気候変動パフォーマンスが市場パフォーマンスに与える影響：インド企業からの証拠
Effect of Climate Change Performance on Market Performance: Evidence from Indian Firms (原題)
Madan Mohan Varshney
🤖 gxceed AI 要約
日本語
インド上場100社の2018〜2024年パネルデータを用い、物理的気候リスク・気候変動活動・炭素パフォーマンス・移行リスクが配当性向、EPS、PERに与える影響を固定効果回帰で分析。物理的リスクは市場指標を有意に低下させ、気候変動イニシアチブと低炭素強度は配当・EPSを高める。移行リスクはEPSに正、PERに負で、移行エクスポージャー企業が割安評価されることを示す。
English
Using a 2018–2024 panel of 100 Indian listed firms, fixed-effects regressions show physical climate risk exposure significantly lowers dividend payout, EPS and P/E, while climate initiatives and lower carbon intensity raise dividend and EPS. Transition risk lifts EPS but depresses P/E, implying a valuation discount for transition-exposed firms. Results support signaling, agency and risk-based theories in an emerging market.
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
SSBJ・有報での気候関連開示が進む日本では、気候パフォーマンスが配当・EPS・PERに反映されるという実証は、投資家対話や統合報告書での『気候と企業価値』の説明根拠として有用。新興国での検証は日本企業の開示説得材料にもなる。
In the global GX context
Adds emerging-market evidence to the global TCFD/ISSB literature linking climate performance to valuation and payout policy, complementing EU/US studies. Useful for transition-finance and climate-risk pricing debates where non-OECD evidence is scarce.
👥 読者別の含意
🔬研究者:気候リスク・炭素パフォーマンスと市場評価の因果経路（配当・利益・バリュエーション）を新興国で検証した実証枠組みとして参照できる。
🏢実務担当者:気候関連開示が配当余力・利益品質・PER評価に影響し得ることを、投資家説明や統合報告の根拠に使える。
🏛政策担当者:気候開示の義務化が市場価格形成に与える効果を、新興国規制設計の参考にできる。
📄 Abstract（原文）
The paper explores the effects of the climate change performance—physical climate risk exposure, climate change activity, carbon performance and climate transition risk—on the market-based performance indicators: dividend payout ratio (D/P), earnings per share (EPS) and price to earnings ratio (P/E). Fixed-effects panel regressions based on a panel of 100 Indian listed firms for 2018–2024 suggest that increased physical climate risk exposure is significantly negatively related to D/P, EPS, and all three market metrics, whereas increased climate change initiatives are significantly and positively related to all three-market metrics. The results align with global experiences of carbon performance and payout policy, showing that a lower carbon emission intensity is associated with a higher D/P ratio and EPS. Climate transition risk shows mixed effects, positively related to EPS and negatively related to P/E ratio, which indicates that climate transition-exposed firms are valued at a discount. The results are stable over different specifications, lags of climate variables and industry subsamples. The results support signaling, agency, and risk-based theories, suggesting that climate performance affects market valuations in emerging markets such as India, through dividend capacity, earnings quality, and risk.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://ijcemr.nobleinkresearch.com/1/article/download/34/17first seen 2026-10-21 05:31:18 · last seen 2026-11-06 05:43:57
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