碳中和承诺是否能提升企业价值?

Xinyi Xie, Jianan Lu, Mao Li, Jiang Dai
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引用次数: 3

摘要

摘要本研究讨论了股票市场对公司碳中和承诺的反应。通过手工收集公司层面的新闻和股票数据,我们进行了事件研究和回归建模研究。结果表明,企业因承诺实现碳中和的而遭受市场价值损失,不同事件窗口的累计异常回报率下降幅度在-2.09%至-1.21%之间。然而,我们发现,以前更好的ESG表现和更高水平的碳披露可以缓解市场的不良反应。本研究创新性地从碳中和承诺的角度,将“权衡理论”和“基于资源的观点”与CSR/ESG对企业价值的讨论联系起来。
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Does carbon neutrality commitment enhance firm value?
ABSTRACT This study discusses the stock market reaction to the firm’s carbon neutrality commitments. By hand-collecting firm-level news and stock data, we conduct event studies as well as regression modelling studies. The results show that firms experience losses in market value from committing to being carbon neutral, and the decline in cumulative abnormal returns ranges from −2.09% to −1.21% across different event windows. However, we find better previous ESG performance and a higher level of carbon disclosure could mitigate adverse market reactions. This study innovatively links the ‘trade-off theory’ and ‘resource-based view’ to the discussion of CSR/ESG on firm value from the lens of carbon neutrality commitments.
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来源期刊
CiteScore
4.50
自引率
5.00%
发文量
22
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