Differences of Corporate Carbon Efficiency and Its Influencing Factors: Evidence from Companies Listed S&P500

Abstract

Abstract:

The global warming is threatening the future development of human being, so low carbon economy becomes an inevitable solution to realizing sustainable development. Carbon efficiency, calculated as the ratio of revenue and total carbon emission, can integrate both economic growth and carbon emission reduction at the same time. Based on the data provided by Carbon Disclosure Project (CDP), this paper chooses the relevant data of companies listed in S&P 500 during the period from 2011 to 2014 and studies on the relationships among the enterprise value, carbon efficiency, institutional environment and capital market pressure, and further determines main factors that influence carbon efficiency. Empirical results mainly suggest four conclusions:carbon efficiency is positively associated with firm value; carbon efficiency is negatively associated with institutional environment, however, no statistically significant association is seen between carbon efficiency and financial market pressures; enterprises' carbon efficiency is simultaneously affected by internal factors of companies themselves and external factors of the society and financial market; and the results show the importance of carbon efficiency in the operation of enterprises.

Key words: carbon efficiency, firm value, institutional environment, S &, P 500, listed companies

Zhou Zhifang, Dong Ziqi, Zeng Huixiang, Xiao Yixuan. Differences of Corporate Carbon Efficiency and Its Influencing Factors: Evidence from Companies Listed S&P500[J]. , 2019, 31(3): 27-38.

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