ScholarWorks@중앙대학교

초록

This study provides novel evidence that renewable energy policies, while environmentally motivated, can unintentionally influence firms’ financial reporting behaviors. Leveraging cross-state policy shocks in renewable mandates and incentive programs, combined with electricity production metrics, we provide evidence that a higher intensity of renewable policy raises earnings volatility and, as a result, motivates additional earnings management. Energy-intensive industries especially exhibit this effect. Unlike prior studies that rely on voluntary firm disclosures, our identification strategy leverages regulatory shocks to establish a causal link between renewable energy adoption and financial reporting quality. Our findings underscore an often-overlooked cost of the green transition and offer important implications for policymakers, investors, and regulators.

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