The Impact of CBAM on the Stock Market Value of High-Polluting Enterprises in China: The Role of Corporate Resources
Description
We have organized our data and calculation process into seven folders, named high-polluting emission, indirect emission, target emission, time-series high-polluting, time-series indirect emission, time-series target emission, and cross-section analysis. Each folder represents the different calculations performed in our study. The folders consist of data and code, with the code providing a complete record of the calculation process, including robustness checks, and annotated where necessary.
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Steps to reproduce
We employed the event study methodology to verify the impact of CBAM on the stock values of Chinese listed companies. The market model was used to estimate the expected returns, and Wilcoxon signed-rank test for daily abnormal returns, replacement of the estimation window, and time-series event study methods were utilized for robustness checks. In the cross-sectional analysis, OLS regression was used to analyze the roles of supply chain risk management capability and internationalization capability in mitigating the negative effects brought by CBAM. Robustness checks were also conducted using replacement variables and GLS regression. The stock data in the study comes from the CSMAR database, and the company data comes from both CSMAR and WIND databases. All calculations were completed using Stata 17.