CARBON PRICING AND FINANCIAL PERFORMANCE: EVIDENCE FROM INDIAN FIRMS
カーボンプライシングと財務業績：インド企業からのエビデンス (AI 翻訳)
S. Chandra Sekhar
🤖 gxceed AI 要約
日本語
本研究は、インド企業におけるカーボンプライシングへのエクスポージャーが財務業績に与える影響を、利益率と市場評価の両面から分析した。2010〜2023年の企業レベルデータを用いた固定効果パネル回帰により、炭素集約型企業は有意に低い収益性と市場評価を示し、特に市場ベースの指標でその効果が顕著であることを発見した。これは投資家が炭素関連の規制リスクと移行リスクを価格に織り込んでいることを示唆する。
English
This study investigates the financial impact of carbon pricing exposure on Indian firms using panel regressions on ORBIS data from 2010-2023. Findings show carbon-intensive firms have significantly lower profitability (ROA) and market valuation (Tobin's Q), with investors pricing in transition risks. The effects are concentrated in carbon-intensive sectors, implying a reallocation of value. This is the first large-scale firm-level evidence from India on carbon pricing and financial performance.
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
インドは日本の主要な貿易相手国の一つであり、カーボンプライシング導入の進展は日本企業のサプライチェーンにも影響を与える可能性がある。本研究は、日本におけるカーボンプライシングと企業価値の関連性を研究する際の比較対象として有用である。ただし、インド独自の規制環境に基づく知見である点に注意が必要。
In the global GX context
This paper provides emerging-economy evidence on carbon pricing's financial effects, complementing existing developed-market studies. For global practitioners, it underscores the investor perception of transition risk in carbon-intensive industries and the need for credible disclosure. It supports the ISSB and TCFD framework that pricing carbon risk matters for financial performance.
👥 読者別の含意
🔬研究者:Provides the first large-scale Indian evidence on carbon pricing and firm performance, extending the literature to emerging economies.
🏢実務担当者:Highlights that carbon exposure reduces profitability and market valuation, urging proactive low-carbon strategies and disclosure.
🏛政策担当者:Supports the case for predictable carbon pricing pathways and the importance of mandatory carbon disclosure for market efficiency.
📄 Abstract（原文）
This study investigates the financial implications of carbon pricing exposure for Indian firms, focusing on accounting-based and market-based performance indicators. Using firm-level data from the ORBIS database for the period 2010-2023, we examine the relationship between carbon exposure, proxied by industry carbon intensity and energy cost shares, and firm profitability (Return on Assets), market valuation (Tobin's Q), and stock market valuation. Employing fixed-effects panel regressions with robust standard errors, we find that carbon-intensive firms experience significantly lower profitability and market valuation, while non-carbon-intensive firms remain largely unaffected. The negative effects are more pronounced for market-based measures, indicating that investors actively price carbon-related regulatory and transition risks. Heterogeneity analyses confirm that the financial burden of carbon pricing is concentrated in carbon-intensive sectors, suggesting a reallocation rather than uniform decline in firm value. The results remain robust to alternative performance measures, lagged exposure, and industry exclusions. The findings highlight the importance of predictable carbon pricing pathways, credible carbon disclosure, and proactive low-carbon investment strategies for corporate managers. By providing the first large-scale, firm-level evidence from India, this study extends the literature on carbon pricing and financial performance in emerging economies and offers insights for policymakers and investors navigating the low-carbon transition.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.64771/jsetms.2026.v03.i01.pp20-31first seen 2026-06-29 08:46:42
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