Mandatory emissions reporting and long-run financial performance of listed firms in the UK
基于新制度理论，研究英国非金融上市公司2005-2019年间排放强度与长期股票回报的关系，发现2013年强制报告法规实施后，高排放行业的回报-排放关系由负转正，低排放行业无显著变化。
Based on arguments derived from the neo-institutional theory, this study investigates the relation between emissions intensity and long-term equity returns in UK listed non-financial firms over a 15-year period (2005-2019). Using mandatory emissions reporting regulation of 2013 as a quasi-natural experiment, we find evidence that there existed a negative association between emissions intensity and long-term equity returns in both high and low emissions industries before the 2013 regulation was implemented. Our results further reveal that the implementation of the aforementioned regulation altered the equity return-emissions intensity relation from negative to positive for high emissions industries, while low emissions industries showed no significant change. This divergence suggests that the 2013 regulation has played a crucial role in reshaping investor expectations by highlighting the exposure of polluting industries to regulatory and litigation risks associated with higher emissions.