企业减缓气候变化的行动如何影响资本成本

IF 8.3 2区 管理学 Q1 BUSINESS
Yizhou Wang, Siyu Shen, Jun Xie, Hidemichi Fujii, Alexander Ryota Keeley, Shunsuke Managi
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引用次数: 0

摘要

日本一直站在全球努力加快减缓气候变化的前沿。日本公司在开发脱碳技术方面一直处于领先地位,并根据气候相关财务披露工作组的建议积极披露气候变化相关信息,以应对气候变化。我们探讨了 2017 年至 2021 年期间 2100 家日本上市公司的企业气候变化减缓行动与资本成本之间的关系。结果显示,碳强度越高,股权成本、债务成本和加权平均资本成本就越高。有趣的是,尽管与气候相关的信息披露与债务成本的增加有关,但它同时降低了股权成本和整体资本成本。这项研究为企业在积极应对气候变化的同时降低资本成本的战略方法提出了建议,同时强调了股票市场和债券市场对去碳化倡议的不同反应。
本文章由计算机程序翻译,如有差异,请以英文原文为准。

How corporate climate change mitigation actions affect the cost of capital

How corporate climate change mitigation actions affect the cost of capital

Japan has been at the forefront of global efforts to accelerate climate change mitigation. Japanese firms have led in the development of decarbonization technologies and have positively disclosed climate change-related information based on the Task Force on Climate-related Financial Disclosures recommendations to address climate change. We explore the relationship between corporate climate change mitigation actions and the cost of capital for 2100 Japanese listed companies from 2017 to 2021. The results reveal that a higher carbon intensity correlates with an increased cost of equity, debt, and weighted average cost of capital. Interestingly, although climate-related information disclosure is associated with an increased cost of debt, it concurrently lowers the cost of equity and overall capital. This research recommends strategic approaches for firms to reduce their costs of capital while proactively combating climate change, highlighting the divergent responses of equity and bond markets to decarbonization initiatives.

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来源期刊
CiteScore
17.20
自引率
16.30%
发文量
189
期刊介绍: Corporate Social Responsibility and Environmental Management is a journal that publishes both theoretical and practical contributions related to the social and environmental responsibilities of businesses in the context of sustainable development. It covers a wide range of topics, including tools and practices associated with these responsibilities, case studies, and cross-country surveys of best practices. The journal aims to help organizations improve their performance and accountability in these areas. The main focus of the journal is on research and practical advice for the development and assessment of social responsibility and environmental tools. It also features practical case studies and evaluates the strengths and weaknesses of different approaches to sustainability. The journal encourages the discussion and debate of sustainability issues and closely monitors the demands of various stakeholder groups. Corporate Social Responsibility and Environmental Management is a refereed journal, meaning that all contributions undergo a rigorous review process. It seeks high-quality contributions that appeal to a diverse audience from various disciplines.
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