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An Efficiency Perspective on Carbon Emissions and Financial Performance

Citations

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Cited by:

  1. Li, Jianfeng & Yao, Xiaoyang & Wang, Hui & Le, Wei, 2024. "Hedging the climate change risks of China's brown assets: Green assets or precious metals?," International Review of Economics & Finance, Elsevier, vol. 94(C).
  2. Chen, Shi & Chen, Dong & Lin, Jyh-Horng, 2024. "Promoting energy conservation in manufacturing through sustainable insurance," Renewable and Sustainable Energy Reviews, Elsevier, vol. 204(C).
  3. Alexandros Maziotis & Ramon Sala‐Garrido & Manuel Mocholi‐Arce & Maria Molinos‐Senante, 2024. "Estimating the impact of carbon inefficiency and overuse of energy on the economics of water companies: A case study for England and Wales," Sustainable Development, John Wiley & Sons, Ltd., vol. 32(4), pages 3601-3611, August.
  4. Bambang Tjahjadi & Noorlailie Soewarno & Khairul Anuar Kamarudin & Sazkiya Aldina & Tsanya El Karima & Annisa Ayu Putri Sutarsa, 2023. "Effect of Top Management Team Characteristics and Green Innovation on Firm Performance in Indonesia: Role of Carbon Emission Disclosure," International Journal of Energy Economics and Policy, Econjournals, vol. 13(5), pages 44-53, September.
  5. Chuanqing Wu & Heshun Deng & Hao Zhao & Qiwei Xia, 2025. "Spatiotemporal evolution and convergence patterns of urban carbon emission efficiency in China," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-13, December.
  6. Fu-Wei Huang & Panpan Lin & Jyh-Horng Lin & Ching-Hui Chang, 2023. "The impact of war on insurer safety: a contingent claim model analysis," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 10(1), pages 1-6, December.
  7. Konstantinos N. Konstantakis & Panayotis G. Michaelides & Panos Xidonas & Stavroula Yfanti, 2025. "Carbon emissions and sustainability in Covid-19’s waves: evidence from a two-state dynamic Markov-switching regression (MSR) model," Annals of Operations Research, Springer, vol. 347(1), pages 217-239, April.
  8. Aziz, Saqib & Rahman, Mahabubur & Hussain, Dildar & Nguyen, Duc K., 2021. "Does corporate environmentalism affect corporate insolvency risk? The role of market power and competitive intensity," Ecological Economics, Elsevier, vol. 189(C).
  9. Al-Fakir Al Rabab'a, Eltayyeb & Rashid, Afzalur & Shams, Syed, 2023. "Corporate carbon performance and cost of debt: Evidence from Asia-Pacific countries," International Review of Financial Analysis, Elsevier, vol. 88(C).
  10. Gianni Guastella & Matteo Mazzarano & Stefano Pareglio & Riccardo Christopher Spani, 2022. "Do environmental and emission disclosure affect firms’ performance?," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 12(4), pages 695-718, December.
  11. Shen, Hongtao & Yang, Qing & Luo, Le & Huang, Nan, 2023. "Market reactions to a cross-border carbon policy: Evidence from listed Chinese companies," The British Accounting Review, Elsevier, vol. 55(1).
  12. Tao, Miaomiao & Wu, Sihong, 2025. "From polluter pays to polluter reborn: Exploring the economic and green implications of corporate carbon risk exposure," Energy Economics, Elsevier, vol. 144(C).
  13. Minyoung Yang & Jinsoo Kim, 2022. "A Critical Review of the Definition and Estimation of Carbon Efficiency," Sustainability, MDPI, vol. 14(16), pages 1-18, August.
  14. Zhenyu Zhu & Yixiang Tian & Xiaoying Zhao & Huiling Huang, 2025. "Green Washing, Green Bond Issuance, and the Pricing of Carbon Risk: Evidence from A-Share Listed Companies," Sustainability, MDPI, vol. 17(11), pages 1-23, May.
  15. Qingyu Hu & Qi Wang, 2025. "Does investor sentiment enhance the impact of ESG ratings on firms' financial performance? Evidence from China," Asian-Pacific Economic Literature, The Crawford School, The Australian National University, vol. 39(1), pages 188-215, May.
  16. Guerrero-Escobar Santiago & Hernández-del-Valle Gerardo & Hernández Vega Marco & De-la-Mora Paula, 2023. "The Stock Market Effects of Committing and Setting GHG Targets: Evidence from the Science-Based Initiative," Working Papers 2023-15, Banco de México.
