7. APPENDIX
7.1. Table 1 - NAICS Sector Reclassification
Original NAICS Sectors Reclassified fossil-fuel NAICS Sectors Reclassified cross-sectional NAICS Sectors Reclassified Lean NAICS Sectors
Code Name Code Name Code Name Code Name
11 Agriculture, Forestry, Fishing and Hunting
11 Agriculture, Forestry, Fishing and Hunting
11 Agriculture, Forestry, Fishing and Hunting
11 Agriculture, Forestry, Fishing and Hunting
21 Mining, Quarrying, and Oil and Gas Extraction
21a Fossil Fuel Mining 21a Oil & Gas Mining 21a Oil & Gas Mining
21b Coal Mining 21b Coal Mining
21c Other Mining 21c Other Mining
21b Other Mining 22b Other Electric Power Generation 22b Other Electric Power Generation
22a Fossil Fuel Based Utilities 22a Fossil Fuel Electric Power
Generation
22a Fossil Fuel Electric Power Generation
22b Other Utilities 22c Electric Power Transmission,
Control, and Distribution
22c Electric Power Transmission, Control, and Distribution
22d Other Utilities 22d Other Utilities
23 Construction 23 Construction 23 Construction 23 Construction
31-33 Manufacturing 31-33a Oil & Gas Manufacturing 31-33a Oil & Gas Manufacturing 31-33a Oil & Gas Manufacturing
31-33b Other Manufacturing 31-33b Other Manufacturing 31-33b Other Manufacturing
31-33c Paper Manufacturing 31-33c Paper Manufacturing
31-33d Chemical Manufacturing 31-33d Chemical Manufacturing
31-33e Cement Manufacturing 31-33e Cement Manufacturing
31-33f Iron Manufacturing 31-33f Iron Manufacturing
31-33g Alumina Manufacturing 31-33g Alumina Manufacturing
31-33h Semiconductor 31-33h Semiconductor
42 Wholesale trade 42a Fossil Fuel Wholesale 42a Fossil Fuel Wholesale 42a Fossil Fuel Wholesale
42b Other Wholesale Trade 42b Other Wholesale Trade 42b Other Wholesale Trade
44-45 Retail trade 44-45a Fossil Fuel Retail Trade 44-45a Fossil Fuel Retail Trade 44-45a Fossil Fuel Retail Trade
44-45b Other Retail Trade 44-45b Other Retail Trade 44-45b Other Retail Trade
48-49 Transportation and Warehousing 48-49a Fossil Fuel Transportation 48-49a Fossil Fuel Transportation 48-49a Fossil Fuel Transportation 48-49b Transportation and Warehousing 48-49b Transportation and Warehousing 48-49b Transportation and Warehousing
51 Information 51 Information 51 Information 99 Service
52 Finance and Insurance 52 Finance and Insurance 52 Finance and Insurance
53 Real Estate and Rental and Leasing 53 Real Estate and Rental and Leasing 53 Real Estate and Rental and Leasing 54 Professional, Scientific, and
Technical Services
54 Professional, Scientific, and Technical Services
54 Professional, Scientific, and Technical Services 55 Management of Companies and
Enterprises
55 Management of Companies and Enterprises
55 Management of Companies and Enterprises
56 Administrative and Support and Waste Management and Remediation Services
56 Administrative and Support and Waste Management and Remediation Services
56 Administrative and Support and Waste Management and Remediation Services
61 Educational services 61 Educational Services 61 Educational Services
62 Health Care and Social Assistance 62 Health Care and Social Assistance 62 Health Care and Social Assistance 71 Arts, Entertainment, and Recreation 71 Arts, Entertainment, and Recreation 71 Arts, Entertainment, and Recreation 72 Accommodation and Food Services 72 Accommodation and Food Services 72 Accommodation and Food Services 81 Other Services (except Public
Administration)
81 Other Services (except Public Administration)
81 Other Services (except Public Administration)
92 Public administration 92 Public Administration 92 Public Administration
99 Non classified 99 Non classified 99 Non classified
The first reclassification is to differentiate between Fossil-Fuel and non-Fossil Fuel firms. The second reclassification is to further reclassify the industries with strong emission patterns per GHG Greenhouse Gas Accountings. The final reclassification is to group the firms with low emission patterns.
63 7.2.Table 2 – Data Description & Source
Variable Source Description Measurement
Panel 1: COMPANY INFORMATION
FinalEikonID TR Eikon Thomson Reuter Eikon ID ID
SP500 Bloomberg 1 if the firm is a S&P500 firm as at 22 May 2018 Category
Panel 2: NATION INFORMATION
Region WESP 7 Geographical region: East Asia & Pacific, Middle East & North Africa, Europe & Central Asia, North America, South Asia, Latin America & Caribbean, Sub-Saharan Africa
Category IncomeGroup World Bank 4 Income group per 2017 World Bank GNI per capita Analytical Classifications: Low Income,
Lower Middle Income, Upper Middle Income, High Income
Category CO2Law World Bank Indicate if the country have implemented Carbon ETS / Carbon Tax (YES), considering Carbon
ETS / Carbon Tax (TBD) or not (No)
Category
CO2Scheme World Bank Indicate if the country have ETS / Carbon Tax Category
CO2Coverage World Bank Indicate if the Carbon ETS/ Tax coverage is Subnational, National, Regional Category FuelIntensity 2017 IEA CO₂ / kWh of electricity generation of country headquarter of borrower kgCO2/kWh Panel 3: INDUSTRY CLASSIFICATION
NAICSSector TR Eikon 2012 NAICS Sector -2 digit codes (20 sectors) Classification
NAICSReclass1 Self-Calculation 2012 Reclassified NAICS Sector based on Fossil Fuel -2 digit codes (30 sectors) Classification NAICSReclass2 Self-Calculation 2012 Reclassified NAICS Sector based on WBCSD GHG Protocol Sector Classification-2 digit
codes (37 sectors)
Classification NAICSReclass3 Self-Calculation 2012 Reclassified NAICS Sector based on WBCSD GHG Protocol Sector Classification, grouped
service sectors into one category -2 digit codes (25 sectors)
Classification
NAICSSubsec TR Eikon 2012 NAICS Subsector -3 digit codes (99 sub sectors) Classification
NAICSGroup TR Eikon 2012 NAICS Industry Group -4 digit codes (312 industry groups) Classification NAICSInd TR Eikon 2012 NAICS National Industry Classification - 6 digit codes (1065 industries) Classification GICSSector TR Eikon 1 for each of the 11 industry sectors GICS(the 11th is in the intercept) Classification
GICSGroup TR Eikon GICS Group - 4 digit codes (24 groups) Classification
GICSInd TR Eikon GICS Group - 6 digit codes (68 industries) Classification
GICSSubInd TR Eikon GICS Group - 8 digit codes (157 sub-industries) Classification
Panel 3: TIME SERIES INFORMATION
FiscalYear Reporting year
CF1 Asset4 Carbon footprints (GHGE emissions in Scope 1) per firm per reporting year CO2e ton
CF2 Asset4 Carbon footprints (GHGE emissions in Scope 2) per firm per reporting year CO2e ton
CF3 Asset4 Carbon footprints (GHGE emissions in Scope 3) per firm per reporting year CO2e ton
CF12 Self-Calculated Carbon footprints (GHGE emissions in Scope 1 & 2) per firm per reporting year CO2e ton CI1 Self-Calculated Carbon intensity (GHGE emissions in Scope 3) per firm per reporting year CO2e ton /$USM CI2 Self-Calculated Carbon intensity (GHGE emissions in Scope 1 & 2) per firm per reporting year CO2e ton
/$USM CI3 Self-Calculated Carbon intensity (GHGE emissions in Scope 1 & 2) per firm per reporting year CO2e ton
/$USM CI12 Self-Calculated Carbon footprints (GHGE emissions in Scope 1 & 2) per firm per reporting year CO2e ton
/$USM
Revenue TR Eikon Total revenue per firm per reporting year $US K
EMP TR Eikon Number of employees at the end of reporting year Headcount
Asset TR Eikon Total assets per firm at the end of reporting year $US K
GPPE TR Eikon Gross property, plant, equipment per firm at the end of reporting year $US K
NPPE TR Eikon Net property, plant, equipment per firm at the end of reporting year $US K
INTAN TR Eikon Intangibles asset per firm per reporting year $US K
CapEx TR Eikon Capital expenditures per firm per reporting year $US K
COGS TR Eikon Cost of revenue per firm per reporting year $US K
GMAR Self-Calculated Gross margin per reporting year (%) %
Age Self-Calculated Gross property, plant, equipment to depreciation expense per firm at the end of reporting year.
