Carbon Emissions, Green Investment, and Firm Value: The Role of Integrating External and Internal Sustainability Governance Mechanisms? Evidence from the UK FTSE 350 Firms
炭素排出、グリーン投資、企業価値：外部および内部の持続可能性ガバナンスメカニズムの統合の役割？英国FTSE350企業からのエビデンス (AI 翻訳)
Husam Ananzeh, Huthaifa Al-Hazaima, Ruaa Binsaddig, J. Al-Msiedeen, R. Alqatamin, Mohannad Obeid Al Shbail
🤖 gxceed AI 要約
日本語
この研究は、英国FTSE350企業を対象に、温室効果ガス（GHG）排出量（Scope 1・2）が企業価値に与える影響と、グリーン投資がその影響を緩和する効果を分析。外部保証やCSR委員会の存在が、グリーン投資の価値創造効果を強化することを実証。パネルデータ（2017-2024年）を用い、企業価値の指標としてエンタープライズバリュー、株主価値、株価純資産倍率を採用。
English
This study examines the impact of direct and indirect GHG emissions (Scope 1 and 2) on firm value and the moderating role of green investment, using panel data from UK FTSE 350 firms (2017-2024). It finds that emissions negatively affect firm value, while green investment mitigates this effect. External assurance and CSR/sustainability committees strengthen the value-creating potential of green investments.
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、英国の規制・開示環境を基にしているが、日本でもSSBJ対応や有報での気候関連開示が進む中、外部保証と内部統治（サステナビリティ委員会）の連携が企業価値に与える影響を示唆。日本の企業にとっても、Scope 1・2排出削減とグリーン投資の効果的な開示戦略に示唆を与える。
In the global GX context
While based on UK data, this paper contributes to global TCFD/ISSB disclosure scholarship by empirically linking external assurance of GHG data and internal sustainability committees to the effectiveness of green investments in preserving firm value. It supports the case for integrated governance and credible disclosure under ISSB standards.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the moderating effect of green investment and governance mechanisms (assurance, committees) on the emissions-firm value relationship.
🏢実務担当者:Highlights the importance of obtaining external assurance for GHG emissions and establishing an active sustainability committee to maximize the value of green investments.
🏛政策担当者:Supports policies mandating external assurance of climate disclosures and requiring board-level sustainability committees.
📄 Abstract（原文）
This article discusses the influence of carbon emissions, both direct and indirect, on firm value. It also takes into account the moderating variable of green investment and whether governance mechanisms—like external assurance of greenhouse gas (GHG) emissions and CSR/sustainability committees—affect these relationships. The hypotheses of the study were developed using the lens of the natural-resource-based view, legitimacy theory, and agency theory. This paper leverages panel data spanning 2017 to 2024 on firms in the UK FTSE 350 to examine the moderating role of green investment on the linkage between GHG emissions and firm value. We then conduct sub-sample analyses for firms with and without externally verified GHG disclosures and CSR/sustainability committees, respectively. Firm value is captured using enterprise value, shareholder value, and the price-to-book ratio as alternative proxies for robustness. The results reveal that GHG emissions have a significant negative impact on firm value, while green investment mitigates this adverse effect. This impact is driven by both Scope 1 and Scope 2 emissions. However, green investments are more likely to be interpreted as genuine, durable, and value-creating when (a) the firm’s emissions data are externally verified and (b) an active CSR/sustainability committee guides and monitors implementation. This study adds to the environmental accounting and corporate governance literature by providing empirical evidence that external assurance and internal sustainability oversight strengthen the relationship between environmental responsibility and firm value creation.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.3390/jrfm19070491first seen 2026-07-04 05:37:06
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