政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/156773

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政大機構典藏 > 商學院 > 國際經營與貿易學系 > 期刊論文 > Item 140.119/156773

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/156773

Title:	Too dark to see: Does board governance moderate the relationship between carbon emissions and analyst forecast errors?
Authors:	蘇威傑 Su, Weichieh;Hsiao, Daniel;Liao, Qunfeng
Contributors:	國貿系
Keywords:	analyst forecast errors;board governance;Carbon Disclosure Project (CDP);carbon emissions
Date:	2024-04
Issue Date:	2025-04-30 15:03:18 (UTC+8)
Abstract:	This study aims to demonstrate that carbon emissions may increase analyst forecast errors because poor environmental performance obscures prospects for business operations. We further examine whether strong board governance moderates such a relationship. Using a sample of S&P 500 firms from the Carbon Disclosure Project (CDP), we employ Heckman's two-stage model to examine our research questions. We find a positive association between carbon intensity and forecast errors, but strong board governance, captured by board independence, board diligence, and committee size, may mitigate this positive relationship. However, the effect is amplified for firms engaged in controversial governance practices such as CEO duality and long CEO tenure. Our study provides insight for managers by raising concerns due to high levels of carbon emissions and demonstrating that different governance characteristics may alleviate the adverse effect of carbon emissions on forecast errors.
Relation:	Journal of Corporate Accounting & Finance, Vol.35, No.2, pp.303-322
Data Type:	article
DOI 連結:	https://doi.org/10.1002/jcaf.22687
DOI:	10.1002/jcaf.22687
Appears in Collections:	[國際經營與貿易學系 ] 期刊論文

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