Corporate carbon performance and firm risk: Evidence from Asia-Pacific countries

Article

Al-Fakir, Eltayyeb Al-Fakir, Rashid, Afzalur, Shams, Syed and Bose, Sudipta. 2024. "Corporate carbon performance and firm risk: Evidence from Asia-Pacific countries ." Journal of Contemporary Accounting and Economics. 20 (2). https://doi.org/10.1016/j.jcae.2024.100427
Article Title

Corporate carbon performance and firm risk: Evidence from Asia-Pacific countries

ERA Journal ID18570
Article CategoryArticle
AuthorsAl-Fakir, Eltayyeb Al-Fakir, Rashid, Afzalur, Shams, Syed and Bose, Sudipta
Journal TitleJournal of Contemporary Accounting and Economics
Journal Citation20 (2)
Article Number100427
Number of Pages25
Year2024
PublisherElsevier
Place of PublicationUnited Kingdom
ISSN1815-5669
Digital Object Identifier (DOI)https://doi.org/10.1016/j.jcae.2024.100427
Web Address (URL)https://www.sciencedirect.com/science/article/pii/S1815566924000274
Abstract

This study examines the association between corporate carbon performance (CCP) and firm risk using a sample of 9,212 firm-year observations from 13 countries in the Asia-Pacific region over the period 2002–2021. We also examine the moderating role of the quality of country-level governance in the association between CCP and firm risk. We find that CCP is negatively associated with a firm’s total, idiosyncratic and systematic risk and that country-level governance quality accentuates the negative association between CCP and firm risk. We also find that country-level business culture, emissions trading schemes, climate change performance and attention to carbon emissions accentuate the negative association between CCP and firm risk. Given the growing demands from regulatory bodies for increased transparency on carbon performance, the insights gained from our research hold significant relevance for regulators, policy makers, investors, financial analysts, scholars and businesses.

