This study examines the financial and environmental effects of carbon management systems (CMSs) used in publicly traded companies worldwide. Market reactions to companies that announce the adoption of a CMS are analyzed, as are changes in greenhouse gas (GHG) emissions for CMS adopters. A method for conducting international event studies is introduced, and a Monte Carlo simulation indicates that such a method may be necessary to avoid bias. Empirical results suggest that CMS adoption announcements might not generate positive abnormal returns across a variety of specifications. In contrast, estimation results suggest that adoption of a CMS may mitigate increases in GHG emissions.

中文翻译：

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碳管理系统的市场价值和环境绩效：一项国际调查


本研究探讨了全球上市公司使用的碳管理系统 (CMS) 对财务和环境的影响。分析了市场对宣布采用 CMS 的公司的反应，以及 CMS 采用者的温室气体 (GHG) 排放变化。介绍了一种进行国际事件研究的方法，蒙特卡罗模拟表明这种方法可能是避免偏差所必需的。实证结果表明，CMS 采用公告可能不会在各种规格中产生积极的异常回报。相比之下，估计结果表明，采用 CMS 可以缓解温室气体排放的增加。