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Firm-level nature dependence and carbon pollution

Author

Listed:
  • Lee, Chien-Chiang
  • Wang, Chih-Wei
  • Lin, Weizheng
  • Chan, Hsiang-Li

Abstract

This paper examines the relationship between firm-level nature dependence and carbon emissions using an international panel of listed firms from 2010 to 2022. Firms more reliant on ecosystem services exhibit significantly higher carbon emissions and intensity across Scopes 1–3. The results remain robust under placebo tests, matching methods, and alternative specifications. Further analysis identifies R&D investment as a key channel that amplifies emissions among nature-dependent firms. The positive relationship holds in both emerging and developed markets, highlighting nature dependence as an underexplored source of carbon risk in corporate environmental behavior and emphasizing the importance of integrating ecological reliance into climate-related financial disclosures.

Suggested Citation

  • Lee, Chien-Chiang & Wang, Chih-Wei & Lin, Weizheng & Chan, Hsiang-Li, 2026. "Firm-level nature dependence and carbon pollution," Finance Research Letters, Elsevier, vol. 87(C).
    • Handle: RePEc:eee:finlet:v:87:y:2026:i:c:s1544612325022561
    DOI: 10.1016/j.frl.2025.109003
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    Keywords

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    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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