Does performance of carbon neutrality affect firm value?

被引：1
|
作者：
Wu, Hao [1 ]
Song, Yunling [2 ,3 ]
机构：
[1] Southwestern Univ Finance & Econ, Sch Accounting, Chengdu 611130, Sichuan, Peoples R China
[2] Inner Mongolia Univ, Sch Econ & Management, Hohhot, Peoples R China
[3] 235 Daxue West Rd, Hohhot 010021, Inner Mongolia, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2024年 / 63卷
关键词：
Carbon neutrality; Firm value; Information uncertainty; FINANCIAL PERFORMANCE; RESPONSIBILITY; COST;
D O I：
10.1016/j.frl.2024.105383
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Carbon neutrality is critical in addressing the climate crisis. Using the data of Chinese listed firms from 2018 to 2022, this paper shows a significant U-shaped association between the performance of carbon neutrality and firm value. Our key findings hold after a battery of robustness tests and endogeneity concerns. The U-shaped relationship is weaker in state-owned firms and those operating in B2C industries, and stronger when information uncertainty is higher. This paper has implications for the promotion of carbon-neutral practices in enterprises and the realization of sustainable development.
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页数：7
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