Represent the asset age of the firm
% CapInten Self-Calculated Gross property, plant and equipment per firm divided by revenue at the end of reporting year % Leverage Self-Calculated Long-term debt divided by total assets at the end of reporting year (%) %
ENEProduce Asset4 Total energy produced per firm per reporting year GWh
ENEConsume Asset4 Total energy consumed per firm per reporting year GWh
64 7.3.Table 3 – Summary Statistics by Categorical Features
7.3.1. Panel A – Fiscal Year
Variables Stat 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Total
CF1 Mean 2,570,077 3,321,710 2,651,945 2,252,988 2,394,684 2,131,272 2,123,106 2,132,491 1,958,104 1,953,143 1,941,259 2,132,778
Median 288,270 149,000 123,046 122,669 102,852 94,865 88,791 81,853 78,749 67,200 55,894 83,500
STD 571,149 539,796 394,490 321,200 256,259 201,029 182,878 178,709 163,801 161,986 160,227 65,535
Count 137 261 310 421 810 1,123 1,229 1,386 1,355 1,393 1,530 9,955
CF2 Mean 1,062,729 932,447 844,218 742,743 608,000 575,972 573,983 555,051 524,519 517,071 497,643 579,586
Median 402,000 272,858 235,950 210,000 162,692 153,716 155,273 140,630 132,177 117,019 105,023 145,000
STD 144,953 102,733 91,165 68,692 42,112 35,767 34,030 32,653 30,924 29,924 29,308 12,273
Count 137 261 310 421 810 1,123 1,229 1,386 1,355 1,393 1,530 9,955
CF3 Mean 1,466,594 953,169 1,118,778 2,719,631 5,435,068 5,542,422 6,636,998 6,784,064 7,992,982 8,162,334 9,593,381 6,978,162
Median 52,412 42,388 46,300 40,277 34,387 36,000 36,160 45,771 47,141 48,281 52,959 42,754
STD 1,231,929 704,044 761,118 1,124,247 1,457,091 1,165,511 1,305,695 1,094,289 1,423,308 1,431,644 1,691,152 494,962
Count 8 32 115 207 492 748 857 996 832 813 881 5,981
CF12 Mean 3,632,806 4,254,157 3,496,162 2,995,731 3,002,685 2,707,245 2,697,089 2,687,542 2,482,622 2,470,214 2,438,902 2,712,365
Median 972,262 612,973 536,900 444,000 347,385 328,230 324,999 320,656 292,732 264,000 240,585 313,721
STD 608,727 577,268 425,270 343,320 271,656 216,113 197,761 193,713 177,215 175,500 173,643 70,687
Count 137 261 310 421 810 1,123 1,229 1,386 1,355 1,393 1,530 9,955
CI1 Mean 195 261 191 199 254 243 254 260 258 252 323 259
Median 20 16 12 14 13 14 12 12 13 13 12 13
STD 43 46 31 31 31 31 34 30 30 26 45 12
Count 137 261 310 421 810 1,123 1,229 1,386 1,355 1,393 1,530 9,955
CI2 Mean 91 74 67 67 68 70 66 72 75 80 84 74
Median 29 25 23 23 21 22 21 22 22 22 22 22
STD 16 9 9 7 7 5 4 5 5 5 5 2
Count 137 261 310 421 810 1,123 1,229 1,386 1,355 1,393 1,530 9,955
CI3 Mean 96 34 49 157 294 382 561 558 610 600 878 548
Median 2 3 3 4 4 5 5 6 7 7 10 6
STD 60 22 25 57 94 96 297 255 304 277 387 101
Count 8 32 115 207 492 748 857 996 832 813 881 5,981
CI12 Mean 286 335 257 266 322 313 320 333 333 331 407 333
STD 48 48 35 33 33 32 35 32 32 28 46 12
Count 137 261 310 421 810 1,123 1,229 1,386 1,355 1,393 1,530 9,955
Revenue Mean 23,702,919 22,545,565 22,788,852 18,250,775 16,728,810 14,965,868 15,677,808 15,698,580 15,042,645 14,292,707 12,397,699 15,522,258 Median 13,948,303 10,938,000 12,359,633 9,842,000 7,718,531 6,432,000 6,568,000 6,169,630 5,663,616 5,067,561 4,391,206 6,216,000
STD 2,490,680 1,826,333 1,682,266 1,197,348 885,474 700,075 715,624 717,439 746,417 709,763 593,638 258,912
Count 137 261 310 421 810 1,123 1,229 1,386 1,355 1,393 1,530 9,955
EMP Mean 65,035 55,096 54,893 50,822 45,517 41,519 41,154 39,851 38,210 37,933 37,038 40,653
Median 35,660 30,322 28,638 27,764 20,108 17,959 17,313 16,086 14,788 14,201 13,701 17,306
STD 7,414 4,502 4,181 3,523 2,588 2,021 1,928 1,809 1,839 1,826 1,761 659
Count 136 258 305 400 772 1,069 1,165 1,283 1,236 1,269 1,385 9,954
Asset Mean 72,119,698 67,225,267 67,507,223 59,439,577 51,313,222 44,244,603 45,414,343 43,620,863 43,325,847 42,244,233 40,073,020 46,184,339 Median 24,580,800 19,177,048 19,406,569 15,727,000 12,216,409 9,990,606 10,802,000 10,383,715 9,610,882 9,338,037 8,152,486 10,665,127
65
STD 11,092,465 8,499,214 7,484,469 5,833,875 4,035,486 3,204,085 3,100,162 2,866,660 3,019,821 2,902,813 2,686,128 1,113,952
Count 137 261 310 421 810 1,123 1,229 1,386 1,355 1,393 1,530 9,955
GPPE Mean 19,888,858 16,981,343 15,775,868 13,015,990 11,921,332 10,777,426 10,955,185 10,748,468 11,391,430 11,075,465 10,358,759 11,506,577 Median 10,030,719 7,073,688 6,020,000 5,084,034 3,734,860 3,303,956 3,130,712 3,014,309 3,193,765 2,975,027 2,668,931 3,327,566
STD 3,397,231 2,143,834 1,663,043 1,343,208 956,501 775,005 812,194 751,797 798,377 777,098 719,739 286,554
Count 126 234 286 390 752 1,010 1,084 1,184 1,188 1,241 1,355 8,850
NPPE Mean 9,717,620 8,210,277 8,463,017 6,733,445 6,159,915 5,491,334 5,651,186 5,714,240 5,711,146 5,587,157 5,134,071 5,848,766 Median 5,058,694 3,394,486 3,299,977 2,645,143 2,139,453 1,882,252 1,815,958 1,810,217 1,805,345 1,557,587 1,338,934 1,863,645
STD 1,331,404 870,711 753,870 538,142 399,044 316,417 338,969 320,463 343,846 345,162 313,155 121,040
Count 134 256 304 418 802 1,113 1,219 1,371 1,341 1,385 1,521 9,955
INTAN Mean 4,565,256 3,927,147 3,764,829 3,260,561 3,091,488 2,617,069 2,816,883 2,602,642 2,722,975 2,676,387 2,600,810 2,716,710
Median 862,911 594,237 776,400 582,997 540,425 422,940 496,969 455,824 451,246 496,004 479,918 541,471
STD 840,614 593,428 493,794 381,242 300,294 232,670 243,973 208,086 218,517 215,187 208,974 74,278
Count 120 232 282 388 720 1,011 1,110 1,242 1,224 1,263 1,384 9,953
CapEx Mean 1,935,922 1,689,488 1,658,138 1,396,006 1,118,096 939,677 1,066,963 1,084,344 1,051,697 1,040,525 939,817 1,084,942
Median 784,167 683,907 696,001 597,941 397,205 304,668 346,784 351,186 334,000 293,430 251,306 341,533
STD 308,906 207,213 153,310 111,735 76,347 60,292 70,008 65,037 69,203 68,862 61,529 24,243
Count 133 254 296 407 786 1,100 1,206 1,358 1,334 1,372 1,503 9,955
Age Mean 16.08 14.90 14.38 14.79 13.98 14.90 14.58 14.79 14.93 14.95 14.78 14.72
Median 14 13 13 13 13 13 13 13 14 14 14 13
STD 1.16 0.62 0.53 0.50 0.32 0.30 0.28 0.29 0.27 0.27 0.27 0.10
Count 125 233 285 389 750 1,007 1,075 1,176 1,176 1,236 1,347 9,953
Cap Inten
Mean 0.64 0.60 0.58 0.57 0.62 0.55 0.55 0.61 0.60 0.61 0.64 0.60
Median 0 0 0 0 0 0 0 0 0 0 0 0
STD 0.10 0.07 0.06 0.05 0.04 0.03 0.03 0.03 0.03 0.03 0.03 0.01
Count 134 256 304 418 802 1,113 1,219 1,371 1,341 1,385 1,521 9,955
GMAR Mean 0.48 0.48 0.47 0.45 0.43 0.41 0.41 0.40 0.40 0.41 0.41 0.43
Median 0 0 0 0 0 0 0 0 0 0 0 0
STD 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.00
Count 119 225 256 348 676 966 1,050 1,189 1,178 1,201 1,314 9,162
Fuel Intensity
Mean 430 424 428 432 423 442 440 455 454 444 424 440
Median 486 509 504 499 448 453 510 488 489 474 456 483
STD 18 12 12 11 8 7 6 6 6 6 6 2
Count 137 261 310 421 810 1,123 1,229 1,386 1,355 1,393 1,530 9,955
ENE Consume
Mean 123 125 49 42 37 40 48 43 37 31 28 40
Median 12 8 4 4 4 4 4 4 4 3 3 4
STD 73 84 17 13 8 7 9 8 6 3 2 3
Count 81 142 260 340 591 830 934 1,063 1,102 1,142 1,222 7,707
ENE Produce
Mean 250 206 129 43 60 51 38 43 38 37 38 47
Median 18 56 5 3 5 2 1 1 1 0 0 1
STD 126 66 72 12 12 10 7 9 8 8 8 4
Count 14 23 20 49 101 154 189 246 252 261 297 1,606
66 7.3.2. Panel B – GICS Sectors
Variables Stat Cons.Disc Cons.Staple s
Energy Financials HealthCare Industrials Informatio n
Materials Real Estate Telecom Utilities Total
CF1 Mean 469,720 650,613 7,415,082 28,580 291,002 1,923,721 180,003 4,563,650 470,678 138,459 11,514,913 2,132,778
Median 36,927 273,000 2,576,000 7,765 49,360 116,481 15,998 1,055,584 7,066 44,209 4,001,500 83,500
STD 43,098 32,860 475,267 7,567 28,654 122,961 17,208 234,090 123,796 14,314 689,354 65,535
