Navigating climate policy: Corporate lobbying strategies in response to intensified climate risk exposure

IF 13.6 2区经济学 Q1 ECONOMICS

Energy Economics Pub Date : 2025-06-11 DOI:10.1016/j.eneco.2025.108667

Anqi Jiao , Ran Sun , Honglin Ren

引用次数: 0

Abstract

This study examines how firms strategically respond to heightened climate risk exposure, with a particular focus on corporate climate lobbying behavior. Our findings reveal a robust positive relation between firm-level climate risk exposure and corporate lobbying efforts on climate-related issues. Among the three climate risk components—regulatory, physical, and opportunity risks—the regulatory risk is the primary driver of the results. Causal relation is established using the U.S. withdrawal from the Paris Agreement in 2017 as a shock to firm climate risk exposure. Finally, we show that corporate climate lobbying reduces regulatory fragmentation and increases firms' greenhouse gas emissions. These results together suggest that firms strategically allocate political resources toward climate-related issues in response to climate risks, aiming to manage their exposures to climate risks.

查看原文本刊更多论文

引导气候政策：应对气候风险加剧的企业游说策略

本研究考察了企业如何在战略上应对日益加剧的气候风险，并特别关注了企业的气候游说行为。我们的研究结果表明，企业层面的气候风险暴露与企业在气候相关问题上的游说努力之间存在显著的正相关关系。在三个气候风险组成部分——监管风险、物理风险和机会风险中，监管风险是结果的主要驱动因素。将2017年美国退出《巴黎协定》视为对企业气候风险敞口的冲击，建立了因果关系。最后，我们表明，企业气候游说减少了监管碎片化，增加了企业的温室气体排放。这些结果共同表明，企业为应对气候风险，在气候相关问题上战略性地分配政治资源，旨在管理其面临的气候风险。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Energy Economics ECONOMICS-

CiteScore

18.60

自引率

12.50%

发文量

524

期刊介绍： Energy Economics is a field journal that focuses on energy economics and energy finance. It covers various themes including the exploitation, conversion, and use of energy, markets for energy commodities and derivatives, regulation and taxation, forecasting, environment and climate, international trade, development, and monetary policy. The journal welcomes contributions that utilize diverse methods such as experiments, surveys, econometrics, decomposition, simulation models, equilibrium models, optimization models, and analytical models. It publishes a combination of papers employing different methods to explore a wide range of topics. The journal's replication policy encourages the submission of replication studies, wherein researchers reproduce and extend the key results of original studies while explaining any differences. Energy Economics is indexed and abstracted in several databases including Environmental Abstracts, Fuel and Energy Abstracts, Social Sciences Citation Index, GEOBASE, Social & Behavioral Sciences, Journal of Economic Literature, INSPEC, and more.