cooler conditions. Given our environmental context, where the standard temperature is about 16°C, high temperature spells with maximums that well exceed that temperature have marked financial implications. We also find that spells in locations with maximum temperatures above 23°C associate with smaller improvements in ESG scores and higher carbon emissions in the future, suggesting that managers’ actions to mitigate the risks of high temperature spells are limited at best. Our evidence of significant impacts of extreme temperature on firm performance but little action in response supports the view that managers need more guidance on how to measure the risks and opportunities of extreme weather events and the policies to manage them.

{"title":"The effects of extreme high temperature spells on financial performance","authors":"Paul A. Griffin , David H. Lont , Martien J.P. Lubberink","doi":"10.1016/j.bar.2024.101383","DOIUrl":"10.1016/j.bar.2024.101383","url":null,"abstract":"<div><div>We examine EU and UK firms to investigate the impact of spells of extreme high temperature on three common financial performance measures: the ratio of sales-to-assets, pretax profit margin, and return on assets. Supporting our hypotheses, we find that spells of extreme high temperature have a curvilinear impact on financial performance. While extreme high temperature spells tend to degrade financial performance in regions or months with normally hotter conditions, the opposite effect is observed for extreme high temperature spells in regions or months with normally cooler conditions. Given our environmental context, where the standard temperature is about 16°C, high temperature spells with maximums that well exceed that temperature have marked financial implications. We also find that spells in locations with maximum temperatures above 23°C associate with smaller improvements in ESG scores and higher carbon emissions in the future, suggesting that managers’ actions to mitigate the risks of high temperature spells are limited at best. Our evidence of significant impacts of extreme temperature on firm performance but little action in response supports the view that managers need more guidance on how to measure the risks and opportunities of extreme weather events and the policies to manage them.</div></div>","PeriodicalId":47996,"journal":{"name":"British Accounting Review","volume":"57 2","pages":"Article 101383"},"PeriodicalIF":5.5,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140785304","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Carbon accounting for the translation of net-zero targets into business operations 将净零目标转化为业务运营的碳核算

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-03-01 DOI: 10.1016/j.bar.2024.101456

Elena Carrión , Carlos Larrinaga , Deborah Rigling Gallagher

This paper explores the translation of the global decarbonization goal into net-zero organizational targets. Building on the Institutional Analysis and Development (IAD) framework developed by Ostrom and focusing on the case of the Science Based Targets initiative (SBTi), we study how accounting mediates in this translation. The study consists of an in-depth examination of SBTi's publicly available sources, which helped us identify and structure the subsequent analysis around four analytical dimensions: timeframe, target boundary, methods, and monitoring mechanisms. The findings of our analysis suggest that different points of friction are challenging the mediation of accounting and hindering the definition of net-zero targets and, therefore, corporate decision-making in response to climate urgency. The implications of our case spill over into recent sustainability standards, which provide a lower level of granularity in defining the technical accounting aspects of net-zero targets.

本文探讨了如何将全球去碳化目标转化为净零组织目标。在奥斯特罗姆提出的制度分析与发展（IAD）框架基础上，我们以基于科学的目标倡议（SBTi）为案例，研究了会计在这一转化过程中的中介作用。这项研究包括对 SBTi 的公开资料来源进行深入研究，这有助于我们确定并围绕四个分析维度进行后续分析：时间框架、目标边界、方法和监督机制。我们的分析结果表明，不同的摩擦点正在对会计的中介作用提出挑战，并阻碍了净零目标的定义，从而阻碍了企业应对气候紧迫性的决策。我们的案例对最近的可持续发展标准也有影响，这些标准在界定净零目标的技术核算方面提供了较低的精细度。

引用次数: 0

Dynamics of carbon risk, cost of debt and leverage adjustments 碳风险、债务成本和杠杆调整的动态变化

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-03-01 DOI: 10.1016/j.bar.2024.101353

Douglas Cumming , Geeta Duppati , Ruwani Fernando , Shivendu Pratap Singh , Aviral Kumar Tiwari