  17. Lu, Tinghui & Li, Xuelian & Lin, Jyh-Horng & Chang, Ching-Hui & Cai, Zhantong, 2024. "Assessing the impact of climate policies on equity risk under sustainable insurance: Cap-and-trade regulation, energy-saving technology subsidies, and carbon tariffs," Energy Economics, Elsevier, vol. 139(C).
  18. Mangenda Tshiaba Sidney & Gaoke Liao, 2025. "Deciphering the Intricate Influence of Greenwashing and Environmental Performance on Financial Outcome Through Panel VAR/GMM Analysis," Sustainability, MDPI, vol. 17(9), pages 1-30, April.
  19. Homroy, Swarnodeep, 2023. "GHG emissions and firm performance: The role of CEO gender socialization," Journal of Banking & Finance, Elsevier, vol. 148(C).
  20. Yingbin Zhou & Siqi Lv & Jianlin Wang & Junbo Tong & Zhong Fang, 2022. "The Impact of Green Taxes on the Carbon Emission Efficiency of China’s Construction Industry," Sustainability, MDPI, vol. 14(9), pages 1-18, April.
  21. Heidi K. Edmonds & C. A. Knox Lovell & Julie E. Lovell, 2022. "The Inequities of National Adaptation to Climate Change," Resources, MDPI, vol. 12(1), pages 1-26, December.
  22. Hisky Ryan Kawulur & Erwin Saraswati & Abdul Ghofar & Arum Prastiwi, 2024. "Carbon Strategy, Political Connection and Carbon Performance: Evidence from Polluting Industries," International Journal of Energy Economics and Policy, Econjournals, vol. 14(4), pages 251-264, July.
  23. Muhammad Mushafiq & Błażej Prusak & Nicholas Apergis, 2025. "Net‐zero policy and forward default risk in the energy sector: Evidence of corporate environmentalism using (a)symmetric models," Business Strategy and the Environment, Wiley Blackwell, vol. 34(1), pages 1475-1493, January.
  24. Wu, Zhenshu & Shih, Yi-Cheng & Wang, Yao & Zhong, Rui, 2025. "The effects of decarbonization on corporate cash holdings," Emerging Markets Review, Elsevier, vol. 69(C).
  25. Li, Xuelian & Wu, Guanyang & Lin, Jyh-Horng, 2023. "Enhancing borrowing-firm equity through renewable energy adoption, consumer green awareness, and insurer sustainable finance," Energy Economics, Elsevier, vol. 126(C).
  26. Owolabi, Ayotola & Mousavi, Mohammad Mahdi & Gozgor, Giray & Li, Jing, 2024. "The impact of carbon risk on the cost of debt in the listed firms in G7 economies: The role of the Paris agreement," Energy Economics, Elsevier, vol. 139(C).
  27. Reboredo, Juan C. & Ugolini, Andrea, 2022. "Climate transition risk, profitability and stock prices," International Review of Financial Analysis, Elsevier, vol. 83(C).
  28. Chen, Shi & Huang, Fu-Wei & Lin, Jyh-Horng, 2023. "Green technology choices under the cap-and-trade mechanism with insurer green finance in a dragon-king environment," Energy Economics, Elsevier, vol. 117(C).
  29. Mohammed Bouaddi & Mohamed A. K. Basuony & Neveen Noureldin, 2023. "The Heterogenous Effects of Carbon Emissions and Board Gender Diversity on a Firm’s Performance," Sustainability, MDPI, vol. 15(19), pages 1-20, October.
  30. Li, Xuelian & Chen, Lingzhi & Lin, Jyh-Horng, 2023. "Cap-and-trade mechanisms, green technology investment, and shadow insurance in a black swan environment," Energy Economics, Elsevier, vol. 124(C).
  31. Trinks, Arjan & Hille, Erik, 2026. "Carbon costs and industrial firm performance: Evidence from international microdata," Energy Economics, Elsevier, vol. 153(C).
  32. Xie, Xuejing & Gong, Yukai & Cheng, Le, 2025. "Managerial myopia and carbon emission: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 90(C).
  33. Wanying Song & Jian Min & Jianbo Yang, 2023. "Credit Risk Assessment of Heavy-Polluting Enterprises: A Wide- ℓ p Penalty and Deep Learning Approach," Mathematics, MDPI, vol. 11(16), pages 1-19, August.
