Carbon emissions and non-GAAP earnings disclosure
炭素排出量と非GAAP利益開示 (AI 翻訳)
S. Thomas Kim, Li Sun
🤖 gxceed AI 要約
日本語
本研究は、2002年から2020年までの米国上場企業12,984社年サンプルを用いて、炭素排出量と非GAAP利益開示の関係を分析。ロジスティック回帰の結果、排出量の多い企業ほど非GAAP利益を開示する傾向があり、この効果は非環境敏感産業や低技術産業で顕著。環境規制圧力が財務開示戦略に影響を与える可能性を示す。
English
Using a large US sample from 2002-2020, this study finds a positive relation between carbon emissions and the likelihood of non-GAAP earnings disclosure. The effect is concentrated in non-environmentally sensitive and low-tech industries, suggesting that environmental performance influences discretionary financial reporting choices.
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
日本では有価証券報告書における調整後利益などの非GAAP指標が注目されている。SSBJ等で炭素開示が進む中、排出量の多い企業が非GAAP利益を戦略的に開示する可能性は、投資家や規制当局にとって重要な示唆を与える。
In the global GX context
As climate disclosure mandates expand globally (ISSB, SEC), this research highlights how firms may use non-GAAP earnings strategically in response to environmental scrutiny. Regulators should consider potential interactions between mandatory climate disclosure and discretionary financial reporting.
👥 読者別の含意
🔬研究者:Provides empirical evidence linking environmental performance to financial disclosure choices, contributing to the sustainability reporting literature.
🏢実務担当者:Corporate disclosure teams should be aware that high carbon emissions may increase pressure to use non-GAAP metrics, affecting transparency and comparability.
🏛政策担当者:Regulators overseeing climate and financial disclosure may need to monitor strategic use of non-GAAP earnings in response to environmental scrutiny.
📄 Abstract（原文）
Purpose This study aims to examine whether firms’ carbon emissions are associated with their use of non-GAAP earnings disclosures. Design/methodology/approach Using a large sample of US public firms from 2002 to 2020 comprising 12,984 firm-year observations, the authors analyze the relation between firm-level carbon emissions and the likelihood of reporting non-GAAP earnings. The authors use logistic regression models with a comprehensive set of firm-level controls, as well as industry and year fixed effects. Findings The authors document a positive and statistically significant relation between carbon emissions and non-GAAP earnings disclosure, indicating that firms with higher emissions are more likely to report non-GAAP earnings. Cross-sectional analyses further show that the relation is concentrated among firms operating in non-environmentally sensitive industries and low-tech sectors, and is primarily driven by firms with higher emission intensity. Originality/value This study contributes to the literature on sustainability and financial reporting by identifying environmental performance as an important determinant of discretionary financial disclosure choices. The findings are consistent with a legitimacy-based disclosure framework in which firms adjust reporting practices in response to environmental scrutiny and highlight the role of non-GAAP earnings as part of a broader strategic communication process.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1108/jfra-01-2026-0037first seen 2026-07-23 05:25:22
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