“Soft” Climate Change Exposure and Firm Performance Across Countries: Legitimacy Theory Perspective

IF 12.5 1区 管理学 Q1 BUSINESS
Naimat U. Khan, Mushtaq Hussain Khan
{"title":"“Soft” Climate Change Exposure and Firm Performance Across Countries: Legitimacy Theory Perspective","authors":"Naimat U. Khan, Mushtaq Hussain Khan","doi":"10.1002/bse.70029","DOIUrl":null,"url":null,"abstract":"This paper examines the impact of a firm‐level ‘soft’ measure of climate change exposure on the performance of 6228 companies across 40 countries (2001–2021) using legitimacy theory. We find that the relationship between climate change and performance is contingent upon industry and the content of climate change exposure (opportunities, regulatory, and physical). Industry‐level analysis reveals that the top 10 high‐exposure industries generally experience negative performance impacts, whereas the bottom 10 low‐exposure industries exhibit positive effects. In terms of content, physical exposure positively affects performance, regulatory exposure negatively impacts performance, and opportunity exposure shows an insignificant positive effect. Climate change thus presents industry‐ and content‐specific risks and opportunities, highlighting the need for targeted policy incentives to encourage genuine climate‐related investments. Theoretically, climate exposure conveys either symbolic legitimacy (tokenism without real impact) or substantive legitimacy (genuine, tangible effects), depending on industry context and the nature of exposure.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"333 1","pages":""},"PeriodicalIF":12.5000,"publicationDate":"2025-06-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Business Strategy and The Environment","FirstCategoryId":"91","ListUrlMain":"https://doi.org/10.1002/bse.70029","RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS","Score":null,"Total":0}
引用次数: 0

Abstract

This paper examines the impact of a firm‐level ‘soft’ measure of climate change exposure on the performance of 6228 companies across 40 countries (2001–2021) using legitimacy theory. We find that the relationship between climate change and performance is contingent upon industry and the content of climate change exposure (opportunities, regulatory, and physical). Industry‐level analysis reveals that the top 10 high‐exposure industries generally experience negative performance impacts, whereas the bottom 10 low‐exposure industries exhibit positive effects. In terms of content, physical exposure positively affects performance, regulatory exposure negatively impacts performance, and opportunity exposure shows an insignificant positive effect. Climate change thus presents industry‐ and content‐specific risks and opportunities, highlighting the need for targeted policy incentives to encourage genuine climate‐related investments. Theoretically, climate exposure conveys either symbolic legitimacy (tokenism without real impact) or substantive legitimacy (genuine, tangible effects), depending on industry context and the nature of exposure.
“软”气候变化风险与跨国企业绩效:合法性理论视角
本文利用合法性理论研究了企业层面的气候变化“软”指标对40个国家(2001-2021年)6228家公司绩效的影响。我们发现,气候变化与绩效之间的关系取决于行业和气候变化暴露的内容(机会、监管和物理)。行业层面的分析显示,排名前10位的高暴露行业通常会对业绩产生负面影响,而排名后10位的低暴露行业则表现出积极影响。在内容方面,物理暴露对绩效有正向影响,监管暴露对绩效有负向影响,机会暴露对绩效的正向影响不显著。因此,气候变化为特定行业和特定内容带来了风险和机遇,强调需要有针对性的政策激励措施来鼓励真正的气候相关投资。从理论上讲,气候暴露要么具有象征性的合法性(没有实际影响的象征性),要么具有实质性的合法性(真实的、有形的影响),这取决于行业背景和暴露的性质。
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
CiteScore
22.50
自引率
19.40%
发文量
336
期刊介绍: Business Strategy and the Environment (BSE) is a leading academic journal focused on business strategies for improving the natural environment. It publishes peer-reviewed research on various topics such as systems and standards, environmental performance, disclosure, eco-innovation, corporate environmental management tools, organizations and management, supply chains, circular economy, governance, green finance, industry sectors, and responses to climate change and other contemporary environmental issues. The journal aims to provide original contributions that enhance the understanding of sustainability in business. Its target audience includes academics, practitioners, business managers, and consultants. However, BSE does not accept papers on corporate social responsibility (CSR), as this topic is covered by its sibling journal Corporate Social Responsibility and Environmental Management. The journal is indexed in several databases and collections such as ABI/INFORM Collection, Agricultural & Environmental Science Database, BIOBASE, Emerald Management Reviews, GeoArchive, Environment Index, GEOBASE, INSPEC, Technology Collection, and Web of Science.
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:604180095
Book学术官方微信