| Title: | The Impact of Carbon Emission Disclosure on Financial Performance: A Study of Thai Listed Companies |
| Author: | Navid Abdolahi Nejadniari |
| Advisor: | ดร.วรางค์รัตน์ นิติวนะกุล – Dr.Warangrat Nitiwannakul |
| Degree: | Master of Business Administration |
| Major: | Financial, Banking and Investment Management |
| Faculty: | บัณฑิตวิทยาลัย (Graduate School) |
| Academic year: | 2568 (2025) |
| Published: | นำเสนอในที่ประชุมวิชาการ (Conference) The 18th National and International Academic Conference “Sustainable Horizon: Transforming Ideas into Impact” 6-7 August 2025 (pp.401-409) Click PDF |
Abstract
As climate change concerns reshape corporate strategies and investor preferences, carbon emission disclosure has gained attention as a potential factor influencing financial performance. This study examined the relationship between voluntary carbon emission disclosure and stock returns of Thai listed companies across multiple industries. Given that carbon disclosure remains optional in Thailand, this research focused on firms that voluntarily report their emissions to assess whether transparency in environmental practices is associated with differences in market performance.
This study employed a quantitative research design using secondary data and adopts a portfolio performance comparison approach to evaluate the impact of carbon emission disclosure on financial performance. By analyzing a market-capitalization-weighted portfolio of 160 Thai companies that disclosed carbon emissions in 2024, the study founed that the portfolio achieved a total return of +3.68%, significantly outperforming the SET Index benchmark by approximately 6.00 percentage points, as the SET Index recorded a return of -2.31% over the same period. This clear numerical outperformance, supported by a statistically significant one-tailed t-test (p=0.0466), highlights a positive association between carbon emission disclosure and stock performance at the portfolio level. Furthermore, sectoral analysis showed significant variations, with the technology sector achieving a high return of 54.09%, while sectors like industrials (-37.04%) and property and construction (-22.18%) significantly underperformed, indicating the influence of industry-specific dynamics.
These findings contribute to the growing discourse on environmental transparency and financial performance, offering insights for investors, corporate leaders, and policymakers. While carbon emission disclosure alone does not guarantee superior stock returns, its potential role in enhancing investor confidence and differentiating companies in sustainability-conscious markets cannot be overlooked. The study underscores the need for industry-specific approaches to carbon emission disclosure and further research into the long-term financial implications of environmental transparency.
Keywords: carbon emission disclosure, financial performance, ESG reporting, Thailand, greenhouse gas emissions, disclosure of nonfinancial information
6617192003, Navid Abdolahi Nejadniari, 2568 (2025), Advisor: ดร.วรางค์รัตน์ นิติวนะกุล – Dr.Warangrat Nitiwannakul, สารนิพนธ์ (Independent Study), The Impact of Carbon Emission Disclosure on Financial Performance: A Study of Thai Listed Companies, นำเสนอในที่ประชุมวิชาการ (Conference): The 18th National and International Academic Conference 2025,
ปริญญาโท (Master’s Degree), บัณฑิตวิทยาลัย (Graduate School), Master of Business Administration, Financial, Banking and Investment Management, Siam University, Bangkok, Thailand – มหาวิทยาลัยสยาม กรุงเทพมหานคร ประเทศไทย