Carbon disclosure and the cost of capital*
炭素情報開示と資本コスト* (AI 翻訳)
Patrick Bolton, Marcin Kacperczyk
🤖 gxceed AI 要約
日本語
グローバル企業のデータを用いて、自主的および強制的な炭素排出量開示が株式リターンとボラティリティに与える影響を分析。自主的なScope1開示は非開示企業より低いリターンと関連し、英国の強制開示ルールは株式の不確実性を低下させ、他市場への波及効果も確認された。
English
Using a global cross-section of publicly listed firms, this study finds that voluntary disclosure of Scope 1 emissions predicts lower stock returns compared to non-disclosers. UK mandatory carbon disclosure rules reduced stock-level uncertainty and spilled over to other markets, especially those geographically and economically proximate.
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
日本のSSBJ（サステナビリティ開示基準）導入が企業の資本コストに与える影響を考察する上で、英国の強制開示ルールの実証結果は示唆に富む。特に、開示義務化による不確実性低減効果と波及効果は、日本市場にも重要なインプリケーションを持つ。
In the global GX context
This study provides robust evidence on how mandatory carbon disclosure reduces cost of capital (lower volatility) and creates spillover effects, directly informing global debates on ISSB/TCFD implementation and the design of disclosure regulations across jurisdictions.
👥 読者別の含意
🔬研究者:Empirical evidence on the causal impact of carbon disclosure on cost of capital, with identification from UK mandatory rules and spillover analysis.
🏢実務担当者:Highlights that mandatory disclosure can lower stock volatility, which may affect a firm's cost of equity and investor relations strategies.
🏛政策担当者:Supports the case for mandatory climate disclosure rules, showing they reduce market uncertainty and have positive cross-border spillovers.
📄 Abstract（原文）
We link voluntary and mandatory disclosure of carbon emissions with stock returns and volatility in a global cross-section of publicly listed firms. We find that voluntary disclosure of scope 1 emissions predicts lower stock returns relative to non-disclosing companies. We also find that UK mandatory carbon disclosure rules for publicly traded companies resulted in lower stock-level uncertainty. The effect of these mandatory disclosure rules also spilled over into other markets, especially those with close geographic and economic proximity, and companies in the same industry.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1080/09638180.2026.2649612first seen 2026-06-25 04:51:40
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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。