The impact of carbon credit trading on shareholder wealth: A bibliometric analysis

Abstract

 Carbon emission trading schemes (CETS) have become a key market-based instrument in global climate governance, with growing implications for firm valuation and capital-market outcomes. Despite expanding empirical evidence on how carbon trading affects firm value, stock returns, and financial performance, the literature remains fragmented across jurisdictions and theoretical perspectives. This study conducts a bibliometric analysis of 303 peer-reviewed articles indexed in Scopus and Web of Science to map the intellectual structure and thematic evolution of research on carbon credit trading and shareholder wealth. Using performance analysis and keyword-based science mapping, the findings reveal rapid publication growth, strong geographical concentration, particularly in China, and a shift from regulatory compliance analyses toward firm valuation, assetpricing mechanisms, and climate finance integration. Four interconnected thematic clusters emerge, linking carbon pricing design, corporate performance, capital-market responses, and carbon asset valuation. The study provides a structured synthesis of this evolving field and highlights the need for stronger theoretical integration across cash-flow, risk-pricing, and strategic adaptation channels.