Faculty of Business and Law, University of Portsmouth, Portland Building, Accounting and Financial Management Portsmouth Business School, Portsmouth, PO1 3DE, UK.
Faculty of Business and Law, University of Portsmouth, Richmond Building, Accounting and Financial Management Portsmouth Business School, Portsmouth, PO1 3DE , UK.
J Environ Manage. 2021 Jul 15;290:112581. doi: 10.1016/j.jenvman.2021.112581. Epub 2021 Apr 15.
The UK's 2050 net-zero emission target is one of the most ambitious goals in the world. Organisations should play a vital role by communicating a sufficient level of carbon emission information with the stakeholders. Motivated by the necessity of measuring the level of carbon disclosure, this paper provides a unique carbon emission disclosure measurement based on a sample of UK firms from 2013 to 2019. We apply different methods to assess the validity and reliability of our developed measurement. The results suggest that our measurement captures the actual CO2 emission, including scope 1, scope 2, and also captures the environmental, social and governance (ESG) score. Additionally, we explore the association between capital expenditure, corporate governance and the level of carbon emission disclosure. Further, the results show a positive relationship between capital expenditure and carbon emission disclosure. Also, there is a significant positive relationship between internal governance and carbon emission disclosure. Moreover, the analysis suggests that internal governance strengthen the relationship between capital expenditure and carbon emission disclosure. We also use quantile regression, and the findings show that capital expenditure and internal governance have a positive impact on carbon emission disclosure under all quantiles. Our data suggest that capital expenditure declines within the UK by around 53% over the last six years. Following the reduction in capital expenditure, the results demonstrate 39% decline in the CO2 emission level. The results also indicate that for every $1 million capital expenditure, approximately 2.75 Metric tons of carbon dioxide (MtCO2) emissions increase. Business investment is around 70% of the UK's total investment. Therefore, the reduction in capital expenditure is one of the primary reasons that might explain the decrease in the UK's overall CO2 emission level. The unique findings of this paper are relevant to the government, management and standard-setters.
英国的 2050 年净零排放目标是世界上最雄心勃勃的目标之一。各组织通过与利益相关者沟通足够水平的碳排放信息，应发挥重要作用。出于衡量碳披露水平的必要性，本文基于英国公司 2013 年至 2019 年的样本，提供了一种独特的碳排放披露衡量方法。我们应用不同的方法来评估我们开发的衡量方法的有效性和可靠性。结果表明，我们的衡量方法可以捕捉到实际的二氧化碳排放，包括范围 1、范围 2，还可以捕捉到环境、社会和治理（ESG）评分。此外，我们还探讨了资本支出、公司治理与碳排放披露水平之间的关系。此外，结果表明资本支出与碳排放披露之间存在正相关关系。此外，还有证据表明内部治理加强了资本支出与碳排放披露之间的关系。我们还使用了分位数回归，结果表明，在所有分位数下，资本支出和内部治理对碳排放披露都有积极影响。我们的数据表明，在过去六年中，英国的资本支出下降了约 53%。在资本支出减少之后，结果表明二氧化碳排放量下降了 39%。结果还表明，每支出 100 万美元资本，二氧化碳排放量就会增加约 275 公吨。商业投资约占英国总投资的 70%。因此，资本支出的减少是导致英国整体二氧化碳排放水平下降的主要原因之一。本文的独特发现与政府、管理层和标准制定者有关。
