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The impact of carbon emissions on firm performance in the global transportation sector
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DOI：10.1016/j.retrec.2026.101761.png)
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Abstract
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This study examines the impact of carbon emissions on firm performance in the global transportation sector, utilizing data from 2002 to 2022. We explore both absolute carbon emissions and carbon emission intensity, considering firm performance from both market-based and accounting perspectives. The findings suggest that carbon emission intensity negatively influences long-term market valuation (Tobin's Q), while both carbon emissions and intensity positively affect return on assets and stock returns. This implies that managers tend to prioritize short-term profitability over long-term sustainability, which supports the managerial myopia hypothesis. We also investigate the moderating effects of carbon taxes and product market competition on the relationship between carbon emissions and firm performance. The results suggest that these mechanisms are insufficient to incentivize substantial reductions in carbon emissions. Furthermore, we find that carbon emission intensity can prompt managers to implement related policies, but these efforts have not yet translated into measurable impacts on firm performance. The findings imply that stronger regulatory frameworks and stakeholder pressures are required to align the transportation sector with global net-zero targets.
Keywords:
Carbon emissions
Global transportation
Managerial myopia
Carbon taxes
Product market competition
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