The price of carbon risk: Evidence from the Kyoto Protocol ratification

IF 5.5 3区经济学 Q1 BUSINESS

Journal of Environmental Economics and Management Pub Date : 2025-01-11 DOI:10.1016/j.jeem.2025.103118

Justin Hung Nguyen , Cameron Truong , Bohui Zhang

引用次数: 0

Abstract

We examine the price of carbon risk using the Kyoto Protocol ratification (hereafter KPR) committed by the Australian government in December 2007. We find that, in the post-KPR period, firms with high carbon emissions experience a substantial increase in the costs of debt and equity relative to those firms with a lower carbon footprint. Moreover, after the KPR, carbon emitters are less likely to be financed by major banks and more likely to borrow from new lenders. When conducting seasoned equity offerings, carbon emitters are more willing to use underwriting services rather than rights offerings.

查看原文本刊更多论文

我们利用澳大利亚政府于 2007 年 12 月承诺批准的《京都议定书》（以下简称 KPR）来研究碳风险的价格。我们发现，在《京都议定书》批准后的时期，相对于碳足迹较小的企业，碳排放较高的企业的债务和股权成本大幅增加。此外，在 KPR 之后，碳排放企业获得大型银行融资的可能性降低，而更有可能从新的贷款人那里借款。在进行成熟的股票发行时，碳排放企业更愿意使用承销服务，而不是供股。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Journal of Environmental Economics and Management Multiple-

CiteScore

8.00

自引率

4.30%

发文量

期刊介绍： The Journal of Environmental Economics and Management publishes theoretical and empirical papers devoted to specific natural resources and environmental issues. For consideration, papers should (1) contain a substantial element embodying the linkage between economic systems and environmental and natural resources systems or (2) be of substantial importance in understanding the management and/or social control of the economy in its relations with the natural environment. Although the general orientation of the journal is toward economics, interdisciplinary papers by researchers in other fields of interest to resource and environmental economists will be welcomed.