Count 1,229 855 605 1,365 517 1,986 884 1,285 391 374 464 9,955
CF2 Mean 547,263 658,833 831,352 125,861 351,280 285,118 450,864 1,526,447 165,610 910,143 745,850 579,586
Median 123,149 286,376 276,725 43,343 121,293 88,432 160,880 636,821 58,946 312,222 260,176 145,000
STD 28,067 31,021 57,957 6,236 28,208 13,234 29,316 62,980 19,301 76,063 66,132 12,273
Count 1,229 855 605 1,365 517 1,986 884 1,285 391 374 464 9,955
CF3 Mean 9,760,132 4,421,375 54,284,57
9
270,088 1,138,559 3,236,777 3,483,396 12,145,198 379,205 274,263 14,927,570 6,978,162
Median 41,638 200,000 301,000 13,930 54,233 44,807 68,841 212,376 9,065 35,917 727,446 42,754
STD 1,549,961 734,124 7,484,891 204,561 239,849 485,168 795,782 2,335,792 138,248 86,443 1,637,188 494,962
Count 755 483 271 1,109 310 1,132 574 544 244 262 297 5,981
CF12 Mean 1,016,983 1,309,446 8,246,434 154,441 642,282 2,208,840 630,867 6,090,097 636,288 1,048,602 12,260,763 2,712,365
Median 173,275 613,189 3,392,027 56,812 181,420 270,245 187,551 2,195,694 70,165 382,900 4,679,111 313,721
STD 56,373 58,427 506,118 10,470 56,331 125,876 44,475 267,099 131,212 85,137 712,031 70,687
Count 1,229 855 605 1,365 517 1,986 884 1,285 391 374 464 9,955
CI1 Mean 37 48 526 5 17 221 21 735 108 6 1,544 259
Median 6 24 344 1 10 16 3 232 9 4 487 13
STD 4 3 26 2 1 28 2 46 28 0 152 12
Count 1,229 855 605 1,365 517 1,986 884 1,285 391 374 464 9,955
CI2 Mean 47 43 83 10 26 33 57 259 124 43 107 74
Median 20 29 25 5 15 16 20 145 65 34 43 22
STD 4 2 8 1 2 1 3 10 11 2 11 2
Count 1,229 855 605 1,365 517 1,986 884 1,285 391 374 464 9,955
CI3 Mean 214 186 2,610 7 44 221 127 3,096 92 10 885 548
Median 7 19 25 1 5 6 12 47 8 2 101 6
STD 30 22 537 4 7 30 32 1,069 16 2 83 101
Count 755 483 271 1,109 310 1,132 574 544 244 262 297 5,981
CI12 Mean 84 92 609 15 43 254 79 994 232 50 1,652 333
STD 7 4 29 2 3 28 5 50 31 2 152 12
Count 1,229 855 605 1,365 517 1,986 884 1,285 391 374 464 9,955
Revenue Mean 19,655,353 20,274,130 21,831,49 3
20,274,738 18,548,215 12,300,537 14,538,620 7,940,886 2,279,310 24,522,138 10,804,395 15,522,258 Median 5,787,980 10,398,603 8,870,000 9,864,000 7,806,000 6,218,834 5,467,801 4,764,340 930,990 9,944,614 6,091,136 6,216,000 STD 1,027,361 877,175 1,651,345 720,534 1,036,897 396,622 892,928 368,146 195,452 1,687,084 548,120 258,912
Count 1,229 855 605 1,365 517 1,986 884 1,285 391 374 464 9,955
EMP Mean 61,477 63,490 14,990 42,970 37,254 45,981 48,559 19,450 8,123 59,392 17,211 40,653
Median 22,913 28,379 5,221 20,577 27,000 22,986 20,250 11,340 673 28,047 8,303 17,306
STD 2,725 3,103 948 1,622 1,607 1,716 2,281 679 953 4,112 1,936 659
Count 1,181 817 553 1,308 512 1,876 799 1,158 314 335 425 9,954
Asset Mean 25,904,920 20,313,377 28,761,44 6
203,340,701 29,874,865 17,556,843 17,588,901 11,592,376 11,992,392 49,796,974 24,845,258 46,184,339 Median 6,526,785 10,193,564 14,655,45
1
118,737,190 12,520,838 7,561,500 6,996,773 6,590,000 8,519,931 19,688,800 15,599,241 10,665,127
67
STD 1,550,485 907,924 1,810,349 6,084,801 1,625,710 1,100,720 1,054,567 426,512 621,791 3,713,741 1,169,529 1,113,952
Count 1,229 855 605 1,365 517 1,986 884 1,285 391 374 464 9,955
GPPE Mean 12,120,833 8,947,919 27,976,46 1
4,318,774 8,586,330 7,371,278 7,859,836 9,423,822 4,605,103 53,127,601 15,259,816 11,506,577 Median 2,556,000 4,731,129 11,263,69
5
1,753,160 3,201,387 2,390,759 2,299,697 4,849,988 279,361 21,556,434 6,192,233 3,327,566
STD 762,080 384,202 1,988,947 223,526 481,426 298,406 614,261 383,061 435,003 4,402,272 1,265,052 286,554
Count 1,139 806 560 1,019 478 1,799 830 1,174 316 349 380 8,850
NPPE Mean 6,398,318 4,790,593 16,235,44 1
2,872,775 4,071,137 4,107,796 3,036,761 5,416,208 3,130,801 17,872,936 10,059,048 5,848,766 Median 1,290,894 2,429,713 6,875,000 995,053 1,414,200 1,286,725 1,013,126 2,961,523 116,282 7,794,365 4,667,759 1,863,645
STD 370,987 209,758 999,488 136,696 224,472 174,559 242,163 232,739 295,324 1,344,610 783,154 121,040
Count 1,228 855 605 1,309 517 1,984 884 1,285 379 374 444 9,955
INTAN Mean 2,412,710 3,237,844 2,370,706 2,646,345 8,539,889 1,674,568 1,454,643 728,123 254,586 13,799,976 2,003,053 2,716,710
Median 519,538 614,015 413,632 1,028,000 1,609,500 353,000 391,438 218,845 93,805 4,455,662 532,756 541,471
STD 171,846 206,902 246,129 125,923 681,128 90,347 90,499 47,767 29,398 1,198,273 176,542 74,278
Count 1,151 832 402 1,229 516 1,899 860 1,103 212 374 398 9,953
CapEx Mean 1,207,190 797,530 2,932,268 687,490 775,332 667,968 980,266 738,788 322,333 4,089,343 1,563,953 1,084,942
Median 272,324 380,000 1,131,519 214,382 347,232 249,926 253,719 369,000 131,629 1,955,463 955,424 341,533
STD 82,076 36,203 200,886 37,514 41,589 28,217 83,553 35,627 23,231 280,385 81,691 24,243
Count 1,227 855 603 1,210 515 1,977 884 1,284 358 372 464 9,955
Age Mean 13.65 16.21 19.27 10.23 9.88 14.54 9.55 20.53 19.53 12.79 18.81 14.72
Median 12 16 18 9 9 13 9 20 14 13 19 13
STD 0.26 0.18 0.39 0.24 0.30 0.22 0.22 0.25 0.96 0.28 0.73 0.10
Count 1,132 800 560 1,006 466 1,793 830 1,171 312 349 380 9,953
Cap Inten
Mean 0.36 0.27 1.63 0.17 0.27 0.47 0.28 0.96 1.56 0.72 1.34 0.60
Median 0 0 1 0 0 0 0 1 0 1 1 0
STD 0.01 0.01 0.07 0.00 0.01 0.02 0.01 0.03 0.15 0.02 0.08 0.01
Count 1,228 855 605 1,309 517 1,984 884 1,285 379 374 444 9,955
GMAR Mean 0.40 0.38 0.41 0.71 0.63 0.34 0.40 0.32 0.62 0.60 0.51 0.43
Median 0 0 0 1 1 0 0 0 1 1 0 0
STD 0.01 0.01 0.01 0.02 0.01 0.00 0.01 0.00 0.01 0.01 0.01 0.00
Count 1,197 853 583 181 486 1,921 876 1,268 359 371 427 9,162
Fuel Intensity
Mean 435 442 400 445 437 412 487 481 472 413 399 440
Median 475 486 418 480 486 456 511 488 485 456 448 483
STD 6 8 9 6 9 5 5 7 11 13 9 2
Count 1,229 855 605 1,365 517 1,986 884 1,285 391 374 464 9,955
ENE Consume
Mean 16 18 107 2 8 34 44 80 25 67 105 40
Median 2 9 31 1 2 4 2 26 1 5 8 4
STD 2 1 9 0 1 2 16 8 15 41 24 3
Count 894 671 440 1,052 429 1,508 676 1,104 301 324 308 7,707
ENEProduce Mean 1 3 72 1 1 4 0 24 9 0 167 47
Median 0 1 8 0 0 0 0 6 0 0 96 1
STD 0 1 16 0 0 1 0 3 4 0 14 4
Count 123 150 137 65 83 169 113 292 52 85 337 1,606
68 7.3.3. Pane C - Reclassified NAICS Sectors
Variables Stat Agriculture Arts Construction Finance Healthcare IT MFG-FF MFG-Other Mining-FF Mining-
Other
CF1 Mean 130,671 29,884 855,169 24,304 50,583 92,013 10,979,946 1,387,015 5,810,868 2,206,591
Median 125,407 18,407 81,267 7,352 51,578 19,421 6,351,000 179,246 1,470,922 391,036
STD 26,920 8,144 157,880 7,437 6,614 8,389 804,085 71,721 545,400 276,222
Count 23 30 311 1,378 25 705 268 3,799 360 370
CF2 Mean 214,284 66,285 149,457 119,448 152,229 563,902 2,435,594 703,312 773,056 1,315,055
Median 63,774 47,397 51,305 43,957 166,462 139,650 985,764 284,500 211,376 518,295
STD 55,798 10,451 15,681 6,062 23,224 43,494 198,461 18,473 84,004 106,303
Count 23 30 311 1,378 25 705 268 3,799 360 370
CF3 Mean 43,856 57,854 2,615,052 265,825 32,783 282,149 55,244,543 7,554,331 46,096,547 32,839,422
Median 41,489 15,928 32,201 14,082 40,457 33,972 598,185 150,319 61,143 52,176
STD 11,775 23,992 625,219 200,938 4,005 68,030 9,766,682 718,450 10,053,776 8,086,730
Count 14 9 207 1,129 15 516 124 1,943 163 148
CF12 Mean 344,956 96,169 1,004,625 143,751 202,813 655,916 13,415,540 2,090,327 6,583,924 3,521,646
Median 205,050 60,737 187,189 56,921 229,653 171,295 8,567,658 519,144 1,895,000 1,189,000
STD 76,750 16,015 162,433 10,198 28,139 48,891 868,495 82,283 592,734 330,034
Count 23 30 311 1,378 25 705 268 3,799 360 370
CI1 Mean 108 14 489 3 13 5 461 208 621 509
Median 36 7 13 1 12 3 304 18 462 188
