The Impact of Voluntary Carbon Goal Announcements on Stock Returns
自主的カーボンゴール発表が株式リターンに与える影響 (AI 翻訳)
Lukas Schnabel, Setareh Heidari, Stefan J. Hock, Sascha Raithel
🤖 gxceed AI 要約
日本語
2018～2024年の米国上場企業188社の自主的カーボンゴール発表を分析し、発表後2日間で平均0.65%の累積異常リターン（約4.9億ドル増加）を確認。メディアがビジネス影響を強調すると投資家の反応が良好であり、また排出量が多い企業ほど評価が高いが、経時的に効果は減衰する。実務的には発表のタイミングとメッセージ内容が重要。
English
This event study of 188 voluntary carbon goal announcements by U.S. public firms (2018–2024) finds a 0.65% positive cumulative abnormal return ($490M average increase). Investor reactions are stronger when media highlights business impact and when firms commit to higher current emissions, but these effects diminish over time. Practical implications for announcement strategy.
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
日本企業がSSBJ対応やTCFD開示で自主的なカーボンゴールを検討する際、投資家の反応を定量的に示す本知見は有用。特にメディアを通じたビジネス影響の強調が効果的である点は、IR戦略にも応用可能。
In the global GX context
Globally, as voluntary carbon goals proliferate under TCFD/ISSB, this study provides rare causal evidence on investor reactions, with implications for disclosure timing and media strategy. The diminishing effect over time suggests early movers benefit more.
👥 読者別の含意
🔬研究者:Event study methodology and topic modeling on media coverage offer a template for analyzing voluntary climate commitments.
🏢実務担当者:Corporate sustainability teams should time announcements carefully and emphasize business impact in communications.
🏛政策担当者:Market reacts positively to voluntary goals, supporting the case for policy that encourages such commitments.
📄 Abstract（原文）
This study quantifies the impact of voluntary carbon goal announcements on cumulative abnormal stock returns (CAR). Using 188 announcements of U.S. publicly traded firms between 2018 and 2024 across a variety of industries, this event study offers new and economically relevant insights on when and how firms should announce their carbon goals. First, a voluntary carbon goal announcement is associated with 0.65% positive CAR for the main event window (−2,+2), which translates to an increase of about $490 million based on the average market capitalization of firms in our data set. Notably, despite the substantial financial commitments implied by carbon neutrality, this corresponds to an average gain of about $75 in abnormal return per current ton of CO 2 -equivalent emissions. Second, our analysis of announcement-related media coverage using topic modeling reveals that investors respond more positively when the media highlights the expected business impact of the carbon goal. Third, firms with higher current emissions in the scopes they commit to eliminate are evaluated more favorably by the stock market, suggesting that investors value the larger emission reduction volume associated with such commitments. Finally, the positive effects of emphasizing business impact and promising to eliminate higher current emissions diminish over time. We conduct a series of robustness checks to ensure that our results are reliable and unbiased. Overall, this study provides a strong empirical foundation for understanding the consequences of voluntary carbon goal announcements of firms and discusses implications for theory and practice. This paper was accepted by Anita McGahan, business strategy. Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2024.08673 .
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1287/mnsc.2024.08673first seen 2026-07-06 04:52:03
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