关键词:

企业双碳承诺, 市场反应, 代理成本

Abstract: The major challenges facing the world are climate change and low-carbon development. The corporate's commitments to better respond climate change are increasingly pushed to the forefront of enterprise decision-making. This research adopts an event study methodology to test the value effect of corporate dual carbon commitment behavior. Based on the 370 sample firms which made dual carbon commitment before December of 2023, this paper uses the event study method to test the value effect of corporate dual carbon commitment behavior. Evidence shows that corporate dual carbon commitment induces negative short–term market reaction, and this conclusion remains stable after a series of robustness tests. The mechanism analysis results show that agency costs are responsible for negative market reaction caused by corporates' dual carbon commitment. Heterogeneity analysis indicates that in firms with high carbon risk, the negative market reaction of corporate dual carbon commitment is stronger; the shareholding of institutional investors can help mitigate the short-term negative market reaction caused by corporate dual-carbon commitments. Furthermore, in the long run, corporates' dual carbon commitment can improve long-term value. This paper examines the value effect of corporate dual carbon commitment from the perspective of market, which helps to solve the driving force dilemma of corporate dual carbon governance.

Key words:

corporate dual carbon commitment, market response, agency costs