The Effect of Carbon Risk on Firm Value: An Empirical Study on Companies Listed on the IDX 2024 Period
炭素リスクが企業価値に与える影響：2024年インドネシア証券取引所上場企業の実証研究 (AI 翻訳)
Fariz Al Abqariy, Susi Sarumpaet
🤖 gxceed AI 要約
日本語
この研究は、インドネシア証券取引所（IDX）上場企業459社を対象に、炭素リスク（スコープ1・2排出量の対数）が企業価値（トービンのQ）に与える影響を分析。炭素リスク単体では有意な影響は見られなかったが、高炭素産業ダミーとの交互作用項は正で有意となり、業種特性が市場の反応を左右することを示唆。
English
This study analyzes the effect of carbon risk (log of Scope 1+2 emissions) on firm value (Tobin's Q) for 459 IDX-listed companies. Carbon risk alone is insignificant, but its interaction with high-carbon industry is positive and significant, suggesting industry context moderates market perception of carbon exposure.
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
インドネシア市場向けの実証研究だが、日本企業にとっても、SSBJ開示が進む中で、業種別の炭素リスク評価が投資家の企業価値評価にどう影響するかを示唆。日本では有報でのGHG開示が拡大しており、同様の分析が求められる可能性がある。
In the global GX context
This paper contributes to the global debate on carbon risk pricing by showing that industry characteristics moderate the value relevance of emissions. It aligns with TCFD/ISSB frameworks that emphasize sector-specific disclosure, and offers empirical evidence from an emerging market.
👥 読者別の含意
🔬研究者:Provides evidence that carbon risk's effect on firm value is contingent on industry carbon intensity, offering nuance to the carbon premium literature.
🏢実務担当者:Highlights that investor reactions to disclosed emissions depend on sector; firms in high-carbon industries may not be penalized if emissions are seen as operational necessity.
🏛政策担当者:Suggests that mandating emissions disclosure alone may not drive capital reallocation; sector-specific targets or transition plans may be needed.
📄 Abstract（原文）
Climate change and increasing carbon emissions have raised concerns regarding how investors evaluate firms exposed to carbon-related risks. This study focuses on companies listed on the Indonesia Stock Exchange (IDX) and examines whether Carbon Risk influences Firm Value. Although carbon emissions are often associated with regulatory, financial, and reputational risks, previous studies have reported mixed findings regarding their impact on firm valuation. Therefore, this study aims to analyze the effect of Carbon Risk on Firm Value and investigate whether High Carbon Intensity Industry (HCII) moderates this relationship. Using a quantitative approach, this study employs cross-sectional data from 459 companies listed on the IDX in 2024. Carbon Risk is measured using the natural logarithm of total Scope 1 and Scope 2 carbon emissions, while Firm Value is proxied by Tobin’s Q. Multiple Linear Regression Analysis and Moderated Regression Analysis (MRA) are used to test the hypotheses. The results show that Carbon Risk does not have a significant effect on Firm Value. However, the interaction between Carbon Risk and HCII is positive and statistically significant, indicating that industry carbon intensity significantly moderates the relationship between Carbon Risk and Firm Value. These findings suggest that investors may interpret carbon emissions differently across industries, particularly in sectors where high emissions are considered a normal consequence of business operations. Therefore, industry characteristics play an important role in shaping market responses to carbon-related information.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.61132/ijema.v3i2.1245first seen 2026-07-21 04:54:44
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