STD 27 2 169 2 1 0 33 14 34 92
Count 23 30 311 1,378 25 705 268 3,799 360 370
CI2 Mean 96 47 30 10 41 33 187 74 106 406
Median 54 34 5 5 25 21 44 31 28 216
STD 23 8 3 1 7 2 19 2 13 26
Count 23 30 311 1,378 25 705 268 3,799 360 370
CI3 Mean 53 19 268 7 7 14 871 254 3,825 10,508
Median 48 10 7 1 6 3 43 18 12 33
STD 10 8 106 4 1 2 114 20 884 3,872
Count 14 9 207 1,129 15 516 124 1,943 163 148
CI12 Mean 204 61 519 13 54 38 648 282 727 915
STD 45 8 171 2 7 2 43 15 40 102
Count 23 30 311 1,378 25 705 268 3,799 360 370
Revenue Mean 3,281,845 2,350,259 8,889,473 20,983,700 4,105,979 17,892,707 31,748,214 16,298,844 16,083,898 4,634,981 Median 1,854,426 1,869,221 5,399,442 10,309,695 3,231,344 7,330,601 17,361,639 6,826,100 4,625,731 2,165,365 STD 892,575 399,109 558,307 724,706 440,123 1,013,651 2,738,954 445,620 1,921,869 400,944
Count 23 30 311 1,378 25 705 268 3,799 360 370
EMP Mean 9,436 8,557 30,829 42,871 32,417 42,669 21,593 43,507 14,614 17,529
Median 9,309 7,350 15,083 20,982 28,942 21,212 20,000 19,300 4,300 7,600
STD 1,510 1,193 2,592 1,600 2,209 2,393 1,166 1,046 1,387 1,257
Count 18 24 277 1,327 24 656 245 3,603 329 315
Asset Mean 3,705,481 4,728,679 14,192,182 201,827,981 6,143,885 35,717,751 33,037,356 23,192,356 26,513,164 11,948,484 Median 1,769,277 2,941,912 9,232,430 116,434,332 6,295,067 11,557,282 16,423,500 8,100,761 13,616,270 4,835,071 STD 886,923 1,224,876 940,521 6,040,786 558,080 2,189,246 2,996,661 824,735 2,091,342 1,074,978
Count 23 30 311 1,378 25 705 268 3,799 360 370
Mean 1,681,899 1,631,718 2,830,477 4,228,882 3,056,439 30,414,345 31,520,478 10,139,529 25,775,707 10,131,491
69 GPPE Median 797,272 1,247,259 1,162,999 1,823,326 2,543,289 5,908,610 15,766,410 3,935,256 11,170,000 4,313,558
STD 395,038 225,526 251,261 217,378 463,664 2,520,263 3,495,520 319,641 2,089,012 924,368
Count 23 30 269 1,030 21 660 241 3,485 343 359
NPPE Mean 1,020,289 1,039,634 1,715,589 2,792,255 1,777,843 10,639,929 17,186,055 4,732,413 14,853,277 7,393,607 Median 529,593 792,813 790,219 993,903 925,000 2,694,251 7,973,184 1,957,845 7,287,000 2,895,924
STD 275,252 162,588 121,098 131,903 358,002 780,311 1,755,205 146,011 1,036,432 694,134
Count 23 30 311 1,322 25 705 268 3,796 359 370
INTAN Mean 375,512 701,060 1,244,747 2,629,840 662,534 9,037,416 1,886,191 2,977,810 2,343,518 718,488
Median 224,286 253,810 111,226 1,039,771 459,138 2,586,000 374,690 448,502 368,000 117,610
STD 93,970 191,901 306,916 122,779 130,643 676,765 289,858 125,997 382,061 124,728
Count 23 30 275 1,247 24 705 242 3,699 177 218
CapEx Mean 200,893 190,880 342,097 649,850 282,241 2,476,328 2,834,343 944,891 2,870,024 1,045,934
Median 62,766 134,847 113,693 224,772 187,336 716,859 1,226,496 325,411 1,232,040 408,734
STD 54,234 27,162 30,496 34,396 56,611 165,440 333,675 35,344 228,674 101,052
Count 23 30 309 1,222 24 702 266 3,798 359 369
Age Mean 19.94 14.50 16.74 9.98 18.58 10.30 20.33 14.55 18.60 21.68
Median 18 13 13 9 11 9 20 14 17 20
STD 3.38 1.79 0.77 0.23 2.50 0.24 0.40 0.12 0.50 0.57
Count 23 30 269 1,018 21 660 240 3,461 343 358
CapInten Mean 0.53 0.60 0.27 0.16 0.57 0.51 0.55 0.35 2.07 1.85
Median 0 1 0 0 0 0 0 0 2 1
STD 0.18 0.07 0.03 0.00 0.11 0.02 0.02 0.01 0.09 0.08
Count 23 30 311 1,322 25 705 268 3,796 359 370
GMAR Mean 0.36 0.56 0.23 0.74 0.55 0.60 0.24 0.36 0.50 0.38
Median 0 1 0 1 0 1 0 0 0 0
STD 0.03 0.05 0.01 0.02 0.04 0.01 0.01 0.00 0.01 0.01
Count 23 29 307 158 25 680 263 3,778 351 361
Fuel Intensity
Mean 595 531 438 446 608 406 445 440 407 484
Median 755 531 453 483 526 456 497 488 448 460
STD 81 34 12 6 54 8 15 3 13 15
Count 23 30 311 1,378 25 705 268 3,799 360 370
ENE Consume
Mean 6 34 15 2 1 39 174 34 127 36
Median 2 1 4 1 1 2 121 6 23 10
STD 2 22 3 0 0 23 12 4 31 4
Count 22 21 218 1,043 24 563 238 3,162 231 336
ENE Produce
Mean 1 - 6 0 0 0 83 10 89 9
Median 1 - 2 0 0 0 14 1 13 1
STD 0 - 2 0 0 0 18 1 31 2
Count 5 - 28 69 3 106 67 648 59 77
70 Variables Stat Real Estate Retail Services Transport-FF Transport-
Other
Utilities-FF Utilities- Other
Wholesale- FF
Wholesale- Other
Total CF1 Mean 288,066 354,336 632,817 2,761,602 6,077,488 28,975,281 9,970,912 7,992,222 2,399,351 2,132,778
Median 8,106 67,000 31,360 1,400,879 957,539 28,405,050 3,218,256 2,544,055 80,482 83,500 STD 89,205 29,767 91,930 666,826 413,073 2,282,740 681,995 2,257,399 613,078 65,535
Count 371 447 722 41 501 42 411 33 118 9,955
CF2 Mean 100,447 709,997 201,994 869,570 208,771 450,554 765,871 438,432 610,614 579,586
Median 37,623 279,936 59,803 92,951 79,435 265,817 256,278 181,558 76,356 145,000 STD 7,648 45,571 18,251 207,894 14,917 144,121 72,836 117,128 115,531 12,273
Count 371 447 722 41 501 42 411 33 118 9,955
CF3 Mean 310,276 691,690 382,926 535,813 1,757,247 9,046,679 15,816,319 62,694,472 602,941 6,978,162 Median 11,522 53,428 34,955 253,000 62,293 9,964,253 703,284 44,104,163 28,312 42,754 STD 79,420 168,495 63,839 181,429 260,144 1,400,492 1,788,037 14,240,275 229,810 494,962
Count 221 316 482 25 287 18 270 22 72 5,981
CF12 Mean 388,514 1,064,333 834,811 3,631,172 6,286,259 29,425,835 10,736,783 8,430,654 3,009,966 2,712,365 Median 62,614 422,272 126,782 1,446,330 1,260,057 28,688,350 3,928,357 2,765,524 133,124 313,721 STD 88,937 65,659 97,119 705,612 415,842 2,311,026 712,029 2,351,579 701,330 70,687
Count 371 447 722 41 501 42 411 33 118 9,955
CI1 Mean 114 18 110 456 424 6,439 1,079 413 56 259
Median 10 6 8 285 216 3,803 400 45 10 13
STD 36 2 15 89 21 1,294 76 248 12 12
Count 371 447 722 41 501 42 411 33 118 9,955
CI2 Mean 108 30 52 80 39 76 110 18 25 74
Median 51 24 12 68 14 40 37 3 11 22
STD 11 1 7 12 3 16 12 5 3 2
Count 371 447 722 41 501 42 411 33 118 9,955
CI3 Mean 129 38 73 77 170 1,064 902 1,481 20 548
Median 9 7 7 10 10 1,308 99 1,584 2 6
STD 22 7 20 28 29 158 91 240 5 101
Count 221 316 482 25 287 18 270 22 72 5,981
CI12 Mean 222 48 162 536 463 6,516 1,188 431 81 333
STD 37 3 18 88 21 1,295 76 251 13 12
Count 371 447 722 41 501 42 411 33 118 9,955
Revenue Mean 2,020,753 24,694,989 6,941,912 7,647,859 11,247,245 8,381,693 11,114,835 41,130,989 25,606,282 15,522,258 Median 922,988 11,462,734 4,231,124 4,666,667 5,742,760 6,342,500 6,126,030 23,693,543 9,690,463 6,216,000 STD 152,897 1,446,349 285,940 1,381,518 631,229 1,226,786 600,637 5,563,538 3,195,587 258,912
Count 371 447 722 41 501 42 411 33 118 9,955
EMP Mean 5,855 94,501 58,624 4,160 51,401 9,623 17,214 11,144 46,015 40,653
Median 757 43,232 26,584 4,704 23,215 6,581 8,527 8,355 23,210 17,306
STD 658 5,660 3,741 431 4,012 1,626 2,175 1,794 5,286 659
Count 304 430 692 35 446 41 369 27 116 9,954
Asset Mean 11,369,184 15,842,655 7,808,121 23,170,671 16,742,915 22,181,380 25,088,067 22,883,937 20,931,735 46,184,339 Median 7,535,688 8,207,067 5,192,862 19,979,326 10,263,000 16,791,500 15,351,856 9,680,567 5,622,624 10,665,127 STD 766,505 860,018 305,627 2,615,092 706,153 2,604,332 1,290,329 4,178,143 3,091,515 1,113,952
Count 371 447 722 41 501 42 411 33 118 9,955
71 GPPE Mean 4,745,349 9,509,627 2,851,288 20,513,302 13,996,729 6,918,548 16,105,742 9,388,113 7,925,890 11,506,577
Median 390,266 4,882,715 1,344,046 17,626,562 7,019,454 2,456,156 6,064,816 3,529,929 1,164,490 3,327,566 STD 470,974 577,072 190,577 2,450,214 755,771 1,751,784 1,419,813 2,963,056 1,342,843 286,554
Count 295 428 680 36 439 35 334 28 114 8,850
NPPE Mean 3,156,435 5,745,102 1,590,545 16,328,407 9,450,805 4,704,982 10,590,138 7,596,032 3,723,555 5,848,766 Median 183,686 2,460,782 645,709 14,526,224 4,901,105 2,571,247 4,650,127 3,485,716 489,197 1,863,645 STD 322,285 362,002 111,159 1,871,638 497,908 1,021,790 871,261 1,752,559 602,968 121,040
