Corporate Climate Risk and Membership of Emission Trading Schemes

IF 12.5 1区管理学 Q1 BUSINESS

Business Strategy and The Environment Pub Date : 2025-04-14 DOI:10.1002/bse.4286

Gbenga Adamolekun, Ammar Ahmed, Nana Abena Kwansa, Rodiat Lawal, Rilwan Sakariyahu

引用次数: 0

Abstract

Using a sample of 5364 firms from 65 countries, we demonstrate that membership in the scheme increases firm climate risk. Further analysis reveals that the positive impact of membership on climate risk is pronounced among firms in carbon‐intensive industries. Our findings demonstrate that continental differences and legal origin could moderate or exacerbate the relationship between emission trading schemes (ETSs) and corporate climate risk. Similarly, the positive relationship between ETSs and corporate climate risk is only significant in the period after the Paris Agreement. This indicates that public interest in climate change discussions may have driven membership in the initiative rather than reflecting a real commitment to reducing carbon emissions. Additionally, we show that membership has short‐ to medium‐term effects on corporate climate risk. Our results are robust to a battery of tests such as propensity score matching (PSM) and generalized method of moments (GMM).

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企业气候风险和排放交易计划的成员资格

使用来自65个国家的5364家公司的样本，我们证明了加入该计划会增加公司的气候风险。进一步的分析表明，在碳密集型行业的公司中，会员资格对气候风险的积极影响是明显的。我们的研究结果表明，大陆差异和法律渊源可以缓和或加剧排放交易计划（ets）与企业气候风险之间的关系。同样，碳排放交易体系与企业气候风险之间的正相关关系仅在《巴黎协定》签署后才显著。这表明，公众对气候变化讨论的兴趣可能推动了该倡议的成员加入，而不是反映出减少碳排放的真正承诺。此外，我们还表明，会员资格对企业气候风险具有中短期影响。我们的结果是稳健的电池测试，如倾向得分匹配（PSM）和广义矩法（GMM）。

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

Business Strategy and The Environment Multiple-

CiteScore

22.50

自引率

19.40%

发文量

336

期刊介绍： Business Strategy and the Environment (BSE) is a leading academic journal focused on business strategies for improving the natural environment. It publishes peer-reviewed research on various topics such as systems and standards, environmental performance, disclosure, eco-innovation, corporate environmental management tools, organizations and management, supply chains, circular economy, governance, green finance, industry sectors, and responses to climate change and other contemporary environmental issues. The journal aims to provide original contributions that enhance the understanding of sustainability in business. Its target audience includes academics, practitioners, business managers, and consultants. However, BSE does not accept papers on corporate social responsibility (CSR), as this topic is covered by its sibling journal Corporate Social Responsibility and Environmental Management. The journal is indexed in several databases and collections such as ABI/INFORM Collection, Agricultural & Environmental Science Database, BIOBASE, Emerald Management Reviews, GeoArchive, Environment Index, GEOBASE, INSPEC, Technology Collection, and Web of Science.