This study analyzes the relationship between firms’ financial performance and their environmental performance, with a particular focus on greenhouse gas-intensive industries. Using financial and environmental data of international listed companies from 2011 to 2017, the financial impact of environmental performances was estimated, measured with multiple indicators that take into account disclosure aspects. The analysis was conducted across different industry aggregation levels, namely the entire group of industries, the Global Industry Classification System (GICS) Industry Group, and the GICS Industry. We found that environmental disclosure indexes are mostly not significant after controlling for environmental performance, suggesting that the effect of environmental disclosure on corporate financial performance is limited, if not altogether absent. In contrast, environmental performance seems to play an important role, and that holds even for high-emitting companies. Overall, our results were consistent with the interpretation that financial markets effectively consider the actual environmental performance of listed companies and, only to a minor extent, the quality of their disclosure.

本研究分析了公司财务业绩与其环境业绩之间的关系，特别关注温室气体密集型行业。使用 2011 年至 2017 年国际上市公司的财务和环境数据，估计环境绩效的财务影响，并通过考虑披露方面的多项指标进行衡量。该分析是在不同的行业聚合级别进行的，即整个行业组、全球行业分类系统 (GICS) 行业组和 GICS 行业。我们发现，在控制环境绩效后，环境披露指数大多不显着，这表明环境披露对企业财务绩效的影响是有限的，如果不是完全不存在的话。相比之下，环境绩效似乎发挥着重要作用，即使对于高排放公司也是如此。总体而言，我们的结果与金融市场有效考虑上市公司的实际环境绩效以及仅在较小程度上考虑其披露质量的解释是一致的。