  34. Ibishova, Banovsha & Misund, Bård & Tveterås, Ragnar, 2024. "Driving green: Financial benefits of carbon emission reduction in companies," International Review of Financial Analysis, Elsevier, vol. 96(PB).
  35. Wu, Qingyang & Chang, Siqi & Bai, Caiquan & Wei, Wendong, 2023. "How do zombie enterprises hinder climate change action plans in China?," Energy Economics, Elsevier, vol. 124(C).
  36. Han Lu & Chengming Huang & Sultan Sikandar Mirza & Ruotong Liu, 2026. "Corporate sustainability and CO2 emissions control efficeincy: unveiling the impact of economic policy uncertainty and policy shocks," Economic Change and Restructuring, Springer, vol. 59(2), pages 1-49, April.
  37. Rong, Xueyun & Chen, Haixin & Liu, Shuhao, 2024. "Nonlinear impact of climate risks on renewable energy stocks in China: A moderating effects study," International Review of Financial Analysis, Elsevier, vol. 96(PA).
  38. Wang, Juan & Li, Jing & Zhang, Qingjun, 2021. "Does carbon efficiency improve financial performance? Evidence from Chinese firms," Energy Economics, Elsevier, vol. 104(C).
  39. Cong Tian, 2024. "Decoupling Characteristics between Coupling Coordination Degree of Production-Living-Ecological Function and Carbon Emissions in the Urban Agglomeration of the Shandong Peninsula," Land, MDPI, vol. 13(7), pages 1-22, July.
  40. Xuelian Li & Tinghui Lu & Jyh-Horng Lin & Ching-Hui Chang, 2024. "Insurer green financing for a supply chain under cap-and-trade regulation: a capped call contingent claim analysis," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 11(1), pages 1-12, December.
  41. R. Benkraiem & M. Qureshi & A. Saeed & C. Zopounidis, 2024. "Corporate Social Responsibility, Carbon Footprints and Stock Market Valuation," Post-Print hal-04679536, HAL.
  42. Chen, Shi & Duan, Xiaoyu & Lin, Jyh-Horng & Chang, Ching-Hui, 2024. "Impact of carbon capture and storage, cap-and-trade, and multiproduct cost structure on pollution in an oligopoly," Energy Economics, Elsevier, vol. 137(C).
  43. Caiping Zhang & Wenjie Yue & Deming Tan & Zhenkun Su, 2023. "Carbon performance evaluation system and practice analysis for the sustainable enterprises," Sustainable Development, John Wiley & Sons, Ltd., vol. 31(1), pages 292-306, February.
  44. Chen, Shi & Bai, Hanhan & Chang, Ching-Hui & Tsai, Jeng-Yan & Chang, Chuen-Ping, 2025. "Pollutant-specific scale economies in a supply chain under cap-and-trade regulation within the context of sustainable insurance," Energy Economics, Elsevier, vol. 148(C).
  45. Ramzi Benkraiem & Maria Qureshi & Asif Saeed & Constantin Zopounidis, 2024. "Corporate social responsibility, carbon footprints and stock market valuation," Financial Markets, Institutions & Instruments, John Wiley & Sons, vol. 33(3), pages 213-237, August.
  46. Gbenga Adamolekun & Anthony Kyiu, 2025. "Corporate carbon footprint and market valuation of restructuring announcements," Review of Quantitative Finance and Accounting, Springer, vol. 64(2), pages 595-620, February.
  47. Han, Ning & Liu, Peixian & Zhao, Dezhao & Zhong, Fanglei, 2025. "Exploring the synergies between digitalization and decarbonization: From data disclosure perspective," Energy, Elsevier, vol. 340(C).
  48. Yu Feng & Yutao Lei, 2025. "Carbon trading price and carbon performance of high energy‐intensive enterprises," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 46(1), pages 489-501, January.
  49. Zhao, Yonghong & Huang, Fu-Wei & Chang, Ching-Hui & Lin, Jyh-Jiuan, 2024. "Domestic and foreign cap-and-trade regulations, carbon tariffs, and product tariffs during international trade conflicts: A multiproduct cost-efficiency analysis," Energy Economics, Elsevier, vol. 140(C).
  50. Chen, Shi & Zhao, Yonghong & Chang, Chuen-Ping & Lin, Jyh-Horng & Chang, Ching-Hui, 2024. "Vertical acquisition and carbon capture and storage choices under cap-and-trade regulation with sustainable finance," Energy Economics, Elsevier, vol. 139(C).
