Relationship between carbon emissions and financial performance: fixed-effects panel model focused on sectoral and regulatory heterogeneity
炭素排出量と財務パフォーマンスの関係：セクターおよび規制の不均一性に焦点を当てた固定効果パネルモデル (AI 翻訳)
WendyAnzules Falcones, Wendy, Martín Castilla, Juan Ignacio, Tulcanaza Prieto, Ana Belén
🤖 gxceed AI 要約
日本語
本研究は、Forbes Global 2000に掲載された250社の2020〜2023年のデータを用い、Scope1・2・3排出量が企業の利益率に与える影響を固定効果パネルモデルで分析。排出量と収益性の間に有意な負の相関を確認し、特に化学・公益セクターでその影響が顕著である一方、石油・ガスセクターでは異なる動きが見られた。また、国ごとの規制の厳格さはこの関係を有意に調整しなかった。
English
This study analyzes the impact of Scope 1, 2, and 3 emissions on corporate profit margins using a fixed-effects panel model on 250 global firms (2020-2023). It finds a significant negative association, especially in chemical and utilities sectors, while oil and gas show resilience. Cross-country regulatory stringency does not significantly moderate the relationship.
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、Scope 1・2・3排出量と企業収益の関係を分析し、セクター別の特性が規制の厳格さよりも排出量と収益性の関係に影響を与えることを示しています。日本のSSBJに基づくスコープ3開示義務化に向けて、業種別アプローチの重要性を示唆しています。
In the global GX context
This paper examines the relationship between Scope 1/2/3 emissions and financial performance, finding that sectoral heterogeneity matters more than regulatory stringency. It supports industry-specific decarbonization approaches, relevant for ISSB and global disclosure frameworks.
👥 読者別の含意
🔬研究者:Provides empirical evidence on how sectoral factors moderate the emissions-profitability link, useful for further research on carbon accounting and financial impacts.
🏢実務担当者:Suggests that firms should focus on sector-specific strategies for emission reductions rather than relying solely on regulatory compliance to improve financial performance.
🏛政策担当者:Indicates that uniform regulatory stringency may not be effective; sector-tailored policies could better drive decarbonization.
📄 Abstract（原文）
This study analyzes the influence of direct carbon emissions (Scope 1), those emitted indirectly through energy consumption (Scope 2), and those occurring within the value chain (Scope 3) on corporate profit margin (measured as net income-to-assets ratio, with ROA as robustness check), examining the dual moderating roles of environmental regulation and sectoral heterogeneity. Using a fixed-effects panel model on a sample of 250 global companies from the Forbes Global 2000 Lists for 2020–2023, we find a significant negative association between emissions volume and financial performance. This economic impact is particularly pronounced in the chemical and utilities sectors, whereas the oil and gas sectors exhibit atypical dynamics, characterized by resilience. Contrary to expectations, cross-country regulatory stringency does not significantly moderate this relationship. The findings, subject to the specific temporal and regulatory scope analyzed, suggest that sectoral structural factors appear more consistently associated with emissions-profitability variation than measured regulatory stringency, providing preliminary evidence consistent with the importance of industry-specific approaches to decarbonization
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.1007/s11135-026-02793-zfirst seen 2026-07-09 04:29:49
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