Assessing the influence of climate risk, carbon allowances, and technological factors on the ESG market in the European union

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review Pub Date : 2024-07-01 DOI:10.1016/j.bir.2024.04.013

Ugur Korkut Pata , Kamel Si Mohammed , Vanessa Serret , Mustafa Tevfik Kartal

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引用次数: 0

Abstract

Environmental, Social, and Governance (ESG) is a market for environmental criteria that has recently attracted the attention of policymakers and in particular European Union (EU) countries to improve environmental quality. In the context of the EU Sustainable Development Goals, this study aims to examine the impact of climate risk uncertainties (transitional (TRI) and physical (PRI)), carbon allowances (EU ETS), and technology index (MSCI) on the ESG market. To this end, the study uses a quantile-on-quantile regression and its multivariate version for the period from November 28, 2007, to January 05, 2023. The results show that TRI and PRI increase ESG market development at higher quantiles, while EU ETS and technological progress reduce ESG progress. This shows that the risk of climate change requires the introduction of stricter environmental standards in EU countries, while the EU ETS and technological progress provide environmental benefits that reduce the need for the ESG market.

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评估气候风险、碳配额和技术因素对欧盟环境、社会和公司治理市场的影响

环境、社会和治理（ESG）是一个环境标准市场，最近引起了政策制定者的关注，特别是欧盟（EU）国家对改善环境质量的关注。在欧盟可持续发展目标的背景下，本研究旨在考察气候风险不确定性（过渡性（TRI）和物理性（PRI））、碳配额（欧盟排放交易计划）和技术指数（MSCI）对环境、社会和治理市场的影响。为此，研究使用了从 2007 年 11 月 28 日到 2023 年 1 月 5 日期间的量化回归及其多元版本。结果显示，TRI 和 PRI 增加了较高量位数的 ESG 市场发展，而 EU ETS 和技术进步则减少了 ESG 进步。这表明，气候变化风险要求欧盟国家引入更严格的环境标准，而欧盟排放交易计划和技术进步提供的环境效益则降低了对环境、社会和公司治理市场的需求。

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

Borsa Istanbul Review Multiple-

CiteScore

7.60

自引率

3.80%

发文量

130

审稿时长

26 days

期刊介绍： Peer Review under the responsibility of Borsa İstanbul Anonim Sirketi. Borsa İstanbul Review provides a scholarly platform for empirical financial studies including but not limited to financial markets and institutions, financial economics, investor behavior, financial centers and market structures, corporate finance, recent economic and financial trends. Micro and macro data applications and comparative studies are welcome. Country coverage includes advanced, emerging and developing economies. In particular, we would like to publish empirical papers with significant policy implications and encourage submissions in the following areas: Research Topics: • Investments and Portfolio Management • Behavioral Finance • Financial Markets and Institutions • Market Microstructure • Islamic Finance • Financial Risk Management • Valuation • Capital Markets Governance • Financial Regulations