Real effects of greenhouse gas disclosures  

作　　者：Tong Lu Lijun Ruan Yanyan Wang Lisheng Yu 

机构地区：[1]C.T.Bauer College of Business,University of Houston,Houston,TX 77204,USA [2]School of Business,New Jersey City University,Jersey City,NJ 07305,USA [3]School of Management,Xiamen University,Xiamen,Fujian 361005,China [4]Business School,Sun Yat-sen University,Shenzhen,Guangdong 518107,China

出　　处：《China Journal of Accounting Research》2024年第2期31-53,共23页中国会计学刊（英文版）

摘　　要：This study investigates the valuation and real effects of the mandatory disclosure of greenhouse gas(GHG)emission costs from the perspective of“double materiality.”We consider a firm with a Cobb-Douglas production function that combines GHG-related and non-GHG-related investments to produce short-term and long-term returns.In particular,the GHG-related investment entails short-term and long-term social costs of GHG emissions,including corporate costs and negative externalities.We demonstrate how the mandatory disclosure of the long-term costs of GHG emissions affects capital market valuations and corporate investment decisions relative to a non-disclosure regime.The social welfare in an accounting regime hinges on three parameters:the persistence of the short-term investment return,the ratio of the productivity of GHG-related investment to that of non-GHG-related investment,and the social cost parameter for GHG emissions.Our findings suggest that disclosing the long-term costs of GHG emissions may be detrimental to social welfare.Specifically,the non-disclosure regime results in higher social welfare than the disclosure regime for high values of these parameters.

关 键 词：Greenhouse gas emissions EXTERNALITY Double materiality DISCLOSURE Real effects 

分 类 号：F832.51[经济管理—金融学] F425F274