Board composition and climate strategy: the role of governance in internal carbon pricing adoption

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-08-09 DOI:10.1016/j.frl.2025.108142

Urvashi Khandelwal , Chitranshu Khandelwal

引用次数: 0

Abstract

Using a panel dataset of 4,815 U.S. firms from 2014 to 2022, this study examines the impact of board composition on firms’ decisions to adopt Internal Carbon Pricing (ICP). Our findings reveal an inverted U-shaped relationship between board size and ICP adoption, indicating that while larger boards enhance strategic oversight, excessively large boards may hinder decision-making efficiency. Additionally, board independence and gender diversity are positively associated with ICP adoption, suggesting that independent and diverse boards play a crucial role in driving sustainability initiatives. These results remain robust across alternative specifications, including spline regression, instrumental variable (IV) estimation, and GMM.

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董事会构成与气候战略：治理在内部碳定价采用中的作用

本研究使用2014年至2022年4,815家美国公司的面板数据集，研究了董事会构成对公司采用内部碳定价（ICP）决策的影响。我们的研究结果揭示了董事会规模与ICP采用之间的倒u型关系，这表明虽然较大的董事会加强了战略监督，但过大的董事会可能会阻碍决策效率。此外，董事会独立性和性别多样性与ICP采用呈正相关，这表明独立和多元化的董事会在推动可持续发展举措方面发挥着至关重要的作用。这些结果在包括样条回归、工具变量（IV）估计和GMM在内的其他规范中仍然是稳健的。

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

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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