We evaluate the effects of carbon risk on the speed at which corporations adjust their leverage for the period 2006–2020. Primarily we address the question: Does national carbon risk impact firm-level speed of adjustment (SOA)? To address the main question, our study further classifies the companies in the sample based on borrowing costs and carbon risk. By doing so, we report on how borrowing costs may influence the company's conduct. Our research focuses on the energy sector, which is an important sector for emitting carbon. Our study uses physical climate risk changes as a proxy for carbon risk, and the second proxy for carbon risk is obtained by scaling the country's carbon emissions to the company level. We find that the carbon risk is positively related to the speed of adjustment; specifically, the firms with low cost of borrowing show a faster speed of adjustment toward the target than those whose cost of borrowing is higher. However, businesses with high (low) expenses and high carbon risk do not see a reason to change their leverage. In addition, we also examine the interaction effects of earnings yield, transaction contract cost, enforcement cost on carbon risk, and the speed of leverage adjustment. Our results confirm that the effects of transaction contract costs and enforcement costs are significant. The post-Paris Agreement period reveals a strong positive relationship between carbon risk and leverage SOA.

{"title":"Dynamics of carbon risk, cost of debt and leverage adjustments","authors":"Douglas Cumming , Geeta Duppati , Ruwani Fernando , Shivendu Pratap Singh , Aviral Kumar Tiwari","doi":"10.1016/j.bar.2024.101353","DOIUrl":"10.1016/j.bar.2024.101353","url":null,"abstract":"<div><div>We evaluate the effects of carbon risk on the speed at which corporations adjust their leverage for the period 2006–2020. Primarily we address the question: Does national carbon risk impact firm-level speed of adjustment (SOA)? To address the main question, our study further classifies the companies in the sample based on borrowing costs and carbon risk. By doing so, we report on how borrowing costs may influence the company's conduct. Our research focuses on the energy sector, which is an important sector for emitting carbon. Our study uses physical climate risk changes as a proxy for carbon risk, and the second proxy for carbon risk is obtained by scaling the country's carbon emissions to the company level. We find that the carbon risk is positively related to the speed of adjustment; specifically, the firms with low cost of borrowing show a faster speed of adjustment toward the target than those whose cost of borrowing is higher. However, businesses with high (low) expenses and high carbon risk do not see a reason to change their leverage. In addition, we also examine the interaction effects of earnings yield, transaction contract cost, enforcement cost on carbon risk, and the speed of leverage adjustment. Our results confirm that the effects of transaction contract costs and enforcement costs are significant. The post-Paris Agreement period reveals a strong positive relationship between carbon risk and leverage SOA.</div></div>","PeriodicalId":47996,"journal":{"name":"British Accounting Review","volume":"57 2","pages":"Article 101353"},"PeriodicalIF":5.5,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139879360","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Uncovering the intensity of climate risk and opportunity: Awareness and effectiveness 揭示气候风险和机遇的强度：认识和有效性

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-03-01 DOI: 10.1016/j.bar.2024.101469

Hanlu Fan , Keyi Zhao

This paper examines the effect of awareness regarding climate change risks and opportunities on the proactive carbon management systems of U.S. S&P 500 companies. We develop our hypotheses based on institutional theory, stakeholder theory, and prospect theory. Our findings indicate a significant positive association between our self-constructed measurement of company risk and opportunity awareness and carbon management practices. We observe that financially constrained firms exhibit a lesser response to both climate change risk and opportunity awareness. Additionally, we note that firms with low profitability are more responsive to climate change risks, whereas we found no evidence linking climate change opportunity awareness to carbon management systems, consistent with prospect theory. Finally, we investigate the impact of carbon management systems on carbon reduction performance to examine the effectiveness of such awareness. In summary, this study provides the first evidence of how awareness of climate risk and opportunity influences corporate carbon management practices in a U.S. setting. Our findings imply that awareness serves as the initial step in prompting positive actions to manage risks and capitalize on opportunities. These results offer novel insights and information relevant to the recent policy initiative aimed at transitioning climate risk disclosure from voluntary to mandatory.

