Towards Credible GHG Reporting: The Role of GHG Assurance and Assurance Providers in Firm Valuation
信頼性のあるGHG報告に向けて：GHG保証と保証提供者が企業評価に与える役割 (AI 翻訳)
Sudipta Bose, Maria C. A. Balatbat, W. Green
🤖 gxceed AI 要約
日本語
43カ国の企業サンプルを用いて、GHG排出量の保証（特に会計事務所による保証）が企業価値に与える影響を分析。保証がある場合、排出量と企業価値の負の関係が緩和され、特に炭素集約産業やステークホルダー重視の国で顕著。保証の属性（意見、基準、検証割合）も市場影響を低減。IFRS S2の下での実務示唆を提供。
English
Using a sample of firms from 43 countries, this study finds that GHG emissions assurance, especially by accounting firms, mitigates the negative market valuation of emissions. The effect is stronger in carbon-intensive industries and stakeholder-oriented countries. Assurance attributes (opinion, standards, proportion verified) further reduce adverse impact. Implications for IFRS S2 integration.
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
本論文は、GHG排出量の外部保証が企業価値に与える影響を国際比較で示しており、日本でもSSBJ基準適用後の保証実務や開示の信頼性向上に示唆を与える。特に、会計事務所による保証が市場で評価される点は、日本の監査法人の役割拡大に参考になる。
In the global GX context
This paper provides cross-country evidence that GHG assurance enhances the credibility of emissions disclosures, directly relevant to the ISSB's IFRS S2 and global assurance standards. It highlights the role of accounting firms as assurance providers, informing the ongoing debate on assurance requirements under various jurisdictions (e.g., SEC, CSRD).
👥 読者別の含意
🔬研究者:Provides empirical evidence on the value relevance of GHG assurance, opening avenues for research on assurance quality and regulatory design.
🏢実務担当者:Highlights that engaging a reputable assurance provider (especially accounting firms) can reduce the negative market perception of emissions, informing corporate disclosure strategy.
🏛政策担当者:Suggests that mandating GHG assurance, particularly by independent accounting firms, can improve market confidence in emissions data, supporting IFRS S2 adoption.
📄 Abstract（原文）
The demand for greenhouse gas (GHG) emissions disclosures is rising globally; yet, the credibility of such information remains uncertain when assurance is not mandated. Drawing on a sample of firms from 43 countries, this study examines the role of GHG assurance and the choice of assurance provider in the market value effects of GHG emissions. We find that the negative association between GHG emissions and firm value is mitigated when emissions disclosures are assured, particularly when assurance is provided by accounting firms. This effect is stronger for firms in carbon-intensive industries and stakeholder-oriented countries. Similar patterns are observed in countries with weaker legal environments, higher financial opacity, higher climate performance, and stronger SDG commitments. Moreover, three key attributes of GHG assurance-assurance opinion, assurance standards, and the proportion of verified emissions-further reduce the adverse market impact of emissions. Our results remain robust after controlling for observable and double-selection biases and are validated through extensive robustness checks. These findings offer practical implications for investors, regulators, policymakers, and researchers as climate-related risks, including GHG emissions, increasingly become integrated into mainstream financial reporting under IFRS S2.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.2139/ssrn.5677602first seen 2026-05-06 00:47:58
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