Articlediamond2018

ANTECEDENTS AND CONSEQUENCES OF CARBON EMISSIONS’ DISCLOSURE: CASE STUDY OF OIL, GAS AND COAL COMPANIES IN NON-ANNEX 1 MEMBER COUNTRIES

23 citations0/0 files storedJournal of Indonesian Economy and Business

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Corporate Social Responsibility Reporting Auditing, Earnings Management, Governance Corporate Governance and Financial Management

Abstract

The purpose of this study is to determine the characteristics of companies that voluntarily disclose carbon emissions and to examine the economic consequences of the carbon emissions’ disclosure. Companies used in the sample are oil, gas and coal companies in non-Annex 1 member countries registered in the Osiris database. The observation period was from the commencement of the Kyoto Protocol's second commitment to date, or from 2013 to 2016. Measuring the carbon emissions’ disclosure is achieved by using a checklist developed from an information request sheet from the CDP (Carbon Disclosure Project). An assessment of the extent of the disclosure is made using the content analysis method. Company characteristics are proxied with leverage, profitability and firm age, while the economic consequences are proxied by using bid-ask spreads, the trading volume and share price volatility. The data analysis method used in this research is the Partial Least Square (PLS) method using the WarpPLS 4.0 application. Test results show that leverage, profitability and firm age have a positive effect on the carbon emissions’ disclosure. Furthermore, the test results show that carbon emissions’ disclosures have a positive effect on the trading volume and a negative effect on the bid-ask spreads and share price volatility. The above findings imply that firms with higher leverage, higher profitability and are older are more willing to reveal their carbon emissions’ disclosures. The more information that is contained in a carbon emissions’ disclosure, the more investors are interested in trading that company's shares, while the broader the carbon emissions’ disclosure is, the smaller the bid-ask spread and the less volatile the stock price are.

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References

2007Revisiting the relation between environmental performance and environmental disclosure: An empirical analysis 2000The Economic Consequences of Increased Disclosure 1992Determinants of corporate social responsibility disclosure: An application of stakeholder theory 1999The Economic Consequences of Increased Disclosure 2003Financial Accounting Theory 1981Voluntary Corporate Disclosure: The Case of Interim Reporting 2011The informational contribution of social and environmental disclosures for investors 2009Factors influencing the disclosure of greenhouse gas emissions in companies world‐wide

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