本文研究了气候变化风险和机遇意识对美国标准普尔 500 指数公司主动碳管理系统的影响。我们根据制度理论、利益相关者理论和前景理论提出了假设。我们的研究结果表明，我们自建的公司风险和机遇意识衡量标准与碳管理实践之间存在明显的正相关关系。我们发现，资金紧张的企业对气候变化风险和机遇意识的反应较小。此外，我们还注意到，利润率低的公司对气候变化风险的反应更强烈，而我们没有发现任何证据表明气候变化机遇意识与碳管理系统之间存在联系，这与前景理论是一致的。最后，我们调查了碳管理系统对碳减排绩效的影响，以检验这种意识的有效性。总之，本研究首次提供了在美国环境下气候风险和机遇意识如何影响企业碳管理实践的证据。我们的研究结果表明，意识是促使企业采取积极行动管理风险和利用机遇的第一步。这些结果为最近旨在将气候风险披露从自愿过渡到强制的政策倡议提供了新的见解和相关信息。

{"title":"Uncovering the intensity of climate risk and opportunity: Awareness and effectiveness","authors":"Hanlu Fan , Keyi Zhao","doi":"10.1016/j.bar.2024.101469","DOIUrl":"10.1016/j.bar.2024.101469","url":null,"abstract":"<div><div>This paper examines the effect of awareness regarding climate change risks and opportunities on the proactive carbon management systems of U.S. S&P 500 companies. We develop our hypotheses based on institutional theory, stakeholder theory, and prospect theory. Our findings indicate a significant positive association between our self-constructed measurement of company risk and opportunity awareness and carbon management practices. We observe that financially constrained firms exhibit a lesser response to both climate change risk and opportunity awareness. Additionally, we note that firms with low profitability are more responsive to climate change risks, whereas we found no evidence linking climate change opportunity awareness to carbon management systems, consistent with prospect theory. Finally, we investigate the impact of carbon management systems on carbon reduction performance to examine the effectiveness of such awareness. In summary, this study provides the first evidence of how awareness of climate risk and opportunity influences corporate carbon management practices in a U.S. setting. Our findings imply that awareness serves as the initial step in prompting positive actions to manage risks and capitalize on opportunities. These results offer novel insights and information relevant to the recent policy initiative aimed at transitioning climate risk disclosure from voluntary to mandatory.</div></div>","PeriodicalId":47996,"journal":{"name":"British Accounting Review","volume":"57 2","pages":"Article 101469"},"PeriodicalIF":5.5,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142100790","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Managing the shift from voluntary to mandatory climate disclosure: The role of carbon accounting

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-03-01 DOI: 10.1016/j.bar.2025.101594

Amir Amel-Zadeh , Qingliang Tang

The transition from voluntary to mandatory climate disclosure and reporting poses serious challenges for accounting professionals aiming to support firms in achieving net-zero goals. Key challenges include carbon data availability, recognition of carbon assets and liabilities, determining reporting boundaries, selecting appropriate greenhouse gas (GHG) accounting methodologies, and integrating climate-related risks and opportunities into traditional financial statements. The papers included in this Special Issue provide initial insights into some of these challenges. These studies emphasize the importance of carbon accounting, science-based GHG reduction targets, extreme or abnormal temperature and financial performance, and managing climate risk and opportunities. As firms adapt to these new reporting mandates, the studies in this Special Issue highlight the need for robust carbon management and accounting. Building on this, the note identifies critical knowledge gaps and sets forth a research agenda aiming at enhancing transparency and relevance in carbon accounting and reporting systems, thereby empowering informed decision-making.

{"title":"Managing the shift from voluntary to mandatory climate disclosure: The role of carbon accounting","authors":"Amir Amel-Zadeh , Qingliang Tang","doi":"10.1016/j.bar.2025.101594","DOIUrl":"10.1016/j.bar.2025.101594","url":null,"abstract":"<div><div>The transition from voluntary to mandatory climate disclosure and reporting poses serious challenges for accounting professionals aiming to support firms in achieving net-zero goals. Key challenges include carbon data availability, recognition of carbon assets and liabilities, determining reporting boundaries, selecting appropriate greenhouse gas (GHG) accounting methodologies, and integrating climate-related risks and opportunities into traditional financial statements. The papers included in this Special Issue provide initial insights into some of these challenges. These studies emphasize the importance of carbon accounting, science-based GHG reduction targets, extreme or abnormal temperature and financial performance, and managing climate risk and opportunities. As firms adapt to these new reporting mandates, the studies in this Special Issue highlight the need for robust carbon management and accounting. Building on this, the note identifies critical knowledge gaps and sets forth a research agenda aiming at enhancing transparency and relevance in carbon accounting and reporting systems, thereby empowering informed decision-making.</div></div>","PeriodicalId":47996,"journal":{"name":"British Accounting Review","volume":"57 2","pages":"Article 101594"},"PeriodicalIF":5.5,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143528302","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The role of science-based targets on carbon mitigation: Addressing the tension between net zero anxiety and economic growth 以科学为基础的碳减排目标的作用：解决净零焦虑与经济增长之间的矛盾

