Matsumura, M. Ella Prakash,Rachna Vera-Mun˜oz, C. Sandra:Firm-Value Effects of Carbon Emissions and CarbonDisclosures. THE ACCOUNTINGREVIEW. 2014. Vol.89, No.2. PP.695-724.

摘要：

Using hand-collectedcarbon emissions data for 2006 to 2008 thatwere voluntarily disclosed to theCarbon Disclosure Project by S&P 500firms, we examine the effects  on firm value of carbon emissions and ofthe act of voluntarily disclosing carbon emissions.Correcting forself-selection bias from managers” decisions to disclose carbon emissions, wefind that, on average, for every additional thousand metric tons of carbonemissions, firm value decreases by $212,000, where the median emissions for thedisclosing firms in our sample are 1.07 million metric tons.We also examine thefirm value effects of managers”decisions to disclosecarbon emissions. We find that the median value of firms that disclose theircarbon emissions is about $2.3 billion higher than that of comparablenon-disclosing firms. Our results indicate that the markets penalize all firmsfor their carbon emissions, but a further penalty is imposed on firms that donot disclose emissions information. The results are consistent with theargument that capital markets impound both carbon emissions and the actofvoluntary disclosure of this information in firm valuations.