GREENHOUSE GAS EMISSIONS DISCLOSURE ON FIRM VALUE AND FINANCIAL PERFORMANCE IN EU-ETS MEMBER COUNTRIES
温室効果ガス排出開示が企業価値と財務パフォーマンスに与える影響：EU-ETS加盟国における分析 (AI 翻訳)
(著者不明)
🤖 gxceed AI 要約
日本語
本研究は、EU排出権取引制度（EU ETS）に参加する欧州企業2,315社を対象に、GHG排出量とその開示が企業価値、ROA、ROEに与える影響を分析。2015～2024年のデータを用いた回帰分析の結果、GHG排出と開示は企業価値とROAに有意な影響を与えるが、ROEへの影響は見られなかった。透明性の高い開示が市場評価と短期的資産効率を高めることを示唆。
English
This study analyzes the impact of GHG emissions and their disclosure on firm value, ROA, and ROE using a sample of 2,315 EU ETS firms from 2015-2024. Regression results show that GHG emissions and disclosure significantly affect firm value and ROA but not ROE, suggesting transparent disclosure enhances market valuation and short-term asset efficiency.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本ではGX推進に向けたカーボンプライシングの導入が議論されており、EU ETSの実証結果は、排出開示が企業価値に与える影響を示す参考事例となる。SSBJ等の開示基準に基づく情報が市場でどのように評価されるかを示唆する点で、日本企業の投資家対応にも示唆を与える。
In the global GX context
This paper provides timely empirical evidence on the value relevance of GHG disclosure under the EU ETS, directly applicable to global discussions on mandatory climate reporting (ISSB, CSRD, SEC). It demonstrates that transparent emission disclosures are rewarded by equity markets, supporting arguments for mandatory disclosure regimes.
👥 読者別の含意
🔬研究者:Offers recent panel evidence on the relationship between GHG disclosure and firm value in a regulated European context, contributing to the debate on mandatory reporting efficacy.
🏢実務担当者:Highlights that transparent GHG disclosure can positively impact market valuation and operational efficiency, reinforcing the business case for proactive sustainability reporting.
🏛政策担当者:Provides evidence that mandatory carbon pricing and disclosure regimes (EU ETS) can influence firm behavior and market outcomes, supporting policy design for similar systems (e.g., Japan's GX-ETS).
📄 Abstract（原文）
Background: Climate change and regulatory frameworks such as the European Union Emission Trading System (EU ETS) have increased pressure on firms to manage and disclose greenhouse gas (GHG) emissions. However, the financial and market consequences of GHG emissions and disclosure remain debated. Method: This study employs a quantitative causal-comparative design using secondary data from the Refinitiv database for 2015–2024. The sample consists of 2,315 European firms participating in the EU ETS. Regression analysis is conducted to examine the effects of GHG emissions and their disclosure on firm value, return on assets (ROA), and return on equity (ROE), with firm size and capital structure as control variables. Signaling theory underpins the analysis. Findings: GHG emissions and their disclosure significantly affect firm value and show a weak but positive effect on ROA, while they do not significantly influence ROE. The findings indicate that sustainability-related factors are more strongly reflected in market valuation and short-term asset efficiency than in equity-based profitability. Conclusion: Effective GHG management and transparent disclosure enhance market value and operational performance but do not directly improve shareholder returns. Novelty/Originality of this article: This study provides recent evidence from EU ETS firms, focusing specifically on GHG emissions and disclosure within a regulated European context.
🔗 Provenance — このレコードを発見したソース
- crossref https://doi.org/10.7454/jaki.v23i1.2187first seen 2026-05-14 22:41:30
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gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。