000			01819cam a2200241 4500500
005			20250112004535.0
041			_afre
042			_adc
100	1	0	_aFromont, Emmanuelle _eauthor
700	1	0	_a Vo, Thi Le Hoa _eauthor
700	1	0	_a Lux, Gulliver _eauthor
245	0	0	_aInvestors’ valuation of corporate CO2 emissions: the impact of the COVID-19 crisis
260			_c2023.
500			_a38
520			_aThis study examines the impact of the COVID-19 crisis on the valuation of CO2 emissions by investors. Using the sample constituted by large French companies (SBF 120) having published their carbon emissions from 2016 to 2021, we show that investors are sensitive to firms’ carbon emissions and value them negatively over the period regardless the environmental sensitivity of the firm’s activity sector. We also demonstrate that under the pressure of the COVID-19 crisis, investors penalize more heavily high polluting firms while their valuation of low polluting firms does not seem to be impacted by the crisis. Therefore, our findings suggest that it is important for firms, especially high-emitting firms, to continue to reduce their carbon emissions in order to earn and maintain investors’ confidence after the crisis. Our managerial contribution emphasizes the confirmation that the COVID-19 shock could be a good opportunity for both firm and investor to pursue their clean technologies development and investment to deal with climate change.
690			_aCO2 emissions
690			_ainvestors’ valuation
690			_aactivity sector
690			_aCOVID-19 crisis
690			_apolluting firm
786	0		_nBankers, Markets & Investors | 172-173 | 1 | 2023-06-15 | p. 15-22
856	4	1	_uhttps://shs.cairn.info/revue-bankers-markets-et-investors-2023-1-page-15?lang=en
999			_c100486 _d100486