内部炭素価格が企業のレジリエンスに与える影響：米国企業からの証拠
The Impact of Internal Carbon Pricing on Corporate Resilience: Evidence from U.S. Companies (原題)
Yen M, Tieng H, Li L, Huang H
🤖 gxceed AI 要約
日本語
本研究は、CDP気候変動質問書に回答した米国上場企業のパネルデータ（2015-2023年）を用いて、内部炭素価格（ICP）の導入が企業のレジリエンスに与える影響を分析。ICP導入は短期的な経済付加価値の低下をもたらす一方、倒産リスクを有意に低減し、長期的な生存能力を向上させることを示した。効果は価格水準ではなく実施方法に依存し、移行リスクの高い企業で顕著。高炭素企業は両面で恩恵を受けるが、低炭素企業は倒産リスク低減のみ。
English
This study analyzes the impact of internal carbon pricing (ICP) on corporate resilience using panel data from U.S. listed firms responding to CDP (2015-2023). ICP adoption is associated with a decline in economic value added (short-term cost) but significantly reduces bankruptcy risk, enhancing long-term survival. Effectiveness depends on implementation rather than price level, with stronger benefits for high transition-risk firms. High-carbon firms gain on both dimensions, while low-carbon firms benefit only through lower bankruptcy risk.
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、内部炭素価格は移行リスク管理の実践的ツールとして注目される。本研究成果は、日本企業がICPを導入する際の経済的影響とリスク低減効果のバランスを理解する上で示唆に富む。
In the global GX context
Globally, as ISSB and CSRD frameworks push for transition risk disclosure, internal carbon pricing is increasingly seen as a governance tool. This paper provides empirical evidence that ICP can reduce bankruptcy risk, supporting its role in risk management and informing corporate strategy and policy discussions on carbon pricing mechanisms.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the economic consequences of ICP, linking it to corporate resilience and offering insights for future research on carbon pricing and firm performance.
🏢実務担当者:Offers guidance for corporate sustainability teams considering ICP adoption, highlighting potential short-term costs and long-term risk reduction benefits.
🏛政策担当者:Suggests that ICP can serve as an effective risk management tool, informing policy design that encourages internal carbon pricing as part of transition risk management.
📄 Abstract（原文）
<title>Abstract</title> <p>This study examines the economic consequences of internal carbon pricing (ICP) on corporate resilience using a panel of U.S. publicly listed firms that responded to the CDP climate change questionnaire between 2015 and 2023. While prior research emphasises the environmental benefits of ICP, its broader impact on firms’ economic outcomes remains unclear. We conceptualise resilience along two dimensions: short-term operational performance, proxied by the ratio of economic value added, and long-term survival capacity, proxied by the Ohlson bankruptcy-risk coefficient. ICP adoption is associated with a decline in economic value added, indicating short-term costs, yet significantly reduces bankruptcy risk, suggesting improved long-term resilience. Further analyses indicate that the effectiveness of ICP is driven by its implementation rather than the specific price level, and that the resilience benefits are more pronounced for firms facing higher transition risk. Propensity-score matching removes the negative effect on economic value added while leaving the reduction in bankruptcy risk intact; lag tests show that the performance drag deepens over time while the risk benefit attenuates; and industry partitioning reveals that high-carbon firms gain on both dimensions whereas low-carbon firms benefit only through lower bankruptcy risk. Overall, this study provides new evidence on the economic consequences of ICP and highlights its role as a corporate risk management tool.</p>
🔗 Provenance — このレコードを発見したソース
- Research Square https://doi.org/10.21203/rs.3.rs-10584015/v1first seen 2026-09-02 04:33:24 · last seen 2026-09-15 04:21:33
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