Market valuation of greenhouse gas emissions under a mandatory reporting regime: Evidence from the UK
利用英国强制上市公司报告温室气体排放的法规，研究发现该法规实施后，排放与市场价值的负相关减弱，表明强制报告能减少股东对碳披露的负面反应。
This study provides evidence on the potential benefits of mandatory environmental reporting for listed firms’ market valuation. It takes advantage of recent regulation that requires all listed firms in the UK to report their annual greenhouse gas (GHG) emissions in their annual reports and shows that the magnitude of the negative association between GHG emissions and the market value of listed firms decreased after the introduction of the reporting regulation. This decline is attributed to regulation forestalling shareholders’ negative reflexive reaction toward firms’ carbon disclosures, as proposed by the theoretical work of Unerman and O’Dwyer (2007) J.UnermanB.O’DwyerThe business case for regulation of corporate social responsibility and accountabilityAccounting Forum3142007332353[Taylor & Francis Online] , [Google Scholar].