炭素市場と企業の気候規制リスクの認識
Gbenga Adamolekun1, Hao Li2, Bing Xu3
1The Business School, Edinburgh Napier University, Edinburgh, EH14 1DJ, UK.
Journal of environmental management
|August 29, 2025
まとめ
排出量取引システム (ETS) に参加すると,特に先進国において,気候変動規制リスク (FCRR) が増加します. 早期参加は利益をもたらします.
科学分野:
- 環境経済学
- 企業ガバナンス
- 気候政策
背景:
- 排出量取引制度 (ETS) は気候政策の重要なツールです.
- 企業レベルの気候規制リスク (FCRR) を理解することは,コンプライアンスと戦略にとって極めて重要です.
- FCRRに対するETSの影響は,企業とガバナンス要因を考慮して微妙な検討を必要とします.
研究 の 目的:
- ETS参加とFCRRの関係を分析する.
- この関係を緩和する企業特有のガバナンス要因を特定する.
- FCRRへの参加のタイミングと立法的なショックの影響を評価する.
主な方法:
- 36カ国の企業レベルのデータ (2003年-2021年) のエコノメトリック分析.
- 経営管理の変数 (CEOネットワーク,任期,取締役会構造) と企業の特徴 (財政的制約,業界,政治的リスク) を含む回帰モデル.
- 立法的なショックと参加のタイミングを分析するイベント研究方法論
主要な成果:
- ETS加盟はFCRRと正面に関連しています.
- 財務上の制約,CEOのネットワークの規模,任期,独立取締役,取締役の規模がFCRRを減らす.
- 企業による政治的リスクや 炭素密集型産業や 取締役会員の採用により FCRRが増加します
- ETSへの早期参加はFCRRを低下させ,離脱はFCRRを増加させる.
- 影響は先進国において顕著であり,立法的なショックによって減少している.
結論:
- 気候変動規制のリスクは,ETSへの関与によって大きく影響を受けます.
- ETSへの参加と退出に関する戦略的決定は,ガバナンスとともに,気候リスクの管理に不可欠です.
- 立法的なショックなどの政策の策定は,ETSが企業に与える影響を変化させる可能性があります.
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