Potential forces for low-carbon transition: The role of analyst attention in China's high-polluting industries.
低炭素移行への潜在的な力：中国の高汚染産業におけるアナリストの注意の役割 (AI 翻訳)
Huiyuan Pan, Yubao Wang, Wanying Gong, Junjie Zhen
🤖 gxceed AI 要約
日本語
本研究は、中国の高汚染産業の上場企業のパネルデータを用いて、アナリストの注目度が企業の炭素排出原単位に与える影響を分析した。結果、アナリストの注目度が高いほど炭素排出原単位が低いことが示された。その経路として、気候リスク開示の増加、内部統制の強化、グリーンイノベーションの活性化が考えられる。低炭素パイロット都市や政冶的接続のない企業で効果が強い。
English
This study uses panel data on listed firms in China's high-polluting industries from 2010-2021 to examine how analyst attention relates to carbon emission intensity. Higher analyst attention is significantly associated with lower carbon intensity, potentially through increased climate risk disclosure, stronger internal controls, and more green innovation. Effects are stronger in low-carbon pilot cities, firms without political connections, and those with lower information transparency or higher market valuation premiums.
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
本論文は中国の高汚染産業におけるアナリストの役割に焦点を当てており、日本企業の気候関連開示やアナリスト対応にも示唆を与える。日本でもSSBJ対応やTCFD開示の推進が進むなか、市場メカニズムを通じた排出削減の可能性を考える上で参考になる。
In the global GX context
This paper provides empirical evidence from China on how financial analysts can drive corporate low-carbon transitions through enhanced disclosure and governance. It contributes to global understanding of market-based environmental regulation, relevant for jurisdictions implementing TCFD/ISSB disclosure standards and exploring the role of financial intermediaries in decarbonization.
👥 読者別の含意
🔬研究者:Shows a causal link between analyst attention and carbon intensity reduction in high-polluting firms, offering a channel framework (disclosure, control, innovation).
🏢実務担当者:Suggests that engaging with analysts and improving climate risk disclosure can be part of a firm's strategy to lower carbon emissions and attract investment.
🏛政策担当者:Indicates that promoting analyst coverage and climate-related transparency can complement traditional regulations in driving industrial decarbonization.
📄 Abstract（原文）
Public environmental regulation plays an increasingly important role in guiding firms in high-polluting industries toward low-carbon development. Using panel data on listed firms in China's high-polluting industries from 2010 to 2021, this study examines how analyst attention relates to firms' carbon emission intensity. The results indicate that higher analyst attention is significantly linked to lower carbon emission intensity. Further analyses suggest that the negative association may be explained by three potential channels: increased climate risk disclosure, strengthened internal control effectiveness, and more active green innovation. Heterogeneity analysis indicates that the negative association between analyst attention and carbon emission intensity is stronger in low-carbon pilot cities, among firms without political connections, in contexts of lower information transparency, and for firms with higher market valuation premiums. This study expands the scope of public environmental regulation research and offers insights from China into strategies for achieving low-carbon transformation in global high-polluting industries.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1016/j.jenvman.2026.129393first seen 2026-06-29 08:29:46
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