炭素削減コミットメント、炭素排出強度、財務デフォルトリスク：欧州企業の実証分析
Carbon reduction commitment, carbon emission intensity, and financial default risk: An empirical analysis of European firms (原題)
Chi‐Jui Huang, Chia‐Wu Lu, Chia-Wen Chang, Chia-Yu Tsao
🤖 gxceed AI 要約
日本語
欧州上場企業を対象に、炭素削減コミットメントと炭素排出強度が財務デフォルトリスクに与える影響を実証分析。Scope 1・2排出強度が高いほどデフォルトリスクが高まる一方、削減目標を持つ企業はリスクが低く、特に排出強度の高い企業で緩和効果が確認された。気候移行リスクへの対応が企業財務に有益であることを示す。
English
This empirical study of European listed firms finds that higher Scope 1 and 2 carbon emission intensity increases financial default risk, while carbon reduction commitments lower it. The moderating effect of commitments is stronger for high-emission firms, suggesting that setting GHG reduction targets helps firms manage climate transition risks and improve financial stability.
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開示や有報での気候関連情報開示が進む中、炭素削減目標の設定が財務リスク低減に寄与するという実証結果は、投資家対応や統合報告書での戦略的開示の重要性を示唆する。日本企業のScope 1・2排出削減目標の経済的便益を裏付けるエビデンスとして有用。
In the global GX context
This study contributes to global climate finance literature by linking carbon reduction commitments to lower default risk, relevant for TCFD/ISSB disclosure and transition finance. It provides empirical support for the financial benefits of setting GHG targets, which can inform credit risk assessment and sustainable finance strategies.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the relationship between carbon reduction commitments, emission intensity, and default risk, useful for climate finance and ESG research.
🏢実務担当者:Highlights the financial benefits of setting carbon reduction targets, supporting corporate sustainability strategy and disclosure.
🏛政策担当者:Suggests that policies encouraging carbon reduction commitments can enhance financial stability, informing climate policy design.
📄 Abstract（原文）
This study uses publicly listed companies headquartered in Europe (including the European Union and the United Kingdom) as a sample of 3299 observations to explore the relationship between corporate carbon reduction commitments, carbon emissions intensity, and financial default risk. Carbon reduction commitment is one of the climate transition risks (CTRs) faced by companies. This study uses a dummy variable representing whether a company has set a carbon reduction target percentage, based on data from the Refinitiv Eikon database, as a proxy for carbon reduction commitment. The data covers the period from 2016 to 2022. The study employs Altman's Z-score, Altman's modified Z’’-score (ZZ model), and Zmijewski's ZM-score models, with variable transformations to measure financial default risk. The empirical results show that higher carbon emissions intensity in Scope 1 and Scope 2 correlates with higher financial default risk. Companies with carbon reduction commitments have lower financial default risk. Further analysis using the interaction term between carbon emissions intensity and carbon reduction commitment reveals that for companies with higher carbon emissions intensity in Scope 1 and Scope 2, carbon reduction commitments have a moderating effect, reducing their financial default risk. This suggests that companies with targets to reduce greenhouse gas emissions can better address CTRs and positively benefit their operations. This study provides empirical evidence on the impact of CTRs on corporate operations.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1177/0958305x261481733first seen 2026-08-29 04:44:26
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