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-03-01 DOI: 10.1016/j.bar.2024.101491

Jingduan Li , Xuhui Peng , Huan Zhang

Despite the growing importance of science-based targets (SBTs), our knowledge of their impact on corporate decarbonisation commitment is extremely limited due to inadequate research. To address this gap, we investigate the relationship between SBTs and corporate carbon reduction. Our empirical results reveal the following insights: First, the adoption of an SBT leads to significant subsequent carbon reduction in our sample companies. Second, decarbonisation does not occur until SBTs have been adopted for several years. Third, our findings show that the adoption of SBTs does not harm these companies’ profitability. Overall, our results suggest that SBTs are long-term investments that do not generate immediate but long-term and more sustainable outcomes. In sum, SBTs seem to be a strategy that can help management achieve a win-win situation: achieving a carbon reduction target without reducing economic growth. This justifies the need to study SBTs in future research in the field of carbon-accounting.

尽管以科学为基础的目标（SBTs）日益重要，但由于研究不足，我们对其对企业去碳化承诺的影响的了解极为有限。为了弥补这一不足，我们研究了科学目标与企业碳减排之间的关系。我们的实证结果揭示了以下几点：首先，在我们的样本公司中，采用 SBT 会导致显著的后续碳减排。其次，在采用 SBT 几年后才会出现碳减排。第三，我们的研究结果表明，采用 SBT 不会损害这些公司的盈利能力。总之，我们的研究结果表明，SBT 是一种长期投资，它不会产生立竿见影的效果，而是会产生长期的、更可持续的效果。总之，SBT 似乎是一种可以帮助管理层实现双赢的战略：在不降低经济增长的情况下实现碳减排目标。这就证明了在未来碳会计领域的研究中研究 SBT 的必要性。

引用次数: 0

Reprint of: Key audit matters disclosures and informed traders

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-01-01 DOI: 10.1016/j.bar.2025.101554

Zabihollah Rezaee , Saeid Homayoun

We examine whether the audit regulation of disclosing key audit matters (KAM) provides value-relevant information to short sellers as informed investors. The theoretical underpinning for examining short sellers' ability and incentives to use KAM disclosures in their stock valuation implications is based on a prediction theory and a skilled information processing theory of short sellers. Using a sample of expanded auditor's reports from UK-listed firms during the 2010–2017 period and hand-collecting a dataset of KAM disclosures, we find no evidence that the short interest is different for the period before than after the U.K.'s expanded auditor's report regulation. However, in our cross-sectional tests, we find that KAM disclosures have a marginal effect on short interest and a positive association between short interest and unexpected and severe KAM disclosures. We conclude that, except for severe KAM that is value-relevant to sophisticated investors, the disclosures in the expanded auditor's report have no valuation implications for short sellers. Our results are robust in examining the reactions of the financial market and analysts to KAM disclosures and addressing potential endogeneity concerns.

