Greenhouse gas emissions, firm value, and the investor base: Evidence from Korea

Hope H. Han, Jiyoon Lee and Boxian Wang

Emerging Markets Review, 2023, vol. 56, issue C

Abstract: This paper examines the association between greenhouse gas (GHG) emissions, firm value and foreign ownership for Korean firms. In Korea, firms that emit GHG more than a given threshold have been mandated to disclose the levels of GHG emissions since 2011. We find that firms bound to disclose GHG emissions are likely to be valued less compared to firms without disclosure obligations. In addition, foreign investors' ownership is lower for mandatory-disclosure firms than firms without such requirements. Among mandatory-disclosure firms, GHG intensity is negatively associated with firm value and this association is strengthened after 2015, following the Paris Accords.

Keywords: Carbon emissions; Greenhouse gas emissions; Firm value; Foreign ownership; Korea; Paris accords (search for similar items in EconPapers)
JEL-codes: G32 Q54 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ememar:v:56:y:2023:i:c:s1566014123000535

DOI: 10.1016/j.ememar.2023.101048

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