| Title |
A Study on the Determinants of Carbon Emissions Reduction for Building Sector Companies Subject to Mandatory Reduction Targets |
| DOI |
https://doi.org/10.5659/JAIK.2025.41.6.209 |
| Keywords |
Emission Trading System; Real Estate; Tobin's Q; Debt Ratio; Free Cash Flow; Generalized Estimated Equation |
| Abstract |
This study examines carbon emission paid allocation systems' impact on corporate behavior and reduction effectiveness from 2016-2023. We
analyze three phases: no paid allocation (2016-2017), 3% allocation (2018-2020), and 10% allocation (2021-2023), focusing on corporate,
financial, and real estate factors. Phase 1 (2016-2017) showed significant financial characteristics influence. Debt ratio negatively correlated
with emissions, indicating positive reduction effects, while company size and EPS demonstrated positive correlations with increased emissions
(EPS β=5.616, p<0.01). Phase 2 (2018-2020, 3% allocation) revealed building ratio and company age as consistent factors. Debt ratio's
negative impact strengthened (-0.098 to -0.126), suggesting enhanced reduction effects. Free cash flow showed increasing positive correlation
with emissions (peak β=0.537, p<0.05). Phase 3 (2021-2023, 10% allocation) marked significant changes. Real estate growth rate became
dominant (β=0.775, p<0.01), while free cash flow showed strong positive correlation (β=2.492, p<0.05). Lifecycle (β=0.050) and Tobin's Q (β
=-0.108) emerged as significant factors. Key trends include: increasing influence of real estate factors on emissions, volatile then strengthening
financial factors, and stable corporate factors. Results indicate paid allocation expansion significantly affected relationships between corporate
factors and emissions, suggesting need for calibrated policy approaches in reduction strategies. |