Count 360 447 722 41 501 38 395 33 118 9,955
INTAN Mean 283,495 1,341,152 1,021,612 2,158,696 2,049,567 1,135,498 1,954,494 1,087,137 1,489,263 2,716,710 Median 84,157 346,023 425,671 413,265 344,257 513,948 532,555 192,029 917,935 541,471 STD 44,963 134,038 59,843 581,615 240,918 455,188 185,719 317,390 155,066 74,278
Count 225 413 684 39 445 26 361 32 111 9,953
CapEx Mean 469,725 851,439 310,148 2,120,736 1,150,824 1,507,185 1,568,770 1,207,078 625,082 1,084,942 Median 130,226 477,844 172,539 1,552,047 599,659 1,072,196 922,073 495,119 126,381 341,533
STD 58,975 51,056 16,918 322,729 64,485 173,137 90,083 267,831 104,680 24,243
Count 339 446 716 41 501 42 411 33 118 9,955
Age Mean 17.56 14.38 10.95 30.84 20.68 12.14 19.03 18.44 14.45 14.72
Median 11 13 8 29 18 3 20 16 13 13
STD 0.96 0.31 0.39 1.09 0.60 2.34 0.76 1.44 0.94 0.10
Count 291 426 677 36 436 35 334 28 113 9,953
CapInten Mean 1.59 0.23 0.36 3.46 1.30 0.56 1.36 0.21 0.20 0.60
Median 0 0 0 4 1 0 1 0 0 0
STD 0.16 0.01 0.02 0.25 0.07 0.08 0.08 0.03 0.03 0.01
Count 360 447 722 41 501 38 395 33 118 9,955
GMAR Mean 0.65 0.33 0.46 0.55 0.47 0.56 0.49 0.08 0.25 0.43
Median 1 0 0 1 0 1 0 0 0 0
STD 0.01 0.01 0.01 0.04 0.01 0.04 0.01 0.01 0.02 0.00
Count 339 446 680 36 479 41 375 33 118 9,162
Fuel Intensity
Mean 462 450 438 357 447 417 403 365 474 440
Median 457 457 456 310 457 487 452 367 457 483
STD 12 11 9 33 9 22 10 28 29 2
Count 371 447 722 41 501 42 411 33 118 9,955
ENE Consume
Mean 19 19 9 16 95 184 102 23 57 40
Median 1 4 1 10 30 19 8 26 1 4
STD 17 6 2 3 7 59 27 5 14 3
Count 273 258 485 34 420 26 272 19 62 7,707
ENE Produce
Mean 0 4 7 0 1 195 168 0 0 47
Median 0 0 0 0 0 109 95 0 0 1
STD 0 4 1 0 1 35 15 - 0 4
Count 33 38 81 10 46 35 293 1 7 1,606
72 7.4.Figure 1 - Additional Emission Trends
7.4.1. Breakdown by NAICS Reclassified Sectors
7.4.2. Breakdown by Headquarter Country’s Income Group
7.4.3. Breakdown by Headquarter Country’s CO2 Law Status
73 7.5.Figure 2 -Additional Pairwise Correlation
7.5.1. Spearman Correlation between Carbon Emissions and Continuous Features
7.5.2. Pearson Correlation between Log of Carbon Emissions and Continuous Features
74 7.6.Table 4- Feature Selection
7.6.1. Panel A: PPAR
Model Calibration Mean STD
CF12 CF1 CF2 CF3 CF12 CF1 CF2 CF3
(A) LOG - LOG REGRESSION 0.476 0.349 0.417 0.205 0.118 0.087 0.067 0.035
(1) Cross Sectional Model 0.413 0.299 0.399 0.203 0.042 0.036 0.037 0.032 (2) Include Fiscal Years 0.413 0.299 0.399 0.201 0.042 0.036 0.037 0.031 (3) Exclude External Factors 0.412 0.300 0.399 0.201 0.042 0.036 0.038 0.031 (3) Include Income Group 0.412 0.300 0.400 0.202 0.043 0.037 0.037 0.032 (3) Include CO2 Law 0.413 0.299 0.398 0.201 0.041 0.036 0.037 0.030 (3) Include CO2 Law & Income Group 0.414 0.298 0.400 0.202 0.042 0.036 0.037 0.031
(4) Goldhammer 0.387 0.288 0.366 0.203 0.039 0.037 0.031 0.039
(5) GICS Sector* 0.402 0.306 0.383 0.200 0.034 0.023 0.030 0.039 (5) GICS Group 0.426 0.323 0.393 0.208 0.018 0.037 0.024 0.036 (5) NAICS Sector 0.349 0.251 0.344 0.205 0.029 0.033 0.025 0.038 (5) NAICS Rec. Sector 0.359 0.269 0.344 0.208 0.026 0.030 0.026 0.041 (5) NAICS Rec. Cross Sector 0.409 0.302 0.373 0.207 0.027 0.023 0.020 0.041 (5) NAICS Rec. Sector Lean 0.376 0.278 0.361 0.193 0.037 0.019 0.027 0.047
(4) Griffin 0.407 0.298 0.386 0.198 0.041 0.037 0.028 0.029
(5) GICS Sector 0.421 0.310 0.393 0.201 0.031 0.041 0.027 0.024 (5) GICS Group 0.426 0.326 0.397 0.207 0.039 0.039 0.037 0.035 (5) NAICS Sector 0.374 0.264 0.378 0.196 0.031 0.031 0.032 0.030 (5) NAICS Rec. Sector 0.383 0.276 0.373 0.199 0.036 0.029 0.030 0.028 (5) NAICS Rec. Cross Sector 0.428 0.315 0.393 0.197 0.038 0.024 0.022 0.030 (5) NAICS Rec. Sector Lean 0.413 0.296 0.380 0.186 0.042 0.020 0.016 0.030
(4) Combined 0.415 0.296 0.401 0.202 0.039 0.036 0.028 0.029
(5) GICS Sector 0.417 0.308 0.409 0.200 0.037 0.038 0.034 0.028 (5) GICS Group 0.439 0.321 0.412 0.208 0.036 0.037 0.035 0.035 (5) NAICS Sector 0.386 0.262 0.393 0.205 0.027 0.031 0.024 0.029 (5) NAICS Rec. Sector 0.394 0.275 0.390 0.204 0.033 0.027 0.023 0.026 (5) NAICS Rec. Cross Sector 0.436 0.316 0.411 0.203 0.036 0.025 0.025 0.032 (5) NAICS Rec. Sector Lean 0.419 0.295 0.393 0.190 0.042 0.021 0.021 0.029
(4) Extended 0.431 0.303 0.423 0.204 0.041 0.035 0.030 0.030
(5) GICS Sector 0.446 0.312 0.430 0.198 0.032 0.031 0.034 0.031 (5) GICS Group** 0.463 0.325 0.444 0.203 0.033 0.031 0.032 0.037 (5) NAICS Sector 0.387 0.267 0.410 0.205 0.028 0.031 0.027 0.033 (5) NAICS Rec. Sector 0.400 0.283 0.410 0.204 0.030 0.029 0.030 0.026 (5) NAICS Rec. Cross Sector 0.449 0.325 0.428 0.205 0.027 0.030 0.022 0.028 (5) NAICS Rec. Sector Lean 0.444 0.307 0.415 0.207 0.036 0.014 0.023 0.031
(4) Stepwise 0.431 0.306 0.424 0.202 0.036 0.033 0.031 0.029
(5) GICS Sector 0.441 0.317 0.428 0.197 0.034 0.034 0.039 0.029 (5) GICS Group 0.459 0.327 0.446 0.203 0.028 0.032 0.033 0.033 (5) NAICS Sector 0.397 0.275 0.417 0.204 0.024 0.029 0.033 0.029 (5) NAICS Rec. Sector 0.406 0.294 0.413 0.204 0.029 0.025 0.030 0.025 (5) NAICS Rec. Cross Sector 0.448 0.326 0.430 0.205 0.030 0.028 0.023 0.031 (5) NAICS Rec. Sector Lean 0.435 0.294 0.411 0.197 0.030 0.021 0.017 0.031 (2) Exclude Fiscal Years 0.413 0.298 0.399 0.204 0.041 0.036 0.037 0.032 (1) Energy Consumption 0.625 0.451 0.476 0.208 0.034 0.033 0.032 0.038
(1) Energy Production 0.391 0.296 0.377 - 0.075 0.069 0.076 -
(B) - LOG -LINEAR REGRESSION 0.424 0.332 0.367 0.192 0.152 0.110 0.082 0.032
AVERAGE 0.450 0.340 0.392 0.199 0.139 0.100 0.079 0.034
75 7.6.2. Panel B: MAPE
Model Calibration Mean STD
CF12 CF1 CF2 CF3 CF12 CF1 CF2 CF3
(A) LOG - LOG REGRESSION 1.903 8.881 2.442 672.323 1.771 25.256 1.009 1,474.206
(1) Cross Sectional Model 2.358 16.748 2.401 522.745 1.799 41.682 0.594 1,203.902 (2) Include Fiscal Years 2.358 16.781 2.398 596.330 1.798 41.810 0.588 1,422.420 (3) Exclude External Factors 2.366 17.290 2.418 575.780 1.848 43.566 0.594 1,376.478 (3) Include Income Group 2.370 17.160 2.371 620.020 1.848 43.048 0.565 1,497.764 (3) Include CO2 Law 2.356 16.665 2.421 570.633 1.778 41.541 0.610 1,339.455 (3) Include CO2 Law & Income Group 2.342 16.009 2.382 618.888 1.725 39.143 0.583 1,476.185 (4) Goldhammer 2.809 15.684 2.515 556.760 1.935 29.133 0.768 1,234.012 (5) GICS Sector* 2.742 10.636 2.499 606.880 2.124 15.603 0.737 1,427.625 (5) GICS Group 2.238 8.276 2.468 688.291 1.163 12.332 0.762 1,593.084 (5) NAICS Sector 2.963 11.778 2.885 320.331 1.681 9.865 0.906 614.885 (5) NAICS Rec. Sector 3.112 20.590 2.535 296.550 2.504 39.435 0.874 561.609 (5) NAICS Rec. Cross Sector 2.678 20.020 2.344 738.839 1.897 42.017 0.694 1,567.985 (5) NAICS Rec. Sector Lean 3.121 22.800 2.359 689.668 2.319 39.250 0.677 1,427.864
(4) Griffin 2.282 16.221 2.555 671.289 1.397 40.948 0.536 1,677.497
(5) GICS Sector 2.094 9.687 2.654 832.192 0.965 18.084 0.604 2,169.197 (5) GICS Group 1.976 8.112 2.534 902.422 0.755 13.763 0.503 2,345.478 (5) NAICS Sector 2.262 9.873 2.843 418.996 0.810 14.174 0.780 953.832 (5) NAICS Rec. Sector 2.509 21.712 2.494 386.420 1.756 52.721 0.399 871.338 (5) NAICS Rec. Cross Sector 2.388 23.682 2.389 756.820 1.887 59.458 0.347 1,811.572 (5) NAICS Rec. Sector Lean 2.461 24.257 2.413 730.882 1.937 60.230 0.469 1,740.319
(4) Combined 2.223 17.385 2.358 636.324 1.753 46.801 0.550 1,519.457
