Killing Two Birds with One Stone:a Study on the Environmental and Value Effects of Internal Carbon Pricing Mechanism
Internal carbon pricing mechanism is becoming an increasingly popular mitigation tool,whereby companies set their own carbon price in their business operations to address climate change risks and add value by reducing carbon emissions.While internal carbon pricing has gained popularity as an emerging measure,its environmental and value impacts at the corporate level have not yet received attention.It empirically investigated the environmental and value effects of internal carbon pricing mechanism based on stakeholder theory and signaling theory with Japanese listed companies in the Carbon Disclosure Project from 2011 to 2020.The results show that the internal carbon pricing mechanism is conducive to the improvement of environmental quality and carbon performance(environmental effect),which in turn contributes to the enhancement of enterprise value(value effect).The findings help to enhance the theoretical explanation of the value effect of internal carbon pricing mechanism,and provide theoretical reference for the national carbon emission reduction policy formulation and the exploration of the antecedent inducement of enterprise value increase.
internal carbon pricing mechanismenterprise valuecarbon performancestakeholder theory
NETL
NSTL
万方数据
维普
