{
  "abstract": "Sustainability-linked loans and bonds reward borrowers meeting emissions targets, mostly set in absolute terms, and Korea is establishing verification for green-transition finance. Yet an unindexed absolute benchmark cannot distinguish reducing emissions per unit of output from contracting production. Using site-level physical output from Korea's mandatory environmental disclosure system, we observe both dimensions for energy-intensive manufacturers and power generators. Among 513 firm-year pairs attaining a hypothetical 4.2% annual absolute benchmark, 69.4% fail an intensity benchmark at the same rate, while an elasticity-adjusted assessment yields a model-dependent output-neutral shortfall rate of 47.2%. The intensity shortfall rate stays at 68.8% without power generation, and a broader revenue sample gives 50.0%, both above placebo thresholds. An exact identity decomposes emissions changes into physical output, energy intensity and emissions per unit of energy. Replacing physical output with deflated revenue understates the output-driven portfolio share by 11.5 points (intensity reference). Where physical output is undisclosed, a proxy rule combining energy use and real revenue screens attainments better than accepting all attainments and, in Korea, shows no detectable portfolio-share bias, though it matches revenue alone on individual output-neutral verdicts and does not explain firm-level residual reductions. These findings describe a selected Korean sample under a hypothetical benchmark.\n\nVersion 7.7.1 (21 October 2026). Revised version: new title, physical-output sample with the intensity shortfall rate as the main measure, multi-year and boundary robustness, and an R replication package (https://doi.org/10.5281/zenodo.23501951). Supersedes the version of 2 October 2026.",
  "abstract_shown": true,
  "affiliations": [
    "Yonsei University"
  ],
  "article_type": null,
  "arxiv": null,
  "author_total": 1,
  "authors": [
    {
      "affs": [
        0
      ],
      "name": "Yongjik Lee",
      "orcid": "0009-0002-3802-3702"
    }
  ],
  "bibtex": "https://research.draconitic.com/paper/3w37xkbapaw24.bib",
  "cited_by": 0,
  "doi": "10.5281/zenodo.23503244",
  "fulltext_url": null,
  "id": "3w37xkbapaw24",
  "issns": [],
  "landing_url": "https://zenodo.org/records/23503244",
  "language": "eng",
  "licence": "CC-BY-4.0",
  "licence_label": "CC BY 4.0",
  "licence_source": "article",
  "licence_url": "https://creativecommons.org/licenses/by/4.0/",
  "metadata_licence": null,
  "native_subjects": [],
  "openalex": null,
  "pdf_url": "https://zenodo.org/api/records/23503244/files/MANUSCRIPT_B1_EE_v7.7.1.pdf/content",
  "pmcid": null,
  "pmid": null,
  "published": "2026-10-21",
  "publisher": null,
  "ris": "https://research.draconitic.com/paper/3w37xkbapaw24.ris",
  "sources": [
    {
      "first_seen": "2026-11-04T12:20:50Z",
      "native_id": "23503244",
      "source": "zenodo",
      "url": "https://zenodo.org/records/23503244"
    }
  ],
  "subjects": [],
  "title": "Divergence Between Absolute Emissions Benchmarks and Output-Adjusted Assessments: Evidence from Korea",
  "title_text": "Divergence Between Absolute Emissions Benchmarks and Output-Adjusted Assessments: Evidence from Korea",
  "type": "preprint",
  "updated_at": "2026-11-04T12:20:50Z",
  "url": "https://research.draconitic.com/paper/3w37xkbapaw24",
  "venue": "Zenodo",
  "versions": []
}