(5) GICS Sector 1.971 9.753 2.422 789.842 1.049 19.311 0.593 1,979.536 (5) GICS Group 1.840 8.146 2.330 852.758 0.801 14.764 0.512 2,117.841 (5) NAICS Sector 2.130 9.836 2.700 403.941 0.856 14.893 0.819 878.428 (5) NAICS Rec. Sector 2.527 24.066 2.305 368.763 2.253 60.875 0.389 792.537 (5) NAICS Rec. Cross Sector 2.391 25.898 2.194 719.781 2.427 68.391 0.377 1,649.049 (5) NAICS Rec. Sector Lean 2.483 26.613 2.198 682.858 2.501 68.667 0.454 1,544.111
(4) Extended 2.110 15.071 2.206 619.933 1.745 39.764 0.468 1,488.938
(5) GICS Sector 1.764 8.122 2.275 748.377 0.803 15.235 0.505 1,845.034 (5) GICS Group** 1.683 7.162 2.169 796.197 0.665 12.398 0.442 1,969.649 (5) NAICS Sector 2.055 9.533 2.490 402.522 0.863 15.272 0.696 870.727 (5) NAICS Rec. Sector 2.450 21.090 2.167 349.983 2.325 52.546 0.341 754.991 (5) NAICS Rec. Cross Sector 2.396 23.768 2.070 721.144 2.611 62.888 0.306 1,708.022 (5) NAICS Rec. Sector Lean 2.310 20.748 2.063 701.374 2.304 52.087 0.386 1,673.014
(4) Stepwise 2.284 15.686 2.278 610.133 1.721 38.272 0.485 1,474.374
(5) GICS Sector 1.981 8.460 2.373 733.284 0.985 13.390 0.567 1,822.278 (5) GICS Group 1.848 7.492 2.269 785.180 0.791 11.481 0.497 1,964.741 (5) NAICS Sector 2.299 10.211 2.589 389.662 1.090 12.273 0.653 849.909 (5) NAICS Rec. Sector 2.595 19.663 2.251 341.166 2.044 43.770 0.326 741.310 (5) NAICS Rec. Cross Sector 2.520 23.476 2.126 727.909 2.408 56.777 0.319 1,728.022 (5) NAICS Rec. Sector Lean 2.463 24.815 2.061 683.596 2.477 60.478 0.382 1,613.937 (2) Exclude Fiscal Years 2.358 16.714 2.405 449.159 1.801 41.571 0.600 930.511 (1) Energy Consumption 0.932 2.386 2.206 821.902 0.217 0.946 0.947 1,689.180
(1) Energy Production 2.420 7.509 2.718 0.000 2.169 8.361 1.293 0.000
(B) - LOG -LINEAR REGRESSION 4.380 14.272 3.552 519.776 6.319 26.956 1.910 1,110.070
AVERAGE 3.142 11.577 2.997 596.050 4.802 26.258 1.625 1,307.062
76 7.6.3. Panel C: MDAE
Model Calibration Mean STD
CF12 CF1 CF2 CF3 CF12 CF1 CF2 CF3
(A) LOG - LOG REGRESSION 0.604 0.857 0.705 1.509 0.174 0.205 0.131 0.187
(1) Cross Sectional Model 0.688 0.980 0.723 1.530 0.076 0.092 0.071 0.196 (2) Include Fiscal Years 0.688 0.979 0.723 1.523 0.077 0.093 0.071 0.190 (3) Exclude External Factors 0.689 0.980 0.724 1.523 0.077 0.096 0.071 0.188 (3) Include Income Group 0.688 0.979 0.721 1.525 0.079 0.095 0.071 0.193 (3) Include CO2 Law 0.687 0.979 0.725 1.520 0.074 0.091 0.070 0.187 (3) Include CO2 Law & Income Group 0.687 0.979 0.721 1.525 0.077 0.089 0.070 0.193 (4) Goldhammer 0.757 1.023 0.786 1.519 0.081 0.111 0.058 0.205 (5) GICS Sector* 0.705 0.969 0.769 1.526 0.066 0.062 0.061 0.219 (5) GICS Group 0.674 0.899 0.744 1.513 0.037 0.074 0.050 0.227 (5) NAICS Sector 0.849 1.139 0.817 1.539 0.055 0.109 0.054 0.209 (5) NAICS Rec. Sector 0.821 1.095 0.813 1.529 0.054 0.074 0.056 0.198 (5) NAICS Rec. Cross Sector 0.718 0.971 0.775 1.483 0.035 0.051 0.041 0.192 (5) NAICS Rec. Sector Lean 0.774 1.062 0.799 1.522 0.064 0.077 0.061 0.230
(4) Griffin 0.698 0.982 0.755 1.542 0.067 0.081 0.061 0.189
(5) GICS Sector 0.672 0.939 0.743 1.546 0.056 0.068 0.072 0.149 (5) GICS Group 0.664 0.896 0.737 1.539 0.071 0.069 0.068 0.190 (5) NAICS Sector 0.757 1.082 0.772 1.564 0.045 0.049 0.068 0.233 (5) NAICS Rec. Sector 0.740 1.027 0.768 1.555 0.052 0.043 0.061 0.230 (5) NAICS Rec. Cross Sector 0.664 0.943 0.740 1.509 0.062 0.045 0.049 0.193 (5) NAICS Rec. Sector Lean 0.691 1.005 0.770 1.542 0.057 0.030 0.048 0.176
(4) Combined 0.684 0.983 0.715 1.525 0.066 0.082 0.050 0.196
(5) GICS Sector 0.667 0.936 0.699 1.522 0.057 0.067 0.053 0.156 (5) GICS Group 0.644 0.900 0.695 1.533 0.062 0.068 0.059 0.206 (5) NAICS Sector 0.747 1.084 0.735 1.550 0.038 0.061 0.048 0.238 (5) NAICS Rec. Sector 0.728 1.036 0.733 1.534 0.051 0.042 0.049 0.226 (5) NAICS Rec. Cross Sector 0.649 0.939 0.699 1.488 0.056 0.042 0.045 0.206 (5) NAICS Rec. Sector Lean 0.666 1.000 0.727 1.526 0.063 0.033 0.038 0.180
(4) Extended 0.646 0.951 0.676 1.519 0.059 0.073 0.050 0.192
(5) GICS Sector 0.623 0.920 0.656 1.534 0.044 0.060 0.050 0.153 (5) GICS Group** 0.599 0.873 0.638 1.517 0.042 0.069 0.051 0.195 (5) NAICS Sector 0.720 1.039 0.702 1.551 0.028 0.033 0.046 0.244 (5) NAICS Rec. Sector 0.690 0.997 0.701 1.524 0.038 0.039 0.046 0.229 (5) NAICS Rec. Cross Sector 0.619 0.910 0.671 1.484 0.030 0.033 0.036 0.200 (5) NAICS Rec. Sector Lean 0.626 0.965 0.688 1.502 0.061 0.048 0.045 0.157
(4) Stepwise 0.651 0.956 0.671 1.519 0.054 0.078 0.053 0.188
(5) GICS Sector 0.628 0.923 0.660 1.528 0.044 0.071 0.053 0.158 (5) GICS Group 0.607 0.886 0.641 1.517 0.040 0.069 0.053 0.188 (5) NAICS Sector 0.713 1.036 0.689 1.553 0.033 0.050 0.060 0.227 (5) NAICS Rec. Sector 0.690 0.994 0.687 1.520 0.032 0.043 0.057 0.217 (5) NAICS Rec. Cross Sector 0.623 0.916 0.661 1.480 0.041 0.057 0.045 0.194 (5) NAICS Rec. Sector Lean 0.646 0.979 0.687 1.517 0.049 0.066 0.039 0.179 (2) Exclude Fiscal Years 0.689 0.980 0.723 1.536 0.076 0.091 0.071 0.202 (1) Energy Consumption 0.401 0.627 0.597 1.489 0.034 0.055 0.050 0.175
(1) Energy Production 0.724 0.965 0.795 - 0.146 0.189 0.155 -
(B) - LOG -LINEAR REGRESSION 0.742 0.958 0.834 1.559 0.261 0.288 0.181 0.201
AVERAGE 0.673 0.908 0.770 1.534 0.232 0.255 0.171 0.196
77 7.7.Table 5- Feature Importance (OLS)
CF12 CF1 CF2 CF3 CF12 CF1 CF2 CF3 CF12 CF1 CF2 CF3 CF12 CF1 CF2 CF3 CF12 CF1 CF2 CF3
Panel A: Scale Factor
Revenue (log ) 0.958 1.037 0.888 1.302 0.502 0.590 0.532 1.047 0.468 0.547 0.491 0.990 0.039 0.122 0.118 0.742 * 0.149 0.113 0.787
EM P (log ) * * * * * * * * * * * * 0.105 0.033 0.214 0.057 0.114 * 0.213 *
Asset (log ) * * * * * * * * * * * * 0.119 0.103 0.072 0.166 0.139 0.095 0.073 0.208
NPPE (log ) * * * * * * * * * * * * 0.528 0.629 0.344 0.191 0.536 0.631 0.345 0.196
INTAN (log ) * * * * -0.031 -0.050 0.014 0.055 -0.010 -0.037 0.040 0.074 -0.022 -0.045 0.028 0.055 -0.023 -0.041 0.028 *
Leverage (log ) * * * * 0.516 0.674 0.190 -0.156 0.539 0.702 0.218 -0.118 0.447 0.590 0.135 -0.063 0.450 0.600 * *
Panel B: Technology
CapEx (log ) * * * * 0.463 0.480 0.325 0.209 0.492 0.513 0.362 0.252 0.195 0.178 0.151 0.117 0.198 0.178 0.161 0.123
Age (log ) * * * * 0.277 0.332 0.218 0.074 0.286 0.356 0.230 0.108 0.071 0.102 0.088 0.024 0.067 0.101 0.080 *
CapInten 0.232 0.220 0.154 0.006 * * * * -0.038 -0.076 -0.050 -0.108 -0.301 -0.388 -0.211 -0.217 -0.311 -0.390 -0.204 -0.225
Panel C: Business Model
GM AR -0.146 -0.315 -0.049 1.100 -0.480 -0.592 -0.378 0.739 -0.459 -0.563 -0.351 0.771 -0.479 -0.566 -0.367 0.708 -0.497 -0.530 -0.347 0.737
GICS-Energy -0.532 -0.249 -0.488 0.083 -0.576 -0.306 -0.554 -0.055 -0.583 -0.300 -0.562 -0.071 -0.510 -0.274 -0.449 0.010 -0.497 -0.290 -0.368 *
GICS-M aterials -0.206 -0.318 1.250 0.050 -0.133 -0.304 1.332 0.087 -0.228 -0.367 1.219 -0.006 -0.425 -0.552 0.988 -0.055 -0.425 -0.524 1.094 *
GICS-Industrials -2.083 -2.433 -0.740 -1.463 -1.673 -2.019 -0.432 -1.223 -1.728 -2.065 -0.499 -1.302 -1.799 -2.060 -0.712 -1.294 -1.796 -2.024 -0.606 -1.206 GICS-Consumer Discretionary -2.688 -3.691 -0.559 -1.557 -2.259 -3.269 -0.222 -1.307 -2.341 -3.336 -0.322 -1.413 -2.396 -3.315 -0.524 -1.395 -2.391 -3.281 -0.418 -1.298 GICS-Consumer Staples -2.114 -2.484 -0.161 -1.117 -1.740 -2.121 0.118 -0.844 -1.819 -2.192 0.023 -0.977 -1.894 -2.218 -0.167 -0.952 -1.880 -2.194 * -0.852 GICS-Health Care -2.887 -3.571 -0.740 -2.212 -2.268 -2.945 -0.273 -1.900 -2.421 -3.054 -0.457 -2.071 -2.552 -3.148 -0.662 -2.082 -2.537 -3.107 -0.551 -1.987 GICS-Financials -4.028 -5.697 -1.615 -3.784 -3.398 -5.055 -1.124 -3.428 -3.485 -5.129 -1.230 -3.546 -3.724 -5.271 -1.483 -3.888 -3.760 -5.238 -1.380 -3.914 GICS-Information Technology -2.773 -4.402 -0.367 -1.482 -2.250 -3.872 0.050 -1.202 -2.369 -3.958 -0.093 -1.341 -2.399 -3.901 -0.287 -1.323 -2.398 -3.871 -0.204 -1.239 GICS-Telecom Services -2.550 -4.357 -0.033 -3.555 -2.616 -4.428 -0.103 -3.641 -2.725 -4.518 -0.235 -3.773 -2.871 -4.665 -0.409 -3.770 -2.865 -4.647 -0.304 -3.667 GICS-Real Estate -2.179 -3.500 0.067 -1.550 -1.820 -3.213 0.383 -1.364 -1.905 -3.246 0.283 -1.428 -1.360 -2.570 0.662 -1.349 -1.366 -2.567 0.770 -1.386 Panel D: Energy Type
