scholarly journals Do investors care about carbon emissions under the European Environmental Policy?

Author(s):  
Houdou Basse Mama ◽  
Rahel Mandaroux
Author(s):  
Albert Weale ◽  
Geoffrey Pridham ◽  
Michelle Cini ◽  
Dimitrios Konstadakopulos ◽  
Martin Porter ◽  
...  

2011 ◽  
Vol 204-210 ◽  
pp. 1720-1723 ◽  
Author(s):  
Xiao Yan Zou

Climate-Change (Global warming) is the central point on the current agenda of the international environmental policy. This paper proposes a model to formulate the global warming policy as dynamic Stackelberg or Leader-Follower Game. In this game, an international agency or international agreement is the leader, who will decide the emission abatement rate of each region; and the followers are several regions who control their consumption of carbon-energy relating to carbon emissions. The challenge of this model is to solve its equilibrium since it is not a liner-quadratic game model.


Author(s):  
Jeong-Hwan Lee ◽  
Jin-Hyung Cho

We examine the association between carbon emissions, carbon disclosures, and firm value for Korean firms, with a particular interest in chaebols, a special type of Korean conglomerate. Using hand-collected carbon emissions and firm-specific data for 841 Korean firms, including 514 chaebols and 335 non-chaebols, we find a significantly positive relationship between carbon emissions and firm value among chaebol affiliates. This result contrasts with previous findings conducted in advanced markets, where investors consider carbon emissions to be destructive. In terms of the voluntary disclosure policy, we find that companies with good environmental performance tend to disclose carbon emissions voluntarily. We further argue that these findings originate from the specific business atmosphere in Korea. Our results support the traditional view of corporations in terms of environmental policy and highlight the importance of firm characteristics and historical developments in the analysis of environmental policy.


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