Do Carbon Assurance Providers Play a Strategic Role in Moderating the Relationship Between Carbon Emissions and Firms’ Cost of Equity?
研究发现企业减少碳排放能降低权益资本成本，且由专业会计师而非专家顾问提供碳鉴证时，这种降低效应更强，表明企业可借助专业会计师战略性地提升价值。
This study investigates the impact of a firm's total carbon emissions on its implied cost of equity capital (COE) and explores whether this relationship is moderated by the choice of carbon assurance provider. Our findings show that firms aligning with the shared societal objective of minimizing total carbon emissions can lower their COE, consequently increasing their overall value. This association is enhanced when a firm's carbon emissions are assured by a professional accountant instead of a specialist consultant. This highlights the potential for green firms to maximize their value through the strategic involvement of a professional accountant. By doing so, these firms can proficiently convey and authenticate their corporate sustainability achievements to investors and other stakeholders. Our findings underscore the importance for a firm to carefully consider the reputation and independence of the assurance provider when seeking carbon assurance.