Global S&T Development Trend Analysis Platform of Resources and Environment
DOI | 10.1016/j.enpol.2017.08.028 |
Shareholder value effects of corporate carbon trading: Empirical evidence from market reaction towards Clean Development Mechanism in China | |
Zhang, Bin1,3,4; Lai, Kee-hung2; Wang, Bo1; Wang, Zhaohua1,3,4 | |
2017-11-01 | |
发表期刊 | ENERGY POLICY |
ISSN | 0301-4215 |
EISSN | 1873-6777 |
出版年 | 2017 |
卷号 | 110 |
文章类型 | Article |
语种 | 英语 |
国家 | Peoples R China |
英文摘要 | Are shareholders sensitive to corporate initiative of implementing Clean Development Mechanism (CDM) projects? And if so, what are the key factors that influence the corresponding abnormal return to enterprises? To answer these questions, we employed an event study methodology to evaluate the stock market reaction to the CDM projects certification in China since 2005. We illuminated three sources of ambiguity in the relationship between corporate CDM initiatives and shareholder value, namely the impacts from time, CDM types, and credits of carbon emission reduction (CER). Our empirical results showed that the CDM initiatives could benefit corporate shareholder values. The expected CER credit is the main driver for the increase in shareholder value. However, we also found that the positive shareholder value effect of CDM decreases over time. In particular, industrial gas CDM projects rather than renewable energy and energy efficiency projects are preferred by shareholders; but there are no significant differences in the shareholder value effect between bilateral contracting and unilateral implementation. This paper advanced knowledge on the shareholder value effect of corporate CDM initiatives, and more generally, the impact of corporate carbon trading on financial performance of enterprises in an emerging country context. |
英文关键词 | Clean Development Mechanism Shareholder value Market reaction Corporate performance Event study |
领域 | 气候变化 |
收录类别 | SCI-E ; SSCI |
WOS记录号 | WOS:000417660800041 |
WOS关键词 | ENVIRONMENTAL PERFORMANCE ; SUSTAINABLE DEVELOPMENT ; EMISSION REDUCTION ; MANAGEMENT ; SIGNALS ; RESPONSIBILITY ; REPUTATION ; BUSINESS ; INDUSTRY ; COSTS |
WOS类目 | Economics ; Energy & Fuels ; Environmental Sciences ; Environmental Studies |
WOS研究方向 | Business & Economics ; Energy & Fuels ; Environmental Sciences & Ecology |
引用统计 | |
文献类型 | 期刊论文 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/18552 |
专题 | 气候变化 |
作者单位 | 1.Beijing Inst Technol, Sch Management & Econ, Beijing 100081, Peoples R China; 2.Hong Kong Polytech Univ, Fac Business, Dept Logist & Maritime Studies, Kowloon, Hong Kong, Peoples R China; 3.Beijing Inst Technol, Ctr Energy & Environm Policy Res, Beijing 100081, Peoples R China; 4.Sustainable Dev Res Inst Econ & Soc Beijing, Beijing 100081, Peoples R China |
推荐引用方式 GB/T 7714 | Zhang, Bin,Lai, Kee-hung,Wang, Bo,et al. Shareholder value effects of corporate carbon trading: Empirical evidence from market reaction towards Clean Development Mechanism in China[J]. ENERGY POLICY,2017,110. |
APA | Zhang, Bin,Lai, Kee-hung,Wang, Bo,&Wang, Zhaohua.(2017).Shareholder value effects of corporate carbon trading: Empirical evidence from market reaction towards Clean Development Mechanism in China.ENERGY POLICY,110. |
MLA | Zhang, Bin,et al."Shareholder value effects of corporate carbon trading: Empirical evidence from market reaction towards Clean Development Mechanism in China".ENERGY POLICY 110(2017). |
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