Corporate social responsibility, carbon footprints and stock market valuation
研究了二氧化碳排放如何调节企业社会责任与股票估值之间的关系，发现碳排放会削弱CSR对估值的正面影响，且这种效应在治理结构强的公司中更明显。
Abstract The emission of greenhouse gases (GHG), particularly carbon dioxide (CO 2 ), within the atmosphere poses serious threats to society and the environment. In this paper, we examine the effect of carbon dioxide (CO 2 ) emissions on the association between corporate social responsibility (CSR) and stock valuation. Using a sample of listed non‐financial US firms from 2002 through 2018, we find that CO 2 emission plays a moderating role in reshaping the CSR‐stock valuation nexus. Further analysis showed that our results are robust for using alternate proxies of CSR, CO 2, additional control and methods to alleviate endogeneity concerns. Additionally, we explored how increasing carbon footprints reshape this association only for firms with strong governance structures. Overall, our results indicate that the positive impact of CSR on stock valuation is overlaid by corporate CO 2 emission. The practical and theoretical insights of this study were explored.