Abstract
Purpose This study attempted to derive differentiated implications by analyzing the corporate value of low-carbon companies listed on the Shanghai Stock Exchange and the Shenzhen Stock Exchange in 2016-2020 according to the characteristics of each industry, equity structure, and stock market. Design/Methodology/Approach The data in this study were taken from A-share companies listed on the Shanghai Stock Exchange and Shenzhen Stock Exchange from 2016 to 2020. Findings The analysis results are as follows. It was found that the existence of a low-carbon company has a positive effect on the increase in firm value, which can be interpreted as supporting the results of previous studies. And, in the analysis of each industry (manufacturing, non-manufacturing), equity structure (state-owned enterprises, non-state-owned enterprises) and each stock market (Shanghai Stock Exchange, Shenzhen Stock Exchange), it was confirmed that the effect of low-carbon enterprise on firm value was more significantly in the manufacturing sector, state-owned enterprises, Shanghai Stock Exchange than in the non-manufacturing sector, non-state-owned enterprises and the Shenzhen Stock Exchange. Research Implications Accordingly, companies must establish a low-carbon, eco-friendly awareness and innovate their corporate management and operating models. The government should exercise a functional advantage and provide platforms and cooperation for companies’ low-carbon conversion.
Published Version
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