Carbon emissions and firm profitability

被引：0

作者：

Oestreich, A. Marcel ^{[1
]}

Tsiakas, Ilias ^{[2
]}

机构：

[1] Brock Univ, Dept Econ, St Catharines, ON, Canada

[2] Univ Guelph, Lang Sch Business & Econ, Dept Econ & Finance, Guelph, ON N1G 2W1, Canada

来源：

JOURNAL OF SUSTAINABLE FINANCE & INVESTMENT | 2024年 / 14卷 / 04期

关键词：

Carbon emissions; carbon emission intensity; gross profitability; carbon portfolios; portfolio decarbonization; G11; Q51; RISK;

D O I：

10.1080/20430795.2024.2386476

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We assess the empirical relation between firm profitability and reported carbon emission intensity. Using data on S&P 500 firms, we find that the cross-sectional relation between profitability and carbon emission intensity is strongly negative: firms with high carbon emission intensity have low profitability and vice versa. This finding is statistically significant in both portfolio sorts and Fama-MacBeth regressions. It is also robust to industry effects, across subsamples, using alternative profitability measures and using estimated carbon emission intensity for a larger cross section of firms.

引用

页码：766 / 786

页数：21

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