CARBON RISK AND CORPORATE FINANCIAL STABILITY: EVIDENCE FROM AN EMERGING MARKET
カーボンリスクと企業財務の安定性：新興市場からのエビデンス (AI 翻訳)
Vito Apriyanto, Gatot Soepriyanto
🤖 gxceed AI 要約
日本語
本研究はインドネシアの非金融上場企業を対象に、カーボン移行リスクが財務安定性に与える影響を実証分析した。結果、高排出企業は「正当性ギャップ」により金融ステークホルダーから制裁を受け、財務安定性が低下することが確認された。この知見は、脱炭素化を取締役会レベルの優先課題とし、強制的な気候情報開示を支持する。
English
This study empirically examines how carbon transition risk affects corporate financial stability in Indonesia, finding that high-emitting firms face financial penalties due to a legitimacy gap. The results confirm that carbon exposure is a material financial risk even in emerging markets, supporting mandatory climate disclosures and board-level prioritization of decarbonization.
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
日本の企業もSSBJや投資家要求の高まりの中で同様の移行リスクに直面しており、本論文の「排出量が将来負債の代理変数となる」という知見は、日本企業の開示戦略や資本市場対応に示唆を与える。
In the global GX context
This paper provides empirical evidence from an emerging economy that carbon transition risk can impair financial stability even without full domestic carbon pricing, reinforcing the importance of climate risk disclosure under frameworks like ISSB and supporting global investors' assessment of transition risk.
👥 読者別の含意
🔬研究者:Provides empirical evidence from Indonesia linking carbon exposure to financial stability, valuable for comparative studies on transition risk in emerging markets.
🏢実務担当者:Highlights that carbon exposure can affect access to capital, urging firms to integrate decarbonization into strategic planning.
🏛政策担当者:Supports mandatory climate disclosure as a tool to enhance financial stability by standardizing risk assessment.
📄 Abstract（原文）
This study examines how carbon transition risk affects corporate financial stability in Indonesia, using a multi-theoretical lens grounded in Stakeholder, Agency, and Legitimacy theories. Indonesia provides a distinctive setting where many corporate strategies lag behind emerging national policies, yet firms face increasingly stringent expectations from global markets. Using 932 firm-year observations from non-financial listed companies (2021–2024), the study applies panel data regression to test the link between carbon exposure and financial stability. The results show a significant negative relationship: high-emitting firms experience a “legitimacy gap” and are penalized by financial stakeholders. Consistent with transition risk mechanisms, investors and lenders appear to treat emissions as a proxy for future liabilities, effectively importing global carbon-pricing pressure before domestic regulations are fully enforced. From an Agency Theory perspective, this indicates a governance failure—management’s inability to align short-term operations with long-term decarbonization—creating strategic vulnerabilities that weaken solvency. The study contributes by confirming that carbon exposure is a material financial risk in an emerging economy, driven by the mismatch between corporate readiness and global transition demands. It also frames decarbonization as a board-level priority to preserve capital access and supports mandatory climate disclosures to standardize risk assessment.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.18623/rvd.v23.4993first seen 2026-06-29 08:33:31
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