Institutional Ownership and the Emissions–Efficiency Tension in Firms’ Low-Carbon Transition: Evidence from China
機関所有と企業の低炭素移行における排出・効率の緊張：中国からの証拠 (AI 翻訳)
Kuanhou Tian, Le Sun
🤖 gxceed AI 要約
日本語
中国A株上場企業を対象に、機関投資家の所有が絶対排出量と排出原単位に与える影響を分析。機関所有は絶対排出量と正、排出原単位と負の関係にあり、サイトビジットが監視機能を強化することを示す。低炭素移行の評価には絶対負荷と相対効率の両方が重要と提言。
English
Using Chinese A-share listed firms from 2012-2023, this study finds institutional ownership is positively associated with absolute carbon emissions but negatively with emission intensity, with site visits strengthening monitoring. It highlights the emissions-efficiency tension in low-carbon transition and the role of capital-market governance.
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
中国の実証研究だが、日本企業のSSBJ開示や投資家対応にも示唆。機関投資家のモニタリングが排出効率向上に寄与する一方、規模拡大による絶対排出増加のジレンマは日本企業にも共通。
In the global GX context
This study contributes to global disclosure scholarship by showing how institutional ownership shapes carbon outcomes, relevant for ISSB-aligned reporting and investor engagement. It underscores the need to evaluate both absolute emissions and intensity, informing transition finance and stewardship.
👥 読者別の含意
🔬研究者:Provides firm-level evidence on how institutional investors influence carbon outcomes, useful for ESG and corporate governance research.
🏢実務担当者:Highlights the importance of site visits and monitoring in improving carbon efficiency, relevant for investor relations and sustainability teams.
🏛政策担当者:Suggests that policies encouraging institutional monitoring and site visits could enhance corporate carbon efficiency.
📄 Abstract（原文）
In developing economies, firms often face simultaneous pressures to grow and to advance low-carbon transition. Under such conditions, low-carbon transition may not immediately reduce both absolute carbon emissions and carbon emission intensity. Instead, firms may experience an emissions–efficiency tension in which absolute emissions rise while emission intensity declines. Drawing on the active monitoring perspective, this study examines how institutional ownership is associated with these two carbon outcomes. Using Chinese A-share listed firms from 2012 to 2023, we find that institutional ownership is positively associated with absolute carbon emissions but negatively associated with carbon emission intensity. Further analysis shows that institutional investor site visits strengthen the monitoring role of institutional investors: site visits attenuate the positive association between institutional ownership and absolute emissions and reinforce its negative association with emission intensity. Mechanism analyses indicate that operating-scale expansion helps explain the positive association with absolute emissions, whereas low-carbon transition strategy disclosure and carbon-efficiency improvement help explain the negative association with emission intensity. These findings suggest that firms’ low-carbon transition should be evaluated by jointly considering absolute environmental burden and relative carbon efficiency. This study contributes to the literature by providing firm-level evidence from China on how capital-market governance shapes the emissions–efficiency tension in low-carbon transition.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1016/j.ribaf.2026.103571first seen 2026-08-05 04:52:28
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gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。