Industry‐Specific Effects of GHG Reduction on Corporate Value: Porter Hypothesis Validation Under Korean Mandatory Disclosure Framework
研究利用韩国2011-2022年五行业面板数据，发现温室气体减排对企业价值的影响因行业而异：制造业通过创新提升价值，而服务业则承受成本负担导致市值下降。
ABSTRACT This study examines how GHG emission reductions affect corporate value across heterogeneous industrial sectors, providing systematic empirical validation of Porter Hypothesis mechanisms under Korea's mandatory Target Management Scheme. Using panel data from 2011 to 2022 across five industries, we employ tri‐dimensional corporate value measurement encompassing market valuation, investment capacity, and operational efficiency. Results reveal pronounced sectoral heterogeneity in environmental regulation outcomes. Manufacturing sectors demonstrate innovation‐driven value creation, achieving +0.021% Tobin's Q increases and +0.009% gains in both Capex and operational efficiency. Conversely, service sectors experience cost‐burden effects: Transportation and warehousing face −0.145% market value declines, while Wholesale and retail experience −0.152% reductions despite operational efficiency gains. Firm size analysis reveals additional complexity, with smaller wholesale and retail firms outperforming larger counterparts. Findings confirm Porter Hypothesis benefits are selective, contingent upon pre‐existing technological capabilities and resource configurations, offering insights for designing industry‐differentiated environmental policies under mandatory disclosure frameworks.