Renewable Energy, Climate Risk, and the Cost of External Assurance: International Evidence
再生可能エネルギー、気候リスク、外部保証のコスト：国際的証拠 (AI 翻訳)
Rashid Zaman, Terri Trireksani, Hadrian Geri Djajadikerta
🤖 gxceed AI 要約
日本語
30カ国の上場企業パネルデータを用い、再生可能エネルギー消費が外部保証コスト（監査報酬）に与える影響を分析。再生可能エネルギー利用は保証コストを低下させ、その効果は排出削減・環境罰金・気候関連メディア論争の減少によって媒介される。環境政策が厳格な国で効果が強く、制度的文脈が重要であることを示す。
English
Using a panel of listed firms from 30 countries, this study finds that corporate renewable energy consumption is negatively associated with external assurance costs (audit fees). The effect is mediated by lower emissions, fewer environmental fines, and fewer climate-related controversies, and is stronger in countries with stringent environmental policies, highlighting the role of institutional context.
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
日本ではSSBJ開示や有報での気候関連情報開示が進む中、再生可能エネルギー調達が監査報酬や保証コストに与える影響は、企業の開示戦略やコスト管理に示唆を与える。特に、環境政策の厳格さが効果を増幅する点は、日本の制度設計にも関連する。
In the global GX context
This study provides international evidence that renewable energy adoption can lower assurance costs, a key governance channel for climate risk. It complements global disclosure frameworks like ISSB and CSRD by showing how climate-related risks are priced by auditors, and underscores the importance of institutional context in amplifying these benefits.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the link between renewable energy and assurance costs, with mediation analysis and cross-country variation.
🏢実務担当者:Highlights potential cost savings in audit fees from renewable energy adoption, useful for sustainability and finance teams.
🏛政策担当者:Suggests that stringent environmental policies can amplify the benefits of renewable strategies, informing policy design.
📄 Abstract（原文）
ABSTRACT Corporate shifts from fossil fuels to renewable energy are central to climate‐transition strategies, but their effects on external assurance have not been well understood. This study examines whether, how and where corporate renewable energy consumption affects the cost of external assurance, proxied by statutory audit fees. Using a large international panel of listed firms from 30 countries, we model assurance costs as a function of renewable energy use, three climate‐related risk channels (greenhouse gas emissions, environmental fines, and climate‐related media controversies), and extensive firm‐, engagement‐, and country‐level controls. We find a robust negative association between renewable energy consumption and assurance costs, consistent with assurers pricing lower environmental and climate risk. Mediation tests show that reduced emissions, fewer environmental fines, and fewer climate‐related controversies jointly explain a meaningful share of this relation. The effect is significantly stronger in countries with more stringent environmental policies, indicating that institutional context amplifies the assurance benefits of renewable strategies. Overall, the results position renewable energy as a climate‐transition choice that reshapes externally priced risk and highlights assurance costs as a key governance channel through which climate risk is assessed and incentivized.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1002/bse.71359first seen 2026-08-16 04:52:32
🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。
gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。