| dc.description.abstract | This paper investigates the impact of corporate carbon emissions on stock returns,stock volatility, and institutional investors′ ownership ratios. Utilizing data from S&P 500 constituent companies from 2015 to 2022, the study reveals that, after controlling for industry effects, total carbon emissions are significantly negatively correlated with stock returns, indicating that companies with higher carbon emissions have lower stock returns. Additionally, carbon emissions negatively affect stock volatility,meaning that companies with higher carbon emissions have lower stock volatility.Regarding institutional investors, a negative relationship is observed between total carbon emissions and the ratio of institutional ownership, suggesting that institutional
investors tend to invest in companies with better carbon performance. However, when institutional investors are segmented, different types of investors exhibit varying
perspectives on corporate carbon emissions. Finally, the study suggests that companies should focus on their carbon performance to attract institutional investors and provides recommendations for future research directions. | en_US |