FuelIntensity 0.001 0.001 0.002 0.001 * * * * 0.001 0.001 0.002 0.001 0.001 0.001 0.002 0.001 0.001 0.000 0.001 0.001
Panel E: Environment
CO2Law:National -0.105 -0.142 -0.016 0.179 -0.333 -0.158 -0.360 -0.035 0.048 0.026 0.091 0.234 0.151 0.145 0.147 0.283 0.148 * 0.099 0.311
CO2Law:Subnation 0.147 0.118 0.238 -0.253 0.112 0.132 0.157 -0.322 0.212 0.196 0.277 -0.243 0.250 0.239 0.300 -0.224 0.239 0.164 0.261 -0.187
CO2Law:Regional 0.031 0.127 0.110 0.054 -0.109 0.061 -0.074 -0.076 0.020 0.125 0.080 0.016 -0.015 0.092 0.043 -0.013 * * * *
IC:High Income Group -0.522 -0.815 0.120 0.171 -0.737 -0.881 -0.181 -0.029 -0.446 -0.728 0.163 0.190 -0.409 -0.733 0.272 0.231 -0.392 -0.713 0.149 * IC:Upper M iddle Income Group -0.375 -0.754 0.164 0.381 -0.509 -0.768 -0.049 0.237 -0.319 -0.666 0.176 0.376 -0.276 -0.613 0.199 0.423 -0.280 -0.626 * 0.264 Panel F: Year Effect
2006 -0.133 -0.155 -0.241 -0.266 -0.145 -0.169 -0.236 -0.159 -0.146 -0.172 -0.237 -0.302 -0.052 -0.073 -0.163 -0.193 0.242 * 0.286 *
2007 -0.287 -0.305 -0.402 0.076 -0.281 -0.292 -0.389 0.112 -0.284 -0.296 -0.393 -0.036 -0.185 -0.193 -0.312 0.047 * * * *
2008 -0.288 -0.265 -0.411 0.324 -0.325 -0.309 -0.419 0.346 -0.350 -0.324 -0.448 0.152 -0.245 -0.208 -0.373 0.208 * * * *
2009 -0.384 -0.344 -0.542 0.359 -0.312 -0.272 -0.478 0.443 -0.335 -0.287 -0.506 0.267 -0.292 -0.244 -0.466 0.295 * * * *
2010 -0.371 -0.341 -0.553 0.343 -0.275 -0.248 -0.469 0.458 -0.300 -0.265 -0.498 0.281 -0.278 -0.250 -0.466 0.301 * * * *
2011 -0.418 -0.413 -0.562 0.412 -0.349 -0.341 -0.501 0.495 -0.374 -0.359 -0.530 0.317 -0.311 -0.303 -0.461 0.358 * * * *
2012 -0.464 -0.467 -0.604 0.627 -0.384 -0.395 -0.530 0.726 -0.422 -0.416 -0.574 0.543 -0.352 -0.356 -0.496 0.588 * * * 0.284
2013 -0.425 -0.401 -0.601 0.752 -0.323 -0.327 -0.496 0.877 -0.403 -0.370 -0.590 0.661 -0.349 -0.328 -0.519 0.700 * * * 0.391
2014 -0.388 -0.356 -0.572 0.902 -0.284 -0.281 -0.467 1.025 -0.366 -0.324 -0.564 0.806 -0.316 -0.283 -0.502 0.845 * * * 0.538
2015 -0.365 -0.327 -0.562 1.097 -0.249 -0.227 -0.456 1.227 -0.308 -0.257 -0.526 1.030 -0.261 -0.214 -0.474 1.068 * * * 0.769
S tepWise
Features Goldhammer et al. (2017) Griffin et al. (2017) Combined List Extended List
78 7.8.Table 6 – Analysis of MAPE
7.8.1. Panel A: Total Emissions
CF12
Base Learners Meta Learners
OLS Lasso
Elastic
Net Ridge KNN
Neural Net
Random
Forest XGB
Arithmetic
Mean Median
Geometric Mean
Meta OLS
Meta Elastic Net
Meta XGB PANEL A: MEAN STATISTICS BY FOLD
Fold 1 1.962 1.949 1.949 1.962 2.207 1.904 1.489 1.396 1.648 1.789 1.638 1.555 1.528 1.502
Fold 2 1.245 1.248 1.248 1.245 2.294 1.799 1.293 1.420 1.283 1.256 1.273 1.233 1.245 1.309
Fold 3 1.273 1.276 1.276 1.273 2.922 1.944 1.400 1.313 1.299 1.236 1.286 1.164 1.232 1.269
Fold 4 1.525 1.495 1.495 1.525 2.401 1.106 1.270 1.149 1.213 1.331 1.200 1.457 1.205 1.905
Fold 5 1.466 1.450 1.450 1.466 3.199 1.769 1.077 0.880 1.207 1.236 1.189 1.034 1.034 1.095
Fold 6 1.127 1.128 1.128 1.127 2.203 1.856 0.926 0.852 1.067 1.070 1.058 0.811 0.908 0.956
Fold 7 1.096 1.094 1.094 1.096 2.066 1.839 1.126 1.009 1.099 1.055 1.091 0.966 1.017 0.987
Fold 8 1.804 1.799 1.799 1.804 8.619 2.471 1.522 1.538 1.697 1.588 1.660 1.449 1.474 1.786
Fold 9 3.401 3.397 3.397 3.401 3.312 2.549 2.727 2.409 2.784 3.043 2.769 2.765 2.775 2.745
Fold 10 1.875 1.840 1.840 1.875 1.933 1.031 1.162 1.179 1.310 1.523 1.294 1.583 1.282 3.711
PANEL A: ENTIRE SAMPLE STATISTICS
Fold Average 1.677 1.668 1.668 1.677 3.116 1.827 1.399 1.315 1.461 1.513 1.446 1.402 1.370 1.726
Entire Sample Average 1.379 1.372 1.372 1.379 2.470 1.717 1.212 1.151 1.250 1.276 1.239 1.175 1.160 1.306
Truncated Average (90%) 0.546 0.547 0.547 0.546 0.762 0.687 0.513 0.490 0.536 0.533 0.536 0.474 0.496 0.520
STD 5.457 5.331 5.331 5.457 7.655 5.212 4.309 4.317 4.193 4.778 4.156 5.002 4.121 5.793
Min 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
25% 0.259 0.258 0.258 0.259 0.362 0.345 0.239 0.225 0.248 0.246 0.245 0.220 0.227 0.246
Median 0.546 0.547 0.547 0.546 0.764 0.717 0.514 0.490 0.537 0.536 0.538 0.466 0.493 0.514
75% 0.927 0.932 0.932 0.927 1.752 1.371 0.893 0.849 0.933 0.918 0.927 0.826 0.872 0.868
Max 192.056 193.896 193.896 192.057 183.066 221.320 178.700 223.339 159.084 192.057 158.318 161.712 142.235 299.992
79 7.8.2. Panel B: Scope 1 Emissions
CF1
Base Learners Meta Learners
OLS Lasso
Elastic
Net Ridge KNN
Neural Net
Rando m Forest
XGB Average Median
Geometri c Average
Meta Linear
Meta Elastic Net
Meta XGB PANEL A: MEAN STATISTICS BY FOLD
Fold 1 5.228 5.203 5.203 5.228 6.755 5.657 3.438 3.623 4.152 4.807 4.078 3.840 3.740 4.262
Fold 2 3.721 3.731 3.731 3.721 8.763 5.590 3.525 3.439 3.733 3.758 3.680 3.128 3.307 3.600
Fold 3 2.588 2.592 2.592 2.588 9.426 5.229 3.179 3.087 2.782 2.560 2.724 2.654 2.626 3.889
Fold 4 3.711 3.649 3.649 3.711 8.829 7.102 3.389 2.778 3.298 3.405 3.224 3.310 2.886 3.454
Fold 5 2.920 2.878 2.878 2.920 12.128 3.529 1.897 1.593 2.325 2.371 2.263 2.120 1.885 2.165
Fold 6 2.403 2.405 2.405 2.403 6.510 3.965 1.986 1.972 2.217 2.231 2.175 1.866 1.902 2.063
Fold 7 1.827 1.826 1.826 1.827 8.708 4.764 2.292 2.001 2.133 1.891 2.080 1.751 1.834 2.092
Fold 8 3.288 3.266 3.266 3.288 19.969 7.028 2.291 2.094 2.771 2.622 2.663 2.171 2.142 2.230
Fold 9 44.296 44.487 44.487 44.296 25.177 37.621 28.440 27.199 32.984 40.216 32.641 28.838 31.536 31.559
Fold 10 3.620 3.557 3.557 3.620 5.457 2.001 2.295 2.365 2.493 2.909 2.439 3.001 2.539 8.749
PANEL A: ENTIRE SAMPLE STATISTICS
Fold Average 7.360 7.359 7.359 7.360 11.172 8.249 5.273 5.015 5.889 6.677 5.797 5.268 5.440 6.406
Entire Sample Average 3.287 3.270 3.270 3.287 8.808 5.275 2.884 2.721 3.022 3.087 2.961 2.745 2.670 3.167
Truncated Average (90%)
0.740 0.741 0.741 0.740 0.909 0.867 0.693 0.667 0.729 0.729 0.728 0.650 0.673 0.701
STD 25.931 25.746 25.746 25.931 49.095 32.536 17.108 21.383 19.776 23.842 19.539 21.530 20.074 26.009
Min 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
25% 0.385 0.385 0.385 0.385 0.545 0.507 0.361 0.337 0.379 0.375 0.380 0.327 0.337 0.360
Median 0.729 0.729 0.729 0.729 0.917 0.868 0.689 0.661 0.718 0.716 0.718 0.632 0.662 0.696
75% 1.308 1.309 1.309 1.308 3.552 2.465 1.289 1.090 1.451 1.280 1.413 1.016 1.152 1.227
Max 1,629.43 7
1,625.61 5
1,625.61 5
1,629.43 6
2,327.15 2
1,120.87 1
844.050 1,308.35 6
1,173.637 1,458.39 0
1,163.510 1,264.72 5
1,277.91 1
1,680.253
80 7.8.3. Panel C: Scope 2 Emissions
CF2
Base Learners Meta Learners
OLS Lasso
Elastic
Net Ridge KNN
Neural Net
Random
Forest XGB Average Median
Geometric Average
Meta
Linear Meta Elastic Net Meta XGB PANEL A: MEAN STATISTICS BY FOLD
Fold 1 1.798 1.798 1.798 1.798 2.208 1.979 1.402 1.147 1.592 1.742 1.583 1.199 1.318 1.180
Fold 2 2.626 2.631 2.631 2.626 4.493 3.911 1.957 1.805 2.552 2.615 2.534 1.895 1.984 1.928
Fold 3 1.588 1.590 1.590 1.588 2.792 1.892 1.635 1.454 1.539 1.583 1.526 1.450 1.519 1.511
Fold 4 2.370 2.370 2.370 2.370 3.063 3.514 2.189 1.751 2.261 2.353 2.245 1.807 1.989 1.869
Fold 5 2.426 2.426 2.426 2.426 4.042 4.012 2.043 1.726 2.333 2.410 2.305 1.784 1.910 2.051
Fold 6 1.691 1.682 1.682 1.691 2.956 1.953 1.542 1.369 1.635 1.651 1.624 1.437 1.467 1.370
Fold 7 3.008 3.015 3.015 3.008 5.564 3.342 2.706 2.710 2.941 2.956 2.917 2.752 2.718 3.016
