気候リスクと企業の炭素排出：クロスカントリー研究
Climate risk and corporate carbon emissions: a cross-country study (原題)
Khaled Ghozzi, Hamza Nizar, F. Lakhal, Khaled Hussainey
🤖 gxceed AI 要約
日本語
42カ国・10,834社年のパネルデータを用い、国レベルの気候リスクが企業の炭素排出に与える影響を検証。気候リスクに晒された企業は排出が高く、資源制約の観点と整合する。財務的余裕、サステナビリティ委員会、環境政策の厳格さ、パリ協定後がこの正の関係を緩和することを示した。
English
Using 10,834 firm-year observations across 42 countries (2010–2024), this study tests whether country-level climate risk raises corporate carbon emissions. Firms exposed to climate risk emit more, consistent with a resource-constraint view. Financial slack, sustainability committees, stricter environmental policy and the post-Paris period attenuate this effect.
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
SSBJ・有報での気候関連開示が進む日本では、気候リスクと排出の関係や財務余力・ガバナンスの緩和効果は、投資家対話やTCFD対応の実務設計に示唆を与える。
In the global GX context
Adds cross-country evidence to TCFD/ISSB-era disclosure debates, showing that financial capacity, board-level sustainability governance and policy stringency shape whether climate risk translates into higher emissions—relevant to transition-finance and disclosure-quality discussions.
👥 読者別の含意
🔬研究者:気候リスクの帰結に関する国際比較実証として、財務余力・ガバナンス・制度圧力の調整効果を参照できる。
🏢実務担当者:気候リスク対応と排出削減には財務余力とサステナビリティ委員会の設置が有効という示唆を、社内ガバナンス設計に活かせる。
🏛政策担当者:環境政策の厳格化とパリ協定後の制度的圧力が排出抑制に寄与する点は、政策設計の根拠となる。
📄 Abstract（原文）
This study examines whether country-level climate risk influences corporate carbon emissions. It also investigates how financial slack shapes firms’ responses to climate risk. Using a sample of 10,834 firm-year observations from 42 countries over the period from 2010 to 2024, we applied regression models on panel data estimated with robust standard errors. We also addressed endogeneity using propensity score matching, two-stage least squares and difference-in-differences approaches. The findings show that firms exposed to climate risk exhibit higher carbon emissions, consistent with the resource-constraint perspective. Indeed, climate-related risks can hinder corporate environmental performance by limiting the financial capacity required to implement sustainable carbon reduction strategies. This positive association is significantly weaker among firms with greater financial flexibility, proxied by long-term and short-term financial slack, and significantly stronger among financially constrained firms. This positive association is also attenuated in the post–Paris Agreement period (2016 onward), among firms with a sustainability committee and among those operating under more stringent environmental policy regimes. These results point to institutional pressure and internal governance as additional channels that offset the positive effect of climate risk on carbon emissions. This study adds to the literature on the consequences of climate risk by providing new insights into the climate risk–carbon emissions relationship in a cross-country study. It also identifies financial flexibility, sustainability governance and institutional pressures (environmental policy stringency and the Paris Agreement) as mitigating channels. This offers valuable guidance for policymakers by highlighting the role of financial capacity, corporate governance and supportive policy frameworks in enhancing firms’ resilience to climate-related shocks and facilitating the transition to a low-carbon economy.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1108/ijmf-03-2026-0189first seen 2026-11-04 05:40:54
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