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How Carbon Emission Affects Stock Returns and Business Management in China

In: Proceedings of the 2022 2nd International Conference on Financial Management and Economic Transition (FMET 2022)

Author

Listed:
  • Xitao Miao

    (Xiamen University Tan Kah Kee College
    University of Waterloo)

  • Nancy Li

    (Xiamen University Tan Kah Kee College
    University of Waterloo)

Abstract

This article explores whether carbon emissions affect the cross-section of Chinese stock returns. We find firms that could better manage their carbon emission have higher stock returns compared to their peers. On the contrast, carbon emission of firms do not have a significant relationship with stock returns. Moreover, Carbon emissions will affect the company's business strategy. In addition, the relationship between stock returns and firms’ management ability of carbon emission is stronger among large firms. It indicates how firms manage their carbon emission might be more prominent for firm value and reputations among large firms, and it is already priced in the stock market.

Suggested Citation

  • Xitao Miao & Nancy Li, 2023. "How Carbon Emission Affects Stock Returns and Business Management in China," Advances in Economics, Business and Management Research, in: Vilas Gaikar & Min Hou & Sikandar Ali Qalati (ed.), Proceedings of the 2022 2nd International Conference on Financial Management and Economic Transition (FMET 2022), pages 793-802, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-054-1_86
    DOI: 10.2991/978-94-6463-054-1_86
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