Measuring Carbon Responsibility: A Policy‐Anchored Simulation Under the <scp>EU</scp> Emissions Trading System
炭素責任の測定：EU排出量取引制度下での政策連動シミュレーション (AI 翻訳)
Shaocong Bo, Vittorio Laus, Enrico Battisti, Antonio Salvi
🤖 gxceed AI 要約
日本語
EU ETS下での企業の実効炭素負債を測る「炭素責任（CR）」指標を提案。682社のパネルデータ（2013-2024）を用い、CRと炭素パフォーマンス（CP）の負の関連を実証。ガバナンス要因（業績連動報酬、第三者検証、国有）がこの関係を調整することを示す。
English
Introduces carbon responsibility (CR) as a policy-anchored measure of firms' effective carbon liability under the EU ETS. Using panel data on 682 European firms (2013-2024), finds a robust negative association between CR and carbon performance (CP), moderated by governance factors such as performance pay, third-party verification, and state ownership.
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開示やカーボンプライシング導入議論が進む中、企業の炭素負債を市場価値でスケーリングするCR指標は、投資家対応や開示実務に示唆を与える。ガバナンス要因の調整効果は、日本企業のコーポレートガバナンス改革とも関連する。
In the global GX context
This paper contributes to global carbon pricing and disclosure scholarship by integrating governance and assurance moderators into the carbon-pricing-performance nexus. Its CR metric offers a practical tool for investors and regulators under the EU ETS, with implications for similar schemes like the UK ETS and China's national ETS.
👥 読者別の含意
🔬研究者:Provides a novel policy-anchored metric (CR) and empirical evidence on governance moderators in the carbon-pricing-performance link.
🏢実務担当者:Offers a framework for assessing carbon liability relative to market value, useful for disclosure and investor communication.
🏛政策担当者:Highlights how carbon market design and governance conditions shape corporate responses, informing ETS calibration.
📄 Abstract（原文）
ABSTRACT This paper introduces carbon responsibility ( CR ) as a policy‐anchored measure of firms' effective carbon liability under the EU Emissions Trading System ( EU ETS ). CR is simulated by combining sector‐specific allocation rules with prevailing carbon prices and scaling the resulting liability by market value, thereby capturing firms' exposure to priced carbon relative to size. Using panel data on 682 European firms from 2013 to 2024, we examine the relationship between CR and carbon performance ( CP ), defined as revenue per ton of emissions. Results show a robust negative association: firms with higher CR tend to exhibit lower CP , consistent with transitional compliance costs reducing near‐term efficiency. The strength of this relationship depends on governance and institutional conditions. Performance‐oriented pay amplifies the adverse CR ‐ CP link, while third‐party verification further tightens accountability pressures. By contrast, state ownership mitigates adverse effects, reflecting institutional support and longer planning horizons. Internal carbon pricing shows limited firm‐level impact but serves as a stronger disciplining mechanism when adopted broadly across industries. These findings highlight the conditional nature of regulatory accountability, advance the literature by integrating governance and assurance moderators into the carbon‐pricing–performance nexus, and offer practical guidance for firms, regulators, and policymakers seeking to align carbon market design with corporate responses.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1002/csr.70893first seen 2026-08-04 04:57:42
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