Voluntary Carbon Verification and Corporate Capital Structure Adjustment Speed: A Global Investigation
任意の炭素検証と企業の資本構造調整速度：グローバルな調査 (AI 翻訳)
Faisal Alnori, A. Bugshan, Walid Bakry
🤖 gxceed AI 要約
日本語
47か国・地域の企業を対象に、第三者による炭素排出情報の検証（カーボン・アシュアランス）が資本構造調整速度に与える影響を分析。検証を受けた企業は目標レバレッジへの調整が有意に速く、その効果は市場の違いや保証提供者の質に関わらず頑健。情報非対称性の低減が外部負債コストを下げ、調整を促進するメカニズムを示唆。
English
Using a global sample across 47 countries (2010-2020), this study finds that firms with third-party carbon assurance adjust their capital structure toward optimal leverage significantly faster than non-assured firms. The effect persists across developed and developing markets and is robust to assurance provider type (Big Four vs. non-Big Four). The mechanism is reduced information asymmetry, lowering external debt costs and enabling quicker rebalancing.
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SSBJの開示基準策定により第三者保証の重要性が増している。本研究成果は、炭素情報の保証が企業の資本コスト低減や資金調達行動に実質的影響を与えることを示し、保証義務化の根拠となる。
In the global GX context
As ISSB and CSRD drive demand for sustainability assurance, this paper provides robust empirical evidence that carbon assurance reduces information asymmetry and lowers debt costs, accelerating capital structure adjustments. It strengthens the case for mandatory carbon emissions assurance.
👥 読者別の含意
🔬研究者:Contributes to the literature on real effects of carbon assurance, linking sustainability disclosure to corporate finance outcomes.
🏢実務担当者:Corporate finance teams can use this to advocate for carbon verification, as it may reduce debt financing costs and speed up balance sheet optimization.
🏛政策担当者:Regulators can cite this as evidence that mandatory carbon assurance yields tangible financial benefits through reduced information asymmetry.
📄 Abstract（原文）
Using an international sample of firms from 47 countries/regions over the years 2010–2020, we examine whether third-party verification of carbon emissions information affects the speed at which firms adjust their capital structure toward the trade-off theory’s optimal leverage target. Using alternative estimation techniques and robustness checks, we find that third-party carbon assurance significantly accelerates firms’ leverage adjustment speed. Firms that engage in independent carbon verification adjust more rapidly toward their target capital structure than non-assured firms. We extended our investigation and confirmed that this effect persists across both developed and developing markets. These results support the notion that carbon assurance is associated with lower information asymmetry between firms and lenders, thereby lowering the cost of external debt and facilitating faster capital structure rebalancing. We further investigate whether the relationship differs by assurance provider type by distinguishing between Big Four and non-Big Four assurance providers. The results remain robust when distinguishing between Big Four and non-Big Four assurance providers regardless of the assurer quality, confirming that assured firms adjust their capital structures faster than non-assured firms. The outcomes of this study demonstrate that firms’ sustainability reporting can shape the speed of capital structure adjustment.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://www.mdpi.com/2227-7072/14/7/177/pdf?version=1783401487first seen 2026-07-15 05:52:47
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