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Corporate Governance and Carbon Accounting
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Corporate Governance and Carbon Accounting

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Sustainability and Finance".

Deadline for manuscript submissions: closed (29 February 2024) | Viewed by 9131

Special Issue Editors

Dr. Le Luo

E-Mail Website
Guest Editor
Department of Accounting and Corporate Governance, Macquarie Business School, Macquarie University, Sydney, NSW 2109, Australia
Interests: carbon disclosure; carbon performance; carbon assurance; carbon tax; carbon risk; emission trading scheme (ETS); carbon management; corporate governance; national culture; earnings management; environmental strategy
Prof. Dr. Qingliang Tang

E-Mail Website
Guest Editor
School of Business, Western Sydney University, Parramatta, NSW 2150, Australia
Interests: carbon accounting and management; international accounting

Special Issue Information

Dear Colleagues,

We would like to kindly invite you to submit a paper for peer review and possible publication in a Special Issue of Journal of Risk and Financial Management (www.mdpi.com/journal/jrfm, ISSN 1911-8074) on the subject of “Corporate Governance and Carbon Accounting”, for which we are serving as the Guest Editors. I am confident that you could make an outstanding contribution to this Issue, given your expertise and significant involvement in the development of this field. 

Climate change has become one of the most serious environmental issues affecting communities and economies around the world. The Paris Agreement sends a clear message of the need to decarbonise the economy, and encourages businesses to adopt a long-term perspective that balances economy and ecology. Increasing carbon mitigation and reporting policies have been  implemented in many countries to address climate change challenges and to reduce corporate greenhouse gas (GHG) emissions. The changes in climate conditions and new carbon institutions inevitably influence corporate practices. While shareholders tend to focus on economic returns on investment, environment-oriented stakeholders may demand companies to spend more resources for environmental protection and carbon reduction. Corporate governance has a relatively complex impact on corporate financial and non-financial activity. Boards of directors are expected to consider the conflicts of interest of various stakeholder groups. This Special Issue focuses on the general topic of “Corporate Governance and Carbon Accounting”. The topics of interest cover, but are not limited to:

  • Exploring the role of board characteristics to facilitate improving carbon disclosure, carbon performance, carbon assurance and carbon management.
  • Evaluating the role of CEO compensation on carbon disclosure, carbon performance, carbon assurance and carbon management.
  • Analysing the relationship among managerial ownership and company carbon performance.
  • Investigating the impact of corporate governance on firm carbon risk management and carbon efficiency.
  • Assessing the impact of different corporate governance mechanisms on the relationship between carbon performance and firm performance.
  • Inspecting the influence of corporate carbon governance on firm performance.

If our proposal interests you, please feel free to contact us with any questions or ideas regarding manuscripts.

We are looking forward to your valuable submission. 

Dr. Le Luo
Prof. Dr. Qingliang Tang
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • carbon accounting
  • corporate governance
  • carbon disclosure
  • carbon performance
  • carbon assurance
  • carbon management

Published Papers (5 papers)

