Carbon disclosure, emission intensity and cost of equity capital: multi-country evidence

被引：92

作者：

Bui, Binh ^{[1
]}

Moses, Olayinka ^{[1
]}

Houqe, Muhammad N. ^{[2
]}

机构：

[1] Victoria Univ Wellington, Sch Accounting & Commercial Law, Wellington, New Zealand

[2] Massey Business Sch, Sch Accountancy, Auckland, New Zealand

来源：

ACCOUNTING AND FINANCE | 2020年 / 60卷 / 01期

关键词：

Carbon disclosure; Cost of equity capital; Emission intensity; Greenhouse gas; CORPORATE SOCIAL-RESPONSIBILITY; FIRM-VALUE; PERFORMANCE; INFORMATION; FINANCE;

D O I：

10.1111/acfi.12492

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study examines the joint effect of carbon disclosure and greenhouse gas (GHG) emissions on firms' implied cost of equity capital (COC). Based on 4655 firm-year observations across 34 countries, we find firms' GHG emission intensity to be positively associated with COC. However, we find also that the penalty linked with higher COC is moderated by extensive carbon disclosure. We provide evidence that the extent of carbon disclosure helps reduce the premium required by investors to compensate for poor carbon performance. Our study provides insights to policymakers, investors and managers on the combined effect of carbon disclosure, and emission intensity.

引用

页码：47 / 71

页数：25

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