Introduction: Climate change presents significant risks for businesses, particularly in emerging markets such as Mexico, where perceptions of sustainability are still evolving. This study aims to examine how carbon emissions influence the cost of equity capital (COE) for publicly listed companies in Mexico.

Methodology: The analysis is based on data from 32 companies over the period 2018-2022 (N = 148 observations). A panel regression model was employed to assess the relationship between carbon intensity and COE, while controlling for key financial variables. Additionally, a Random Forest model was applied to evaluate the relative importance of each variable in determining COE.

Results: Findings indicate a positive relationship between carbon intensity and the cost of equity capital. However, this effect weakens during periods of crisis, such as the COVID-19 pandemic, when financial leverage becomes a more prominent factor.

Conclusions: This study offers valuable insights for corporate managers, investors, and policymakers regarding the integration of sustainability considerations into financial decision-making. It underscores the importance of further exploring how these dynamics unfold in emerging economies.

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Keywords:
Climate change,
carbon emissions,
cost of equity,
market risks,
sustainability,
emerging markets,
Mexico.

引言：气候变化对企业构成日益增长的风险，在墨西哥等可持续发展认知持续演变的新兴经济体中尤为突出。在此背景下，本研究旨在分析碳排放对墨西哥上市公司股权资本成本（COE）的影响。

研究方法：采用2018至2022年间32家企业的数据，共148个观测值。使用面板数据回归模型检验碳排放强度与股权资本成本的关系，并控制相关财务变量。同时应用随机森林模型，以识别各变量在决定股权资本成本中的相对重要性。

研究结果：研究结果显示，碳排放强度与股权资本成本之间存在正相关关系。然而，这一效应在危机情境（如新冠疫情期间）有所减弱，彼时财务杠杆的作用更为突出。

结论：本研究为有意将可持续性标准纳入财务决策的管理者、投资者和政策制定者提供了重要参考。研究结果强调了在新兴市场特定背景下深化相关动态分析的必要性。

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关键词：气候变化、碳排放、资本成本、市场风险、可持续性、新兴市场、墨西哥。

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Dimensions

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