Carbon Risk Accounting and the Corporate Cost of Capital: A Systematic Literature Review
炭素リスク会計と企業の資本コスト：系統的文献レビュー (AI 翻訳)
Md Rayhanul Islam, Gagan Pareek, Jannatul Islam
🤖 gxceed AI 要約
日本語
本レビューは、炭素リスクとその開示が企業の資本コスト（株式・負債）に与える影響に関する87件の実証研究をPRISMAに基づき統合した。炭素リスクは資本コストを有意に引き上げるが、自主的な開示はリスクプレミアムを低減し、開示品質や保証、規制の厳格さが調整要因となる。情報非対称性と系統的リスクの理論的対立を整理し、新たな研究課題を提示する。
English
This systematic review synthesizes 87 empirical studies on how carbon risk and its disclosure affect firms' cost of equity and debt. Carbon risk significantly increases capital costs, but voluntary disclosure lowers the premium, with disclosure quality, assurance, and regulatory stringency as moderators. It reconciles information-asymmetry and systematic-risk theories, proposing testable hypotheses for future research.
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SSBJ開示が始まり、資本コストへの影響が注目される中、本レビューは開示の質と保証が資本コスト低減に有効であることを示し、企業の開示戦略や投資家対応に示唆を与える。
In the global GX context
Amid global ISSB and CSRD adoption, this review provides robust evidence that carbon disclosure quality and assurance can lower the cost of capital, informing corporate disclosure strategy and regulatory design.
👥 読者別の含意
🔬研究者:Provides a comprehensive synthesis of carbon risk and cost of capital literature, identifying theoretical conflicts and testable hypotheses for future research.
🏢実務担当者:Highlights that high-quality, assured carbon disclosure can reduce the cost of equity and debt, guiding corporate sustainability reporting and financing strategies.
🏛政策担当者:Offers evidence that regulatory stringency and assurance requirements moderate the carbon risk premium, supporting policy design for climate disclosure mandates.
📄 Abstract（原文）
Purpose - This research fills that void by conducting the first systematic literature review (SLR) of empirical literature on the effects of carbon risk and carbon risk disclosure on the cost of equity and cost of debt of firms. Methodology - After completing searches in Web of Science, Scopus, and SSRN, a total of 1,847 records were obtained, in accordance with the PRISMA 2020 protocol. Following screening of titles and abstracts and full-text quality assessment using the Mixed Methods Appraisal Tool (MMAT), 87 peer-reviewed articles published between 2005 and 2024 were identified. The carbon risks were coded according to a pre-specified extraction template based on four dimensions: the type of carbon risk, the type of capital, the disclosure mechanism, and the institutional context. The inter-rater reliability was assessed using Cohen's κ, which was 0.81. Findings - The effect of carbon risk on the cost of equity and the cost of debt is positive, statistically significant, and economically material. Voluntary carbon disclosure lowers the carbon risk premium; disclosure quality, assurance credibility, institutional ownership concentration, and regulatory stringency moderate this effect. The review states that there are theoretical conflicts between the information-asymmetry explanation (based on agency theory) and the systematic-risk explanation (based on the Intertemporal Capital Asset Pricing Model (ICAPM)); they are not mutually exclusive. Implications and Value - This is the first time the carbon risk accounting and cost-of-capital literatures have been brought together in a synthesis that follows the PRISMA guidelines. These propositions convert theoretical mechanisms into testable hypotheses and represent a new program of empirical research.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://journals.diu.edu.bd/index.php/jbip/article/download/113/38first seen 2026-08-05 05:34:50
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