{"title":"Reprint of: Key audit matters disclosures and informed traders","authors":"Zabihollah Rezaee , Saeid Homayoun","doi":"10.1016/j.bar.2025.101554","DOIUrl":"10.1016/j.bar.2025.101554","url":null,"abstract":"<div><div>We examine whether the audit regulation of disclosing key audit matters (KAM) provides value-relevant information to short sellers as informed investors. The theoretical underpinning for examining short sellers' ability and incentives to use KAM disclosures in their stock valuation implications is based on a prediction theory and a skilled information processing theory of short sellers. Using a sample of expanded auditor's reports from UK-listed firms during the 2010–2017 period and hand-collecting a dataset of KAM disclosures, we find no evidence that the short interest is different for the period before than after the U.K.'s expanded auditor's report regulation. However, in our cross-sectional tests, we find that KAM disclosures have a marginal effect on short interest and a positive association between short interest and unexpected and severe KAM disclosures. We conclude that, except for severe KAM that is value-relevant to sophisticated investors, the disclosures in the expanded auditor's report have no valuation implications for short sellers. Our results are robust in examining the reactions of the financial market and analysts to KAM disclosures and addressing potential endogeneity concerns.</div></div>","PeriodicalId":47996,"journal":{"name":"British Accounting Review","volume":"57 1","pages":"Article 101554"},"PeriodicalIF":5.5,"publicationDate":"2025-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143593058","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Reprint of: On the role and effects of supervisor feedback sign in auditing: Evidence from a cohort of early career auditors

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-01-01 DOI: 10.1016/j.bar.2025.101553

Tobias Johansson-Berg , Gustav Johed , Thomas Carrington

Supervisor feedback is essential for training and socialising early career auditors. One fundamental aspect and choice of a supervisor's feedback practice and style is whether to focus on encouraging good or discouraging poor performance. We acknowledge that early career auditors likely receive feedback on both good and poor performance in ongoing and extended feedback relationships with their closest supervisor. A work–life reality that implies that the effects of supervisors' inclinations towards a specific performance feedback sign must be assessed within a frame in which they coexist to varying degrees. We generate hypotheses on how the feedback sign from the closest supervisor affects early career auditors' underreporting of time and intrinsic work motivation, which are two matters related to audit quality. We found that supervisor feedback on negative performance was associated with increased underreporting of time and decreased intrinsic motivation. Feedback on positive performance lessens underreporting of time and supports the development of intrinsic motivation. In summary, our results support emphasising the type of performance for which supervisors choose to provide feedback.

{"title":"Reprint of: On the role and effects of supervisor feedback sign in auditing: Evidence from a cohort of early career auditors","authors":"Tobias Johansson-Berg , Gustav Johed , Thomas Carrington","doi":"10.1016/j.bar.2025.101553","DOIUrl":"10.1016/j.bar.2025.101553","url":null,"abstract":"<div><div>Supervisor feedback is essential for training and socialising early career auditors. One fundamental aspect and choice of a supervisor's feedback practice and style is whether to focus on encouraging good or discouraging poor performance. We acknowledge that early career auditors likely receive feedback on both good and poor performance in ongoing and extended feedback relationships with their closest supervisor. A work–life reality that implies that the effects of supervisors' inclinations towards a specific performance feedback sign must be assessed within a frame in which they coexist to varying degrees. We generate hypotheses on how the feedback sign from the closest supervisor affects early career auditors' underreporting of time and intrinsic work motivation, which are two matters related to audit quality. We found that supervisor feedback on negative performance was associated with increased underreporting of time and decreased intrinsic motivation. Feedback on positive performance lessens underreporting of time and supports the development of intrinsic motivation. In summary, our results support emphasising the type of performance for which supervisors choose to provide feedback.</div></div>","PeriodicalId":47996,"journal":{"name":"British Accounting Review","volume":"57 1","pages":"Article 101553"},"PeriodicalIF":5.5,"publicationDate":"2025-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143593175","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Reprint of: Corporate culture and carbon emission performance

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-01-01 DOI: 10.1016/j.bar.2025.101564

Mostafa Monzur Hasan , Md Borhan Uddin Bhuiyan , Grantley Taylor

Using a large sample of U.S. firms from 2002 to 2020, we investigate the relationship between corporate culture and the extent of carbon emissions. We provide evidence that the quantum of carbon emissions is negatively associated with corporate cultural attributes manifested by integrity, teamwork, innovation, and respect. These results hold after controlling for potential endogeneity issues using several identification techniques. We also document that the negative culture–emissions relationship is magnified in firms with weak corporate governance and in those operating in environmentally sensitive industries. Additionally, this relationship is less salient in the presence of social capital. Finally, we demonstrate that in firms with a stronger culture, elevated carbon emissions result in a lower firm value. Our findings may be of interest to environmental regulators and management in their pursuit of firm-level carbon emission targets.

