The value relevance of corporate voluntary carbon disclosure: Evidence from the United States and BRIC countries

IF 2.9 3区 管理学 Q2 BUSINESS, FINANCE
Yan Jiang , Le Luo , JianFeng Xu , XiaoRui Shao
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引用次数: 31

Abstract

Our study focuses on the value relevance of corporate voluntary carbon disclosure. Our sample includes firms from the United States (listed in the S&P 500) and firms from Brazil, Russia, India, and China that are targeted by the CDP. We examine whether the capital market rewards firms’ voluntary carbon disclosure. Voluntary carbon disclosure is measured as firms’ propensity to voluntarily disclose carbon information and the comprehensiveness and quality of their disclosure. We find that firms with greater carbon disclosure have higher firm value. Furthermore, the positive association between firm value and voluntary carbon disclosure is stronger in developing countries. We also find that large emitters with sufficient carbon disclosure experience a less negative valuation than firms with inadequate carbon disclosure. Furthermore, a subcomponent analysis suggests that the disclosure of specific types of climate risk and opportunity is rewarded by investors and can mitigate the valuation penalty of carbon emissions. These results have important implications for companies, investors, and regulators. Our analyses enhance understanding of the consequences of voluntary carbon reporting, which enriches the reporting of current financial information.

企业自愿碳披露的价值相关性:来自美国和金砖四国的证据
我们的研究重点是企业自愿碳披露的价值相关性。我们的样本包括来自美国的公司(在标准普尔500指数中列出)以及来自巴西、俄罗斯、印度和中国的公司,这些公司都是CDP的目标。我们考察了资本市场是否奖励企业的自愿碳披露。自愿碳信息披露是衡量企业自愿披露碳信息的倾向及其披露的全面性和质量。研究发现,碳信息披露程度越高的企业价值越高。此外,企业价值与自愿碳披露之间的正相关关系在发展中国家更为强烈。我们还发现,与碳信息披露不充分的企业相比,碳信息披露充足的大型排放企业的负面估值更低。此外,子成分分析表明,披露特定类型的气候风险和机会会得到投资者的回报,并可以减轻碳排放的估值惩罚。这些结果对公司、投资者和监管机构具有重要意义。我们的分析增强了对自愿碳报告后果的理解,这丰富了当前财务信息的报告。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
6.00
自引率
3.00%
发文量
24
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