Fondazione GRINS
Growing Resilient,
Inclusive and Sustainable
Galleria Ugo Bassi 1, 40121, Bologna, IT
C.F/P.IVA 91451720378
Finanziato dal Piano Nazionale di Ripresa e Resilienza (PNRR), Missione 4 (Infrastruttura e ricerca), Componente 2 (Dalla Ricerca all’Impresa), Investimento 1.3 (Partnership Estese), Tematica 9 (Sostenibilità economica e finanziaria di sistemi e territori).
GRINS THEMATIC AREAS
The purpose of this paper is to examine how carbon emissions affect companies' financial performance, exploring the moderating role of carbon credits. Drawing on institutional theory, this study analyses 118 companies that used carbon offsets in 2018–2022. The results reveal that carbon emissions have a detrimental effect on financial performance; however, this negative impact can be mitigated by adopting climate finance tools, such as carbon credits, which can moderate this relationship. This research offers valuable contributions to both theoretical and practical domains, supporting regulators in monitoring carbon emissions.
AKNOWLEDGEMENTS
This study was funded by the European Union - NextGenerationEU, in the framework of the GRINS - Growing Resilient, INclusive and Sustainable project (GRINS PE00000018). The views and opinions expressed are solely those of the authors and do not necessarily reflect those of the European Union, nor can the European Union be held responsible for them.
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