CARBON RISK AND ITS IMPACT ON THE COST OF EQUITY AND CARBON BETA: EMPIRICAL EVIDENCE FROM INDONESIAN COMPANIES
カーボンリスクが自己資本コストとカーボンベータに与える影響：インドネシア企業の実証分析 (AI 翻訳)
Y. Djoko Sukoco, Vivi Ariyani, Herlina Yoka Roida
🤖 gxceed AI 要約
日本語
インドネシアの非金融企業を対象に、炭素リスクが投資家の期待リターンとベータに与える影響を分析。二酸化炭素排出量をリスクの代理変数とし、2017年の金融当局規則（POJK No.51/2017）施行後に投資家が炭素リスクをネガティブに評価し始めたことを実証。規制後の炭素リスク認識改善の兆候も示唆。
English
This study examines the impact of carbon emission risk on investors' expected stock returns and beta for Indonesian non-financial firms. Using carbon emission volume as a risk proxy, it finds that after the enactment of Financial Services Authority Regulation (POJK) No. 51/2017 in 2020, investors began to perceive carbon risk negatively, reflected in higher expected returns. It also suggests an improvement in carbon risk perception with a weakening negative impact on systematic risk post-regulation.
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
インドネシアのカーボンリスク規制が資本コストに与える影響を示す実証研究。日本でもSSBJ対応や気候関連リスクの財務影響評価が進む中、規制が投資家認識に与える影響を定量化した点は参考になる。ただし、インドネシア特有の規制枠組みであり、直接適用は難しい。
In the global GX context
This paper adds to the growing literature on carbon risk and cost of capital, providing evidence from an emerging market (Indonesia). It highlights how regulatory intervention (POJK No.51/2017) shifts investor perception of carbon risk, relevant for jurisdictions implementing mandatory climate disclosures (e.g., ISSB, CSRD). The findings underscore the importance of policy timing and market reactions.
👥 読者別の含意
🔬研究者:Provides empirical evidence on carbon risk pricing in an emerging market, useful for comparative studies.
🏢実務担当者:Illustrates how carbon regulations can affect a company's cost of equity; useful for understanding regulatory risk.
🏛政策担当者:Demonstrates that mandatory carbon disclosure regulation can influence investor behavior, supporting the case for such policies.
📄 Abstract（原文）
Main Objectives: This manuscript presents the examine the impact of carbon emission risk on investors' expected stock returns and beta, utilizing an indicator of systematic risk in non-financial companies. Research Methods: Carbon emission volume is used as a proxy for carbon risk, aligning with the Indonesian government's policy to reduce carbon emissions and carbon emission intensity, thereby comparing carbon performance between companies. Novelty: Research in Indonesia on carbon risk is generally limited, relying on carbon emissions disclosure (CED) as a proxy; however, it has not provided strong guidance for companies and policymakers in driving the transition to a low-carbon economy. Results: The results show that carbon risk began to be perceived negatively by investors after the enactment of Financial Services Authority Regulation (POJK) No. 51/2017 in 2020, as indicated by an increase in expected stock returns. In addition, an indication of improved carbon risk perception is indicated by the weakening of the negative impact of stock systematic risk after the regulation was enacted. Conclusion: Companies are increasingly required to maintain legitimacy by demonstrating compliance with regulations and public expectations related to carbon risks arising from government carbon policies.We believe that the results contribute significantly to investor perception about environment sustainability.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.30738/jm.v16i2.4938first seen 2026-06-30 05:15:02
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