{"title":"自愿碳保证与股权资本成本:国际证据","authors":"Rina Datt, Le Luo, Reuben Segara","doi":"10.1177/03128962241251498","DOIUrl":null,"url":null,"abstract":"We examine the impact of voluntary carbon assurance on a firm’s cost of equity capital (COE). Based on 6500 firm-year observations across 44 countries covering a period of 8 years (2010–2017), we find that the adoption of carbon assurance is negatively associated with the COE. Cross-sectional analyses show that the negative relationship is stronger for firms with poor emissions reduction performance and for firms that do not participate in an emissions trading scheme. We also find that a country’s legal institutions and economic development have significant moderating effects on this relationship. Furthermore, the scope and the percentage of carbon emissions assured, the level of carbon assurance, and the auditing standards adopted have varied effects on the COE. These findings should be useful to regulators, managers, and investors looking to improve the credibility of voluntarily reported information. JEL Classification: M41, M42, Q56, G32","PeriodicalId":2,"journal":{"name":"ACS Applied Bio Materials","volume":"138 14","pages":""},"PeriodicalIF":4.6000,"publicationDate":"2024-05-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Voluntary carbon assurance and the cost of equity capital: International evidence\",\"authors\":\"Rina Datt, Le Luo, Reuben Segara\",\"doi\":\"10.1177/03128962241251498\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"We examine the impact of voluntary carbon assurance on a firm’s cost of equity capital (COE). Based on 6500 firm-year observations across 44 countries covering a period of 8 years (2010–2017), we find that the adoption of carbon assurance is negatively associated with the COE. Cross-sectional analyses show that the negative relationship is stronger for firms with poor emissions reduction performance and for firms that do not participate in an emissions trading scheme. We also find that a country’s legal institutions and economic development have significant moderating effects on this relationship. Furthermore, the scope and the percentage of carbon emissions assured, the level of carbon assurance, and the auditing standards adopted have varied effects on the COE. These findings should be useful to regulators, managers, and investors looking to improve the credibility of voluntarily reported information. JEL Classification: M41, M42, Q56, G32\",\"PeriodicalId\":2,\"journal\":{\"name\":\"ACS Applied Bio Materials\",\"volume\":\"138 14\",\"pages\":\"\"},\"PeriodicalIF\":4.6000,\"publicationDate\":\"2024-05-21\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"ACS Applied Bio Materials\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://doi.org/10.1177/03128962241251498\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"MATERIALS SCIENCE, BIOMATERIALS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"ACS Applied Bio Materials","FirstCategoryId":"91","ListUrlMain":"https://doi.org/10.1177/03128962241251498","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"MATERIALS SCIENCE, BIOMATERIALS","Score":null,"Total":0}
Voluntary carbon assurance and the cost of equity capital: International evidence
We examine the impact of voluntary carbon assurance on a firm’s cost of equity capital (COE). Based on 6500 firm-year observations across 44 countries covering a period of 8 years (2010–2017), we find that the adoption of carbon assurance is negatively associated with the COE. Cross-sectional analyses show that the negative relationship is stronger for firms with poor emissions reduction performance and for firms that do not participate in an emissions trading scheme. We also find that a country’s legal institutions and economic development have significant moderating effects on this relationship. Furthermore, the scope and the percentage of carbon emissions assured, the level of carbon assurance, and the auditing standards adopted have varied effects on the COE. These findings should be useful to regulators, managers, and investors looking to improve the credibility of voluntarily reported information. JEL Classification: M41, M42, Q56, G32
期刊介绍:
ACS Applied Bio Materials is an interdisciplinary journal publishing original research covering all aspects of biomaterials and biointerfaces including and beyond the traditional biosensing, biomedical and therapeutic applications.
The journal is devoted to reports of new and original experimental and theoretical research of an applied nature that integrates knowledge in the areas of materials, engineering, physics, bioscience, and chemistry into important bio applications. The journal is specifically interested in work that addresses the relationship between structure and function and assesses the stability and degradation of materials under relevant environmental and biological conditions.