Fold 8 2.121 2.125 2.125 2.121 3.830 1.834 1.941 1.912 1.966 1.988 1.950 2.002 1.948 2.558
Fold 9 2.189 2.184 2.184 2.189 2.565 1.811 1.708 1.560 1.868 2.007 1.858 1.722 1.707 1.926
Fold 10 1.945 1.936 1.936 1.945 2.564 1.939 1.343 1.302 1.648 1.782 1.635 1.403 1.389 1.433
PANEL A: ENTIRE SAMPLE STATISTICS
Fold Average 2.176 2.176 2.176 2.176 3.408 2.619 1.846 1.673 2.034 2.109 2.018 1.745 1.795 1.884
Entire Sample Average 2.073 2.073 2.073 2.073 3.234 2.811 1.822 1.633 1.982 2.050 1.967 1.669 1.739 1.701
Truncated Average (90%) 0.562 0.562 0.562 0.562 0.660 0.620 0.523 0.509 0.539 0.547 0.539 0.506 0.513 0.543
STD 11.443 11.483 11.483 11.443 20.913 17.524 9.399 9.561 11.118 11.480 11.032 9.430 9.173 8.018
Min 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
25% 0.280 0.280 0.280 0.280 0.330 0.309 0.240 0.244 0.263 0.267 0.264 0.239 0.236 0.259
Median 0.562 0.561 0.561 0.562 0.667 0.623 0.521 0.515 0.540 0.546 0.539 0.504 0.515 0.541
75% 0.927 0.928 0.928 0.927 1.474 1.170 0.873 0.850 0.917 0.917 0.912 0.851 0.871 0.898
Max 460.126 462.805 462.805 460.127 990.349 650.146 273.295 420.483 437.015 461.464 434.324 335.967 291.221 274.934
81 7.9.Table 7: Additional Robustness Test
7.9.1. Panel A: Test of decile ranking
Model
Expected decile based on actual logCF1 Lowest
= 1 2 3 4 5 6 7 8 9 Highest
= 10 Average OLS 81.53 74.82 68.63 62.22 66.11 63.13 66.11 74.61 83.84 82.79 72.38 Lasso 81.53 74.71 68.73 62.22 66.21 63.24 66.21 74.61 83.84 82.90 72.42 Ridge 81.53 74.82 68.63 62.22 66.11 63.13 66.11 74.61 83.84 82.79 72.38 Elastic Net 81.53 74.71 68.73 62.22 66.21 63.24 66.21 74.61 83.84 82.90 72.42 KNN 66.74 67.68 56.45 47.11 42.18 47.69 47.74 57.61 67.89 64.85 56.59 Neural Net 76.50 74.29 63.59 56.14 58.03 51.58 55.30 58.66 77.44 68.84 64.03 Random Forest 81.74 77.33 72.19 64.11 68.94 66.70 68.31 78.07 82.48 83.21 74.31 XGB 84.68 77.96 74.29 68.00 70.30 68.80 70.72 78.38 83.74 83.84 76.07 Average 82.06 77.65 72.51 66.21 70.72 65.13 68.94 75.13 84.89 84.68 74.79 Geometric
Average
81.95 77.54 72.19 66.11 70.72 65.23 69.05 75.03 84.99 84.68 74.75 Median 81.74 76.08 69.88 62.96 67.89 65.65 66.53 74.50 85.20 83.32 73.38 Meta OLS 83.63 78.91 73.77 68.84 72.51 69.12 72.30 78.91 84.16 88.88 77.10 Meta Elastic Net 83.95 78.91 74.08 68.63 72.40 68.70 70.62 78.17 84.26 87.09 76.68 Meta XGB 82.06 76.39 71.56 65.06 66.42 65.97 68.21 77.54 82.27 86.25 74.17 Average 80.80 75.84 69.66 63.00 66.05 63.38 65.88 73.60 82.33 81.93 72.25
Model
Expected decile based on actual logCF2 Lowest
= 1 2 3 4 5 6 7 8 9 Highest
= 10 Average OLS 75.66 72.64 65.02 54.56 55.72 59.24 58.55 67.71 77.84 84.68 67.16 Lasso 75.66 72.33 64.81 54.35 55.40 59.14 58.13 67.51 77.63 84.37 66.93 Ridge 75.66 72.64 65.02 54.56 55.72 59.24 58.55 67.71 77.84 84.68 67.16 Elastic Net 75.66 72.33 64.81 54.35 55.40 59.14 58.13 67.51 77.63 84.37 66.93 KNN 69.78 70.44 57.35 53.31 50.58 53.57 53.20 57.97 72.58 71.25 61.00 Neural Net 73.56 71.38 62.61 54.46 55.61 50.74 54.14 63.00 73.32 80.59 63.94 Random Forest 79.12 75.58 69.43 64.53 60.65 62.39 64.85 69.29 82.14 85.20 71.32 XGB 80.06 78.09 70.17 65.79 62.22 62.61 65.27 71.49 82.25 85.73 72.37 Average 78.07 75.05 66.07 60.23 60.34 60.50 62.43 71.28 79.73 86.04 69.97 Geometric
Average
77.96 75.05 66.18 60.13 60.55 60.61 62.43 71.49 79.52 86.04 70.00 Median 76.60 73.17 65.65 56.87 57.82 59.98 59.08 68.97 78.68 85.41 68.22 Meta OLS 80.38 78.09 71.53 67.16 61.18 63.34 66.95 72.12 81.62 86.25 72.86 Meta Elastic Net 80.38 77.04 71.22 64.11 60.86 63.55 65.37 70.96 82.25 85.83 72.16 Meta XGB 78.70 77.57 65.86 61.49 58.34 60.61 61.49 68.24 80.46 83.95 69.67 Average 76.94 74.39 66.12 58.99 57.88 59.62 60.61 68.23 78.82 83.89 68.55
82 7.9.2. Panel B: Test of mean difference
Fiscal Year Actual logCF1 Predicted logCF1 Difference
Estimate
T Statistics
p- Value
Mean SD No.Obs Mean SD No.Obs
2005 12.770 2.440 119 12.738 2.097 119 -0.032 0.109 0.913
2006 12.360 2.769 231 12.265 2.390 231 -0.095 0.394 0.694
2007 12.221 2.848 272 12.183 2.401 272 -0.037 0.166 0.868
2008 11.927 2.721 399 11.876 2.375 399 -0.052 0.285 0.776
2009 11.782 2.789 773 11.745 2.454 773 -0.037 0.279 0.780
2010 11.586 2.802 1077 11.579 2.447 1077 -0.007 0.064 0.949
2011 11.624 2.813 1171 11.628 2.452 1171 0.004 -0.033 0.973
2012 11.564 2.815 1325 11.582 2.469 1325 0.019 -0.180 0.857
2013 11.457 2.826 1303 11.478 2.499 1303 0.021 -0.206 0.837
2014 11.394 2.854 1338 11.407 2.519 1338 0.013 -0.125 0.900
2015 11.154 2.885 1521 11.164 2.525 1521 0.010 -0.099 0.921
Fiscal Year Actual logCF2 Predicted logCF2 Difference
Estimate
T Statistics
p- Value
Mean SD No.Obs Mean SD No.Obs
2005 12.940 1.588 119 13.029 1.374 119 0.088 -0.458 0.647
2006 12.541 1.813 231 12.439 1.522 231 -0.102 0.657 0.512
2007 12.387 1.950 272 12.337 1.657 272 -0.050 0.321 0.748
2008 12.232 1.884 399 12.196 1.558 399 -0.037 0.299 0.765
2009 11.980 1.894 773 11.968 1.574 773 -0.012 0.134 0.894
2010 11.877 1.908 1077 11.870 1.565 1077 -0.006 0.085 0.932
2011 11.926 1.845 1171 11.913 1.564 1171 -0.013 0.183 0.855
2012 11.865 1.845 1325 11.873 1.550 1325 0.008 -0.122 0.903
2013 11.749 1.904 1303 11.776 1.610 1303 0.027 -0.390 0.696
2014 11.694 1.937 1338 11.713 1.621 1338 0.019 -0.273 0.785
2015 11.518 1.992 1521 11.520 1.663 1521 0.002 -0.038 0.970
83 7.10. Table 7: Model Performance on Year/ Industry (Isolated Scopes)
7.10.1. Panel A: Scope 1 Emissions
Fiscal Year Obs Meta
OLS
MAE Adj. R2 MAPE MDAE IRT
2005 119 0.864 0.593 1.704 0.644 0.445
2006 231 0.925 0.737 1.394 0.720 0.411
2007 272 0.930 0.753 2.239 0.694 0.426
2008 399 0.916 0.756 1.841 0.648 0.446
2009 773 0.952 0.780 1.862 0.721 0.413
2010 1077 1.004 0.765 2.456 0.753 0.372
2011 1171 1.008 0.761 3.071 0.771 0.371
2012 1325 1.033 0.749 3.793 0.775 0.362
2013 1303 1.019 0.753 7.079 0.743 0.371
2014 1338 1.014 0.763 9.503 0.753 0.368
2015 1521 1.032 0.760 8.999 0.771 0.360
Average 9529 1.003 0.708 5.268 0.748 0.378
GICS Industry Group Obs Meta
OLS
MAE Adj. R2 MAPE MDAE IRT
1010 Energy 602 0.826 0.640 190.057 0.602 0.487
1510 Materials 1270 0.930 0.634 238.758 0.728 0.379
2010 Capital Goods 1229 1.010 0.420 2094.415 0.760 0.346
2020 Commercial & Professional Services 306 1.198 0.307 280.140 0.887 0.307
2030 Transportation 448 1.323 0.671 842.279 0.998 0.283
2510 Automobiles & Components 229 0.637 0.634 88.060 0.538 0.520
2520 Consumer Durables & Apparel 301 0.881 0.561 161.057 0.630 0.432
2530 Consumer Services 197 1.304 0.478 284.980 0.930 0.320
2540 Media 255 0.900 0.528 196.840 0.756 0.353
2550 Retailing 238 1.018 0.419 185.043 0.821 0.366
3010 Food & Staples Retailing 187 0.954 0.333 204.737 0.709 0.380
3020 Food, Beverage & Tobacco 495 0.804 0.476 109.125 0.666 0.438
3030 Household & Personal Products 170 0.589 0.780 65.623 0.378 0.594 3510 Health Care Equipment & Services 193 0.763 0.649 97.231 0.653 0.378 3520 Pharmaceuticals, Biotechnology & Life
Sciences
324 0.738 0.731 280.462 0.554 0.531
4010 Banks 611 0.888 0.485 198.167 0.682 0.435
4020 Diversified Financials 328 1.028 0.472 207.688 0.640 0.451
4030 Insurance 54 0.898 -3.784 120.238 0.739 0.370
4510 Software & Services 264 0.959 0.451 155.986 0.871 0.311
4520 Technology Hardware & Equipment 391 1.051 0.549 278.032 0.759 0.345 4530 Semiconductors & Semiconductor
Equipment
227 1.290 0.437 270.411 1.052 0.242
5010 Telecommunication Services 374 0.841 0.546 164.137 0.647 0.417
5510 Utilities 461 1.687 0.366 1123.376 1.317 0.236
6010 Real Estate 375 1.320 0.358 391.898 1.025 0.227
Average Average 9529 1.003 0.708 526.818 0.748 0.378