Carbon Performance, Climate Governance, and Equity Risk
炭素パフォーマンス、気候ガバナンス、および株式リスク (AI 翻訳)
Malafronte Irma, Pereira John, Rakeeb Fathima Roshan
🤖 gxceed AI 要約
日本語
本論文は、炭素パフォーマンスと気候ガバナンスが株式リスクに与える影響を分析。S&P500企業の2009～2023年のデータを用い、炭素パフォーマンスの向上と気候ガバナンスの強化がそれぞれ株式リスク（総リスクおよび非系統リスク）を低減することを示した。ただし、両者の相乗効果は個別効果の合計より小さい。
English
This paper examines how carbon performance and climate governance affect equity risk. Using S&P500 data from 2009-2023, it finds that both factors individually reduce total and unsystematic risk, but their combined effect is less than the sum. The results suggest that firms can benefit from focusing on one when the other is already strong.
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やTCFDに基づく気候関連開示が進む中、本研究成果は気候ガバナンスが株式リスク低減につながる実証エビデンスを提供。企業の取締役会レベルでの気候課題組み込みの促進や、投資家との対話における根拠として有用。
In the global GX context
In the global context of TCFD and ISSB, this paper provides strong empirical evidence linking climate governance and carbon performance to lower equity risk. It supports the business case for integrating climate issues into corporate governance and disclosure, which can reduce the cost of equity.
👥 読者別の含意
🔬研究者:Provides robust empirical evidence on the risk-reduction benefits of carbon management and climate governance, useful for studies on climate finance and ESG.
🏢実務担当者:Demonstrates that improving carbon performance and climate governance can lower equity risk, offering a rationale for corporate sustainability strategies.
🏛政策担当者:Offers evidence that mandating climate governance and carbon disclosure can reduce financial risk, supporting regulatory initiatives like TCFD alignment.
📄 Abstract（原文）
ABSTRACT This paper examines the relationship between carbon performance, climate governance, and equity risk. Using a sample of companies listed in the S&P500 index for the period 2009–2023, our results show that better carbon performance reduces equity risk, indicating that proactive carbon management reduces uncertainty and is beneficial to firms. Likewise, companies that embrace climate governance practices benefit from lower equity risk, thus providing incentives towards incorporating climate change issues at board level. While both factors individually contribute to lower equity risk, specifically total and unsystematic risk, their combined benefit is less than the sum of the individual effects, suggesting that firms may benefit from focusing on one factor when the other is already well developed. This evidence, built on solid measures and a comprehensive analysis, provides recommendations to companies and policymakers towards enhancing carbon policies and strengthening climate governance commitment, which are rewarded by the financial markets in terms of lowering equity risk.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1002/ijfe.70231first seen 2026-06-18 04:43:28
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