  51. Chen, Fanglin & Chen, Zhongfei & Zhang, Xin, 2024. "Belated stock returns for green innovation under carbon emissions trading market," Journal of Corporate Finance, Elsevier, vol. 85(C).
  52. Du, Qunyang & Xue, Mengzhe & Li, Zhongyuan & Min Du, Anna & Yang, Tianle, 2024. "Economic vulnerabilities and sustainability in energy utilities: Managing climate change in the face of geopolitical turmoil," Research in International Business and Finance, Elsevier, vol. 71(C).
  53. Maogang Tang & Silu Cheng & Wenqing Guo & Weibiao Ma & Fengxia Hu, 2023. "Relationship between carbon emission trading schemes and companies’ total factor productivity: evidence from listed companies in China," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 25(10), pages 11735-11767, October.
  54. Li, Xuelian & Lu, Tinghui & Lin, Jyh-Horng & Lai, Yingkuan, 2023. "Assessing insurer green finance in response to manufacturing carbon emissions trading in a dragon-king environment: A capped barrier cap option approach," Energy Economics, Elsevier, vol. 128(C).
  55. Wang, Zhen & Wu, Kai, 2025. "How do institutional investors respond to climate change exposure? International evidence," Global Finance Journal, Elsevier, vol. 68(C).
  56. Rekker, Lennard & Kesina, Michaela & Mulder, Machiel, 2023. "Carbon abatement in the European chemical industry: assessing the feasibility of abatement technologies by estimating firm-level marginal abatement costs," Energy Economics, Elsevier, vol. 126(C).
  57. Santi Gopal Maji & Meghna Bharali Saikia, 2025. "Greenhouse Gas Emissions and Firm Performance in India: The Moderating Role of Environmental Sensitivity," Jindal Journal of Business Research, , vol. 14(2), pages 226-243, December.
  58. Gomes Adriana Maria Silva & de Sousa Paulo Sérgio Amaral & Moreira Maria do Rosário Alves, 2023. "Having a better environmental performance translates into a better financial performance: A study of the European food industry," Environmental & Socio-economic Studies, Sciendo, vol. 11(3), pages 1-13, September.
  59. Yan, Jingjing & Guo, Yaoqi & Wen, Fenghua, 2025. "Carbon risk and the cost of equity capital: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 99(C).
  60. Reboredo, Juan C. & Otero, Luis A., 2021. "Are investors aware of climate-related transition risks? Evidence from mutual fund flows," Ecological Economics, Elsevier, vol. 189(C).
  61. Suchismita Ghosh & Ritu Pareek & Tarak Nath Sahu, 2024. "Do Carbon Performance and Disclosure Practices Effect Companies’ Financial Performance: A Non-Linear Perspective," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 31(3), pages 733-754, September.
  62. Qingxia (Jenny) Wang, 2023. "Financial effects of carbon risk and carbon disclosure: A review," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(4), pages 4175-4219, December.
  63. Siti Indati MUSTAPA & Noor Raida ABD RAHMAN & Amar Hisham JAAFFAR & Nor Salwati OTHMAN & Syarifah Mardhiah Syed SALIM, 2024. "Policy Recommendation to Achieve a Carbon-Neutral Economy: The Case of Corporate Governance and Carbon Performance in Malaysia's Smart Cities," Working Papers DP-2024-21, Economic Research Institute for ASEAN and East Asia (ERIA).
  64. Arian, Adam G. & Sands, John, 2024. "Do corporate carbon emissions affect risk and capital costs?," International Review of Economics & Finance, Elsevier, vol. 93(PA), pages 1363-1377.
  65. Zhou, Wei & Li, Xuelian & Lin, Jyh-Horng & Chang, Chuen-Ping & Cai, Yujie, 2024. "Aligning common prosperity with sustainable development goals 3 and 7 through sustainable insurance," Energy Economics, Elsevier, vol. 140(C).
  66. Benini, Giacomo & Enstad, Erik & Mersha, Amare Alemaye & Rossini, Luca, 2025. "Technical versus Environmental Efficiency in Steel Production: A Global Perspective," Discussion Papers 2025/23, Norwegian School of Economics, Department of Business and Management Science.
  67. Shi Chen & Yonghong Zhao & Shiu-Chieh Chiu & Jingfei Wu & Jyh-Horng Lin, 2023. "Balancing equity and policyholder protection: Assessing insurer’s interests in green lending under cap-and-trade regulations," PLOS ONE, Public Library of Science, vol. 18(11), pages 1-20, November.
