Purpose

This study aims to assess the informativeness of carbon emission data for the stock markets and the mediating role played by financial analysts and the quality of the governance on this issue.

Design/methodology/approach

Relying on structural equation modelling, the authors assess the relation between embedded CO₂ disclosure or CO₂ emissions disclosure and the stock market valuation (Tobin Q), considering the mediating roles played by financial analysts (external monitoring) and corporate governance (internal monitoring).

Findings

Results based on a sample of North American firms in the oil and gas industry are the following. The disclosure of embedded CO₂ is negatively associated with a firm’s market value, but this association is mediated by analyst following and corporate governance. The disclosure of yearly CO₂ emissions is also negatively related to stock market value, while corporate governance mediates this negative impact, and analysts following does not. Considering that yearly CO₂ emissions represent short-term environmental risks, whereas embedded CO₂ represents long-term environmental risks, it appears important to consider embedded CO₂ when studying the impact of carbon disclosure on firm value. The authors also show that a firm’s environmental performance (measured by Carbon Disclosure Project – CDP) is positively associated with two mediating variables (i.e. analyst following and corporate governance).

Originality/value

The study results suggest that CO₂ emissions information is less relevant than embedded CO₂ in attracting financial analysts when they are assessing a firm’s value because it represents short-term environmental risks, whereas embedded CO₂ represents long-term environmental risks. Therefore, the authors consider important to include embedded CO₂ when studying the impact of environmental disclosure on a firm’s value.

中文翻译：

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油气行业碳信息披露的市场发生率：金融分析师与治理的中介作用

目的

本研究旨在评估股票市场碳排放数据的信息量、金融分析师在此问题上的中介作用和治理质量。

设计/方法/方法

考虑到财务分析师（外部监测）和公司治理（内部监测）所起的中介作用，作者依靠结构方程模型，评估了嵌入式 CO ₂披露或 CO ₂排放披露与股票市场估值（Tobin Q）之间的关系.

发现

以下是基于北美石油和天然气行业公司样本的结果。嵌入 CO ₂的披露与公司的市场价值呈负相关，但这种关联受到分析师跟踪和公司治理的调节。年度 CO ₂排放量的披露也与股票市场价值呈负相关，而公司治理会调节这种负面影响，而跟随的分析师则不会。考虑到每年的 CO ₂排放代表短期环境风险，而嵌入的 CO ₂代表长期环境风险，考虑嵌入的 CO ₂似乎很重要在研究碳披露对公司价值的影响时。作者还表明，公司的环境绩效（由碳信息披露项目 - CDP 衡量）与两个中介变量（即分析师跟踪和公司治理）呈正相关。

原创性/价值

研究结果表明，在金融分析师评估公司价值时，CO ₂排放信息在吸引金融分析师方面不如嵌入的 CO ₂相关，因为它代表短期环境风险，而嵌入的 CO ₂代表长期环境风险。因此，作者认为在研究环境披露对公司价值的影响时包括嵌入的 CO ₂很重要。