The Value Relevance of a Firm's Carbon Risk Profile
研究了资本市场是否对企业的碳风险暴露（包括碳排放、化石燃料依赖和碳可见性）进行负面估值，并是否认可企业的碳减排和前瞻性缓解活动，发现市场对碳风险有显著估值惩罚，同时认可企业的碳缓解能力。
The aim of this paper is to provide insights into the capital market's role in incentivizing firms to engage meaningfully in the transition to a net zero carbon emissions economy. We investigate whether capital markets negatively value a broader concept of carbon risk exposure in addition to its historic carbon footprint and offset assessed penalties by considering carbon mitigation activities undertaken by the firm. We develop a conceptual framework of a firm's ‘carbon risk profile’ from the literature comprising: (a) carbon risk exposure (current emissions and broader risk notions of fossil fuel dependency and carbon visibility); and (b) carbon mitigation activities (realized emissions reductions and anticipatory proactive activities). We confirm and operationalize this framework using interviews with managers and environmental, social, and governance analysts. Based on a sample of 310 firm‐year observations for ASX200 firms from 2014–2020 in high‐carbon sectors, our results suggest material valuation penalties for the broader carbon risk exposure concept. Further, we find that capital markets attach value to a firm's intangible capability to proactively mitigate its carbon risk exposure. Building on these results, to further mobilize capital markets in the push towards net zero emissions, policymakers and regulators may wish to undertake initiatives to increase carbon‐related disclosures on both risks and mitigation activities.