  68. Al-Fakir Al Rabab’a, Eltayyeb & Rashid, Afzalur & Shams, Syed & Bose, Sudipta, 2024. "Corporate carbon performance and firm risk: Evidence from Asia-Pacific countries," Journal of Contemporary Accounting and Economics, Elsevier, vol. 20(2).
  69. Kyriaki-Argyro Tsioptsia & Eleni Zafeiriou & Dimitrios Niklis & Nikolaos Sariannidis & Constantin Zopounidis, 2022. "The Corporate Economic Performance of Environmentally Eligible Firms Nexus Climate Change: An Empirical Research in a Bayesian VAR Framework," Energies, MDPI, vol. 15(19), pages 1-16, October.
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  71. Dennis, Benjamin N. & İsçan, Talan B., 2026. "A new measure of climate transition risk based on distance to a global emission factor frontier," Ecological Economics, Elsevier, vol. 239(C).
  72. Marian Kampik & Krzysztof Bodzek & Anna Piaskowy & Adam Pilśniak & Marcin Fice, 2023. "An Analysis of Energy Consumption in Railway Signal Boxes," Energies, MDPI, vol. 16(24), pages 1-21, December.
  73. Chen, Shi & Bai, Hanhan & Wang, Bin & Lin, Jyh-Horng, 2024. "Social enterprise, renewable energy, and cap-and-trade under sustainable insurance," Energy Economics, Elsevier, vol. 133(C).
  74. Venturini, Alessio, 2022. "Climate change, risk factors and stock returns: A review of the literature," International Review of Financial Analysis, Elsevier, vol. 79(C).
  75. Mingjuan Ma & Shuifa Ke & Qiang Li & Yaqi Wu, 2023. "Towards Carbon Neutrality: A Comprehensive Analysis on Total Factor Carbon Productivity of the Yellow River Basin, China," Sustainability, MDPI, vol. 15(8), pages 1-23, April.
  76. Shi Chen & Mengjie Wang & Shiu-Chieh Chiu & Jyh-Jiuan Lin, 2026. "Heterogeneous climate tail risks, carbon capture and storage, and cap-and-trade in a supply chain through sustainable insurance," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 13(1), pages 1-14, December.
  77. Gulliver Lux & Emmanuelle Fromont & Thi Le Hoa Vo, 2023. "Green business: Growth or degrowth to meet IPCC targets? Discussion of an assessment tool: IPCC CAPRO change target," Post-Print hal-04188747, HAL.
  78. Lan, Jing & Wang, Pei, 2025. "An efficiency perspective on low carbon pilot city policy and carbon emission performance of listed enterprises: Quasi-experimental evidence from China," Energy Economics, Elsevier, vol. 145(C).
  79. Yue, Shuai & Liao, Weijun & Ji, Qing & Wang, Chunan, 2025. "The effect of financial performance on aviation carbon emissions," Journal of Air Transport Management, Elsevier, vol. 126(C).
  80. Alix Auzepy & Christina E. Bannier & Fabio Martin, 2023. "Are sustainability‐linked loans designed to effectively incentivize corporate sustainability? A framework for review," Financial Management, Financial Management Association International, vol. 52(4), pages 643-675, December.
  81. Ferriani, Fabrizio & Gazzani, Andrea, 2023. "The impact of the war in Ukraine on energy prices: Consequences for firms’ financial performance," International Economics, Elsevier, vol. 174(C), pages 221-230.
  82. Chen, Shi & Huang, Fu-Wei & Lin, Jyh-Horng, 2022. "Life insurance policyholder protection, government green subsidy, and cap-and-trade transactions in a black swan environment," Energy Economics, Elsevier, vol. 115(C).
  83. Lixin Zhang & Jiarui Zhang, 2025. "Evaluation and promotion path of high-quality development in the Chinese construction industry under the context of carbon neutrality," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 27(11), pages 27249-27280, November.
  84. Fu, Ke & Li, Yanzhi & Mao, Huiqiang & Miao, Zhaowei, 2023. "Firms’ production and green technology strategies: The role of emission asymmetry and carbon taxes," European Journal of Operational Research, Elsevier, vol. 305(3), pages 1100-1112.
  85. Olatunji Abdul Shobande & Lawrence Ogbeifun, 2022. "Sustainable Blueprint: Do Stock Investors Increase Emissions?," JRFM, MDPI, vol. 15(2), pages 1-13, February.
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