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Carbon risk and labor investment efficiency
Tingwei Luo1, Fubi Luo2, Xu Guo3
1College of Business and Economics, Australian National University, Canberra, Australia.
Scientific Reports
|February 13, 2025
Summary
Carbon risk negatively impacts labor investment efficiency in Chinese companies. This effect is amplified by factors like environmental uncertainty and financing constraints, affecting firms in specific industries.
Area of Science:
- Economics
- Environmental Science
- Business Management
Background:
- Labor capital is crucial for enterprise competitiveness and resource allocation.
- Carbon risk is increasingly influencing corporate labor allocation and investment decisions.
Purpose of the Study:
- To examine the impact of corporate carbon risk on labor investment efficiency.
- To identify the mechanisms through which carbon risk affects labor investment efficiency.
- To analyze how firm characteristics moderate this relationship.
Main Methods:
- Utilized data from China's A-share listed companies (2012-2021).
- Employed empirical analysis to assess the relationship between carbon risk and labor investment efficiency.
- Investigated mediating channels including environmental uncertainty, agency problems, and managerial ability.
Main Results:
- Carbon risk significantly inhibits labor investment efficiency.
- Environmental uncertainty, agency problems, and managerial ability are key transmission channels.
- The negative impact is stronger in firms with weaker competitive positions and tighter financing constraints.
Conclusions:
- Carbon risk poses a significant challenge to labor investment efficiency.
- Policymakers should focus on carbon risk management and improving factor market allocation.
- Targeted strategies are needed for vulnerable firms (e.g., low-tech, high-pollution industries).
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