引用次数: 0

Reprint of: Political uncertainty, corporate social responsibility, and firm performance

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-01-01 DOI: 10.1016/j.bar.2025.101566

Yi Hu , Chao Yin

Our study reveals that companies with higher Corporate Social Responsibility (CSR) ratings exhibit superior stock returns compared to their counterparts with lower ratings during periods of political uncertainty. This phenomenon is more pronounced in a closely contested election with a higher degree of unpredictability. Our results remain robust after addressing potential endogeneity issue and are not affected by the ex-post election outcome or the political donations made by firms. Further analysis indicates that the increase in returns could be attributed to the improved relationship between firms and their internal stakeholders. Overall, our research supports the notion that investing in social capital can facilitate the establishment of stronger relationships with stakeholders, which can ultimately lead to beneficial outcomes during periods of adversity.

引用次数: 0

下一页尾页

类型

全部化学•材料生命科学医学物理工程技术环境•农林材料科学地球科学法学管理学化学环境科学与生态学计算机科学教育学经济学农林科学人文科学生物学数学物理与天体物理心理学综合性期刊其他工业工程理学历史学农学文学信息工程

数据库

全部 ACS Publications Elsevier ieeexplore Springer The Royal Society of Chemistry Wiley

期刊

British Accounting Review

全部 Acc. Chem. Res. ACS Applied Bio Materials ACS Appl. Electron. Mater. ACS Appl. Energy Mater. ACS Appl. Mater. Interfaces ACS Appl. Nano Mater. ACS Appl. Polym. Mater. ACS BIOMATER-SCI ENG ACS Catal. ACS Cent. Sci. ACS Chem. Biol. ACS Chemical Health & Safety ACS Chem. Neurosci. ACS Comb. Sci. ACS Earth Space Chem. ACS Energy Lett. ACS Infect. Dis. ACS Macro Lett. ACS Mater. Lett. ACS Med. Chem. Lett. ACS Nano ACS Omega ACS Photonics ACS Sens. ACS Sustainable Chem. Eng. ACS Synth. Biol. Anal. Chem. BIOCHEMISTRY-US Bioconjugate Chem. BIOMACROMOLECULES Chem. Res. Toxicol. Chem. Rev. Chem. Mater. CRYST GROWTH DES ENERG FUEL Environ. Sci. Technol. Environ. Sci. Technol. Lett. Eur. J. Inorg. Chem. IND ENG CHEM RES Inorg. Chem. J. Agric. Food. Chem. J. Chem. Eng. Data J. Chem. Educ. J. Chem. Inf. Model. J. Chem. Theory Comput. J. Med. Chem. J. Nat. Prod. J PROTEOME RES J. Am. Chem. Soc. LANGMUIR MACROMOLECULES Mol. Pharmaceutics Nano Lett. Org. Lett. ORG PROCESS RES DEV ORGANOMETALLICS J. Org. Chem. J. Phys. Chem. J. Phys. Chem. A J. Phys. Chem. B J. Phys. Chem. C J. Phys. Chem. Lett. Analyst Anal. Methods Biomater. Sci. Catal. Sci. Technol. Chem. Commun. Chem. Soc. Rev. CHEM EDUC RES PRACT CRYSTENGCOMM Dalton Trans. Energy Environ. Sci. ENVIRON SCI-NANO ENVIRON SCI-PROC IMP ENVIRON SCI-WAT RES Faraday Discuss. Food Funct. Green Chem. Inorg. Chem. Front. Integr. Biol. J. Anal. At. Spectrom. J. Mater. Chem. A J. Mater. Chem. B J. Mater. Chem. C Lab Chip Mater. Chem. Front. Mater. Horiz. MEDCHEMCOMM Metallomics Mol. Biosyst. Mol. Syst. Des. Eng. Nanoscale Nanoscale Horiz. Nat. Prod. Rep. New J. Chem. Org. Biomol. Chem. Org. Chem. Front. PHOTOCH PHOTOBIO SCI PCCP Polym. Chem.

﹀