KeywordsCarbon risk; Climate change; Carbon mitigation; Firm risk; Systematic risk; Idiosyncratic risk; Sustainable finance; Asia-Pacific
Contains Sensitive ContentDoes not contain sensitive content
ANZSRC Field of Research 2020359999. Other commerce, management, tourism and services not elsewhere classified
Byline AffiliationsSchool of Business
University of Newcastle
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Shams, Syed M. M. and Gunasekarage, Abeyratna. 2016. "Private public distinction of the target and the long run operating performance of acquirers." Pacific Accounting Review. 28 (1), pp. 38-58. https://doi.org/10.1108/PAR-02-2014-0004
Does the organisational form of the target influence market reaction to acquisition announcements? Australian evidence
Shams, Syed M.M., Gunasekarage, Abeyratna and Colombage, Sisira R. N.. 2013. "Does the organisational form of the target influence market reaction to acquisition announcements? Australian evidence." Pacific-Basin Finance Journal. 24, pp. 89-108. https://doi.org/10.1016/j.pacfin.2013.04.002
Revisiting agency theory: evidence of board independence and agency cost from Bangladesh
Rashid, Afzalur. 2015. "Revisiting agency theory: evidence of board independence and agency cost from Bangladesh." Journal of Business Ethics. 130 (1), pp. 181-198. https://doi.org/10.1007/s10551-014-2211-y
The influence of stakeholder power on corporate social responsibility: evidence from a relationship-based economy
Rashid, Afzalur. 2015. "The influence of stakeholder power on corporate social responsibility: evidence from a relationship-based economy." Social Responsibility Journal. 11 (2), pp. 270-289. https://doi.org/10.1108/SRJ-09-2013-0109
Corporate intellectual capital reporting in Bangladesh
Rashid, Afzalur. 2013. "Corporate intellectual capital reporting in Bangladesh." International Journal of Learning and Intellectual Capital. 10 (2), pp. 107-121. https://doi.org/10.1504/IJLIC.2013.052909
Corporate governance, executive pay and firm performance: evidence from Bangladesh
Rashid, Afzalur. 2013. "Corporate governance, executive pay and firm performance: evidence from Bangladesh." International Journal of Management. 30 (2), pp. 556-575.
CEO duality and agency cost: evidence from Bangladesh
Rashid, Afzalur. 2013. "CEO duality and agency cost: evidence from Bangladesh." Journal of Management and Governance. 17 (4), pp. 989-1008. https://doi.org/10.1007/s10997-012-9213-x
Corporate governance, ownership structure and firm performance: evidence from an emerging economy
Rashid, Afzalur. 2012. "Corporate governance, ownership structure and firm performance: evidence from an emerging economy." Corporate Ownership and Control. 9 (4), pp. 441-455.
Reply to 'Response: board composition and firm performance: evidence from Bangladesh - a sceptical view'
Rashid, Afzalur, De Zoysa, Anura, Lodh, Sudhir and Rudkin, Kathy. 2012. "Reply to 'Response: board composition and firm performance: evidence from Bangladesh - a sceptical view'." Australasian Accounting Business and Finance Journal. 6 (3), pp. 121-131.
Corporate governance in Bangladesh: a quest for the accountability or legitimacy crisis?
Rashid, Afzalur. 2011. "Corporate governance in Bangladesh: a quest for the accountability or legitimacy crisis?" Devi, S. Susela and Hooper, Keith (ed.) Accounting in Asia. United Kingdom. Emerald. pp. 1-34
Largest blockholding and firm performance: evidence from an emerging economy
Rashid, Afzalur. 2011. "Largest blockholding and firm performance: evidence from an emerging economy." International Research Journal of Finance and Economics.
Board composition, board leadership structure and firm performance: evidence from Bangladesh
Rashid, Afzalur. 2009. "Board composition, board leadership structure and firm performance: evidence from Bangladesh." Segel, Naomi (ed.) 2009 Accounting and Finance Association of Australia and New Zealand Conference (2009 AFAANZ). Adelaide, Australia 05 - 07 Jul 2010 Melbourne, Australia. Accounting & Finance Association of Australia and New Zealand.
Corporate capital structure and firm performance: evidence from Bangladesh
Rashid, Afzalur and Hoque, Ariful. 2011. "Corporate capital structure and firm performance: evidence from Bangladesh." Academy of Taiwan Business Management Review. 7 (2), pp. 59-72.
Corporate capital structure and firm performance: evidence from a developing country
Rashid, Afzalur. 2008. "Corporate capital structure and firm performance: evidence from a developing country." American Accounting Association Annual Meeting 2008. Anaheim, United States 03 - 06 Aug 2008
Corporate governance in Bangladesh: an overview
Rashid, Afzalur, De Zoysa, Anura and Rudkin, Kathy. 2007. "Corporate governance in Bangladesh: an overview." 19th Asian-Pacific Conference on International Accounting Issues. Kuala Lumpur, Malaysia 11 - 13 Nov 2007 Fresno, CA, United States.
Board leadership structure and firm performance: an examination of resource dependence role
Rashid, Afzalur. 2011. "Board leadership structure and firm performance: an examination of resource dependence role." Corporate Board: role, duties and composition. 7 (1), pp. 7-23.
CEO duality and firm performance: evidence from a developing country
Rashid, Afzalur. 2010. "CEO duality and firm performance: evidence from a developing country." Corporate Ownership and Control. 8 (1), pp. 163-175.
The influence of ownership structures and board practices on corporate social disclosures in Bangladesh
Rashid, Afzalur and Lodh, Sudhir. 2009. "The influence of ownership structures and board practices on corporate social disclosures in Bangladesh." Tsamenyi, Matthew and Uddin, Shahzad (ed.) Research in accounting in emerging economies. Bingley, United Kingdom. Emerald. pp. 211-237
Dividend policy and stock price volatility: evidence from Bangladesh
Rashid, Afzalur and Rahman, A. Z. M. Anisur. 2008. "Dividend policy and stock price volatility: evidence from Bangladesh." Journal of Applied Business and Economics. 8 (4), pp. 71-81.
Corporate intellectual capital disclosure in a non-mandatory disclosure regime
Rashid, Afzalur. 2010. "Corporate intellectual capital disclosure in a non-mandatory disclosure regime." Guthrie, James (ed.) 6th Asia Pacific Interdisciplinary Research in Accounting Conference (APIRA 2010). Sydney, Australia 12 - 13 Jul 2010 Sydney, Australia.
Board composition and firm performance: evidence from Bangladesh
Rashid, Afzalur, De Zoysa, Anura, Lodh, Sudhir and Rudkin, Kathy. 2010. "Board composition and firm performance: evidence from Bangladesh." Australasian Accounting Business and Finance Journal. 4 (1), pp. 76-95.