Firm-Value Effects of Carbon Emissions and Carbon Disclosures

被引:841
作者
Matsumura, Ella Mae [1 ]
Prakash, Rachna [2 ]
Vera-Munoz, Sandra C. [3 ]
机构
[1] Univ Wisconsin Madison, Madison, WI 53706 USA
[2] Univ Mississippi, University, MS 38677 USA
[3] Univ Notre Dame, Notre Dame, IN 46556 USA
关键词
GHG emissions; voluntary disclosures; firm value; CORPORATE SOCIAL-RESPONSIBILITY; VALUE-RELEVANCE LITERATURE; CAPITAL-MARKETS; COST; ASSURANCE;
D O I
10.2308/accr-50629
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
Using hand-collected carbon emissions data for 2006 to 2008 that were voluntarily disclosed to the Carbon Disclosure Project by S&P 500 firms, we examine the effects on firm value of carbon emissions and of the act of voluntarily disclosing carbon emissions. Correcting for self-selection bias from managers' decisions to disclose carbon emissions, we find that, on average, for every additional thousand metric tons of carbon emissions, firm value decreases by $212,000, where the median emissions for the disclosing firms in our sample are 1.07 million metric tons. We also examine the firm-value effects of managers' decisions to disclose carbon emissions. We find that the median value of firms that disclose their carbon emissions is about $2.3 billion higher than that of comparable non-disclosing firms. Our results indicate that the markets penalize all firms for their carbon emissions, but a further penalty is imposed on firms that do not disclose emissions information. The results are consistent with the argument that capital markets impound both carbon emissions and the act of voluntary disclosure of this information in firm valuations.
引用
收藏
页码:695 / 724
页数:30
相关论文
共 66 条
[1]  
[Anonymous], CONT ACCOUNTING RES
[2]  
[Anonymous], Q J EC
[3]  
[Anonymous], 2001, Econometric Analysis of Cross Section and Panel Data
[4]  
[Anonymous], 1986, LTD DEPENDENT QUALIT
[5]  
[Anonymous], CHANG IS COM FRAM CL
[6]  
[Anonymous], 2010, WORKING PAPER
[7]  
Barley R., 2009, WALL STREET J
[8]   Scale Effects in Capital Markets-Based Accounting Research [J].
Barth, Mary E. ;
Clinch, Greg .
JOURNAL OF BUSINESS FINANCE & ACCOUNTING, 2009, 36 (3-4) :253-288
[9]   ESTIMATION AND MARKET VALUATION OF ENVIRONMENTAL LIABILITIES RELATING TO SUPERFUND SITES [J].
BARTH, ME ;
MCNICHOLS, MF .
JOURNAL OF ACCOUNTING RESEARCH, 1994, 32 :177-209
[10]   The relevance of the value relevance literature for financial accounting standard setting: another view [J].
Barth, ME ;
Beaver, WH ;
Landsman, WR .
JOURNAL OF ACCOUNTING & ECONOMICS, 2001, 31 (1-3) :77-104