Does carbon performance payoff? An empirical evidence from Asia-Pacific region

IF 2.3 Q2 BUSINESS, FINANCE

Asian Review of Accounting Pub Date : 2024-08-30 DOI:10.1108/ara-08-2023-0204

Mohan Lal Jangid, Anil Kumar Sharma

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引用次数: 0

Abstract

Purpose

This study primarily examines the link between carbon and financial performance in the Asia-Pacific region. In addition, the study also explores how the economic impact of carbon performance varies in carbon-intensive and non-carbon-intensive industries.

Design/methodology/approach

This study takes a sample of 1,539 non-financial firms from 13 Asia-Pacific countries from 2014 to 2021. It employs a firm-fixed effect panel regression model to examine the objective.

Findings

The findings indicate that carbon performance improvement enhances accounting-based and market-based financial performance. The positive impact of carbon abatement stems from increased operational efficiency, energy efficiency and lower production costs. Further, the stock market participants also reward the firm for carbon efficiency. However, the carbon intensity of industrial sectors presents a conflicting picture for this association.

Originality/value

This study adds insights to the literature by providing a contemporary reflection on the nexus between carbon emissions and economic outcomes in the understudied Asia-Pacific region. It also unveils the nuanced difference in the carbon-financial performance relationship attributed to industries' carbon sensitivity.

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碳绩效是否有回报？亚太地区的经验证据

目的本研究主要探讨亚太地区碳排放与财务绩效之间的联系。此外，本研究还探讨了碳绩效对碳密集型和非碳密集型行业的经济影响有何不同。设计/方法/途径本研究以亚太地区 13 个国家的 1539 家非金融企业为样本，时间跨度为 2014 年至 2021 年。研究结果研究结果表明，碳绩效的改善能够提高基于会计和市场的财务绩效。碳减排的积极影响源于运营效率的提高、能源效率的提高和生产成本的降低。此外，股票市场参与者也会奖励碳效率高的公司。然而，工业部门的碳强度却为这种关联提供了一个相互矛盾的图景。原创性/价值本研究通过对研究不足的亚太地区碳排放与经济成果之间的关系进行当代反思，为文献增添了新的见解。研究还揭示了各行业碳敏感度在碳-财务绩效关系中的细微差别。

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来源期刊

Asian Review of Accounting BUSINESS, FINANCE-

CiteScore

3.20

自引率

25.00%

发文量

期刊介绍： Covering various fields of accounting, Asian Review of Accounting publishes research papers, commentary notes, review papers and practitioner oriented articles that address significant international issues as well as those that focus on Asia Pacific in particular.Coverage includes but is not limited to: -Financial accounting -Managerial accounting -Auditing -Taxation -Accounting information systems -Social and environmental accounting -Accounting education Perspectives or viewpoints arising from regional, national or international focus, a private or public sector information need, or a market-perspective or social and environmental perspective are greatly welcomed. Manuscripts that present viewpoints should address issues of wide interest among accounting scholars internationally and those in Asia Pacific in particular.