Climate clubs and firm environmental performance: A regional institutional perspective

IF 7.9 2区经济学 Q1 ECONOMICS

Economic Analysis and Policy Pub Date : 2024-09-14 DOI:10.1016/j.eap.2024.09.020

Javier Barbero , Ernesto Rodríguez-Crespo , Marta Suárez-Varela , Pilar Velasco

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Abstract

This research focuses on informal club-based institutions to boost a firm's engagement in environmental practices. Specifically, we investigate the effect of a firm's climate club membership on its corporate environmental performance. Our empirical analyses rely on a sample of firms from 142 Western European regions during 2011-2019. Results show that stronger climate club engagement of firms within a same region of a focal firm may act as an informal institution, improving the latter's environmental performance. We also find that the impact of those informal club-based institutions outsizes the effect exerted by the quality of formal regional institutions, and that strong informal climate club-based institutions might be able to partly replace the role of regional formal institutions in that ESG domain. Finally, we delve into several mechanisms potentially driving the observed impacts of regional formal and informal institutions on firms’ environmental performance.

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气候俱乐部与企业环境绩效：区域机构视角

本研究侧重于以俱乐部为基础的非正式机构，以促进企业参与环保实践。具体而言，我们研究了企业加入气候俱乐部对其企业环境绩效的影响。我们的实证分析以 2011-2019 年间西欧 142 个地区的企业为样本。结果表明，与焦点企业同一地区的企业参与气候俱乐部的程度越高，就越能发挥非正式机构的作用，提高后者的环境绩效。我们还发现，这些以俱乐部为基础的非正式机构所产生的影响超过了地区正式机构质量所产生的影响，而且强大的以气候俱乐部为基础的非正式机构可能能够部分取代地区正式机构在该环境、社会和治理领域的作用。最后，我们深入探讨了区域正式和非正式机构对企业环境绩效影响的几种潜在驱动机制。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Economic Analysis and Policy ECONOMICS-

CiteScore

9.80

自引率

9.20%

发文量

231

审稿时长

93 days

期刊介绍： Economic Analysis and Policy (established 1970) publishes articles from all branches of economics with a particular focus on research, theoretical and applied, which has strong policy relevance. The journal also publishes survey articles and empirical replications on key policy issues. Authors are expected to highlight the main insights in a non-technical introduction and in the conclusion.