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Research

14 pages, 1209 KiB  
Article
Carbon Emissions and Stock Returns: The Case of Russia
by Liudmila Reshetnikova, Danila Ovechkin, Anton Devyatkov, Galina Chernova and Natalia Boldyreva
J. Risk Financial Manag. 2023, 16(8), 370; https://doi.org/10.3390/jrfm16080370 - 11 Aug 2023
Cited by 2 | Viewed by 1280
Abstract
Russia is taking the first steps in the formation of an emissions trading system. In this article, we studied the impact of carbon risk on Russian stock returns. We link carbon risk to CO2 emissions and air protection costs. We suggest that [...] Read more.
Russia is taking the first steps in the formation of an emissions trading system. In this article, we studied the impact of carbon risk on Russian stock returns. We link carbon risk to CO2 emissions and air protection costs. We suggest that carbon firms are exposed to carbon risk and hence require a premium in stock returns. We use an approach based on the asset pricing methodology for carbon, carbon-free, and “carbon-minus-carbon-free” portfolios. Based on the Newey–West estimate, we perform a linear regression analysis for the period from January 2014 to December 2021. We find a positive and statistically significant carbon premium. This means that carbon firms show higher expected returns. Carbon risk does not have a statistically significant impact on the carbon premium. The carbon firms’ stock returns are not sensitive to CO2 emissions and air protection costs. Our analysis shows that a quarter of the carbon premium is explained by the market premium and is not sensitive to size, value, and momentum premiums. Our results inform policymakers and investors about the implications of environmental regulation. Policymakers should take into account the results obtained in the development of national climate and, in general, environmental policies. Full article
(This article belongs to the Special Issue Corporate Governance and Carbon Accounting)
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22 pages, 4508 KiB  
Article
Culture and Corporate Decarbonization Efforts: A Time-Varying Analysis and Topology Approach
by Lingju Chen, Jiancheng Jiang and Sha Yu
J. Risk Financial Manag. 2023, 16(8), 354; https://doi.org/10.3390/jrfm16080354 - 26 Jul 2023
Viewed by 928
Abstract
This study examines the influence of culture on corporate responses to climate change. Given the inherent uncertainty associated with climate change, cultural values, as a non-market force, are expected to impact corporate’s decision making regarding decarbonization.To investigate this, a sample of large firms [...] Read more.
This study examines the influence of culture on corporate responses to climate change. Given the inherent uncertainty associated with climate change, cultural values, as a non-market force, are expected to impact corporate’s decision making regarding decarbonization.To investigate this, a sample of large firms from 23 societies participating in the Carbon Disclosure Project (CDP) survey was analyzed, along with cultural measures assessed by the Global Leadership and Organizational Behavior Effectiveness (GLOBE) study. The findings of this study reveal that cultural values have diverse effects on corporate decarbonization efforts. Specifically, a preference for avoiding uncertainty and a future-oriented perspective tend to foster decarbonization, while a strong focus on performance appears to hinder such efforts. Additionally, the relationship between culture and decarbonization demonstrates a time-varying characteristic, indicating the influence of culture on carbon performance is contingent upon the evolution of carbon-related institutions over the study period. Full article
(This article belongs to the Special Issue Corporate Governance and Carbon Accounting)
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23 pages, 992 KiB  
Article
Board Gender Diversity and Carbon Proactivity: The Influence of Cultural Factors
by Haifei Wang, Qingliang Tang and Ting Guo
J. Risk Financial Manag. 2023, 16(2), 131; https://doi.org/10.3390/jrfm16020131 - 16 Feb 2023
Viewed by 1668
Abstract
Due to inadequate studies, our knowledge of the effect of female directors and national culture on the corporate response to climate change is still limited. To address this gap, the purpose of this paper is to investigate the dynamic relationship between gender diversity [...] Read more.
Due to inadequate studies, our knowledge of the effect of female directors and national culture on the corporate response to climate change is still limited. To address this gap, the purpose of this paper is to investigate the dynamic relationship between gender diversity on the board of directors and corporate carbon proactivity and how two dimensions of national culture (individualism and indulgence) moderate this relationship. This study focuses on large companies that disclosed carbon-related information via the CDP survey in 2011–2017. Our findings show that gender diversity promotes corporate carbon proactivity. Furthermore, the positive effect of gender diversity on carbon proactivity is weaker when firms are in countries marked by a higher level of individualism and indulgence. As far as we know, this study is the first to explore and document the empirical evidence on the dynamic impact of gender diversity in the corporate governance body and national culture on managers’ climate change behaviors in terms of green proactivity. Full article
(This article belongs to the Special Issue Corporate Governance and Carbon Accounting)
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17 pages, 333 KiB  
Article
Board Directorships and Carbon Emissions: Curvilinear Relationships and Moderating Roles of Other Board Characteristics
by Kwok Yip Cheung and Chung Yee Lai
J. Risk Financial Manag. 2022, 15(12), 550; https://doi.org/10.3390/jrfm15120550 - 24 Nov 2022
Cited by 2 | Viewed by 2005
Abstract
Our research investigates the moderating roles of various board characteristics (independence, gender diversity, tenure, duality, and size) on the curvilinear relationship between board directorships and carbon emissions using a two-step generalized method of moments (GMM) system approach. We use a total of 1582 [...] Read more.
Our research investigates the moderating roles of various board characteristics (independence, gender diversity, tenure, duality, and size) on the curvilinear relationship between board directorships and carbon emissions using a two-step generalized method of moments (GMM) system approach. We use a total of 1582 observations from 391 firms listed in the US Standard and Poor 500 (S&P 500) index collected from 2015 to 2021. Our findings provide empirical evidence in four aspects: (1) there is a U-shaped curvilinear relationship between board directorships and carbon emissions; (2) board directors should not go over two directorships because carbon emissions are likely to increase; (3) board independence, duality, and size positively moderate curvilinear relationships between board directorships and carbon emissions; and (4) board tenure and gender diversity negatively moderate curvilinear relationships. Our study contributes to expanding the existing literature related to sustainable corporate governance in the US market, and also has implications for regulatory issues, business practice, and further research. Full article
(This article belongs to the Special Issue Corporate Governance and Carbon Accounting)
18 pages, 355 KiB  
Article
Impacts of Emissions Trading Scheme Initiatives on Corporate Carbon Proactivity and Financial Performance
by Guiliang Zha, Yongqing Li and Qingliang Tang
J. Risk Financial Manag. 2022, 15(11), 526; https://doi.org/10.3390/jrfm15110526 - 10 Nov 2022
Cited by 2 | Viewed by 2085
Abstract
This study introduces the concept of carbon proactivity and considers not only the quantity of emissions but also corporate carbon-reduction efforts and actions to explore the relationship between carbon proactivity, the emissions trading scheme (ETS) mechanism, and corporate financial performance. A matched-pair approach [...] Read more.
This study introduces the concept of carbon proactivity and considers not only the quantity of emissions but also corporate carbon-reduction efforts and actions to explore the relationship between carbon proactivity, the emissions trading scheme (ETS) mechanism, and corporate financial performance. A matched-pair approach was adopted to explore the difference in carbon proactivity between ETS and non-ETS firms. The study aims to investigate the impacts of an ETS on corporate carbon proactivity and whether participating in an ETS can help a firm achieve a desired outcome in which it can improve both environmental and economic performance. Using manually collected data on carbon disclosure, it was found that carbon proactivity is higher among firms that participate in an ETS than among those that do not, and carbon proactivity is trending upward for the participating firms. In addition, evidence suggests that while investing more resources in carbon proactivity decreases current financial performance, it will boost future financial performance. This relationship is observed among firms that participate in an ETS. This study extends the understanding of the relationship between ETSs, corporate carbon proactivity, and corporate financial performance. It also provides evidence on how to improve the ETS mechanism. Full article
(This article belongs to the Special Issue Corporate Governance and Carbon Accounting)
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