Biodiversity Reporting and Climate Policy Uncertainty

IF 13.3 1区管理学 Q1 BUSINESS

Business Strategy and The Environment Pub Date : 2025-09-19 DOI:10.1002/bse.70226

Sirimon Treepongkaruna, Hue Hwa Au Yong, Khine Kyaw, Muhammad Ramzan Kalhoro

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引用次数: 0

Abstract

Biodiversity plays a crucial role in green and sustainable business; however, it has received less attention than climate change. In recent times, there has been a call for greater biodiversity reporting. However, there are contrasting views on the benefits of firms' biodiversity reporting. Although biodiversity reporting can enhance public perception of firms' environmental performance, it could potentially expose them to greater regulatory scrutiny and reputational risks. Uncertainty surrounding climate policy adds to the complexity of the trade‐off of biodiversity reporting. Motivated by this debate, we test two competing hypotheses on the effect of climate policy uncertainty (CPU) on biodiversity reporting: (1) CPU drives greater biodiversity reporting (CPU‐driven biodiversity reporting enhancement hypothesis) versus (2) CPU drives less biodiversity reporting (CPU‐driven biodiversity reporting restraint hypothesis). We explore the effect of CPU on the company's biodiversity reporting for the US firm from 2002 to 2018. Consistent with legitimacy and signaling theories, we find that CPU improves the extent of biodiversity reporting by 18.7%, supporting the CPU‐driven biodiversity reporting enhancement hypothesis. The results show that firms are proactive in managing biodiversity risks related to regulatory uncertainty. Doing so can generate various benefits for firms, including improved reputation as well as signaling firms' preparedness to comply with upcoming biodiversity reporting regulations.

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生物多样性报告与气候政策不确定性

生物多样性在绿色和可持续商业中发挥着至关重要的作用；然而，它受到的关注不如气候变化。近年来，人们一直呼吁加大生物多样性报告的力度。然而，关于公司生物多样性报告的好处，有不同的观点。尽管生物多样性报告可以提高公众对企业环境绩效的认识，但它可能使企业面临更严格的监管审查和声誉风险。气候政策的不确定性增加了生物多样性报告权衡的复杂性。在这一争论的推动下，我们对气候政策不确定性（CPU）对生物多样性报告影响的两个相互竞争的假设进行了检验：(1)CPU驱动生物多样性报告增加（CPU驱动生物多样性报告增强假设）与(2)CPU驱动生物多样性报告减少（CPU驱动生物多样性报告抑制假设）。我们探讨了CPU对2002年至2018年美国公司生物多样性报告的影响。与合法性和信号传导理论一致，我们发现CPU将生物多样性报告的程度提高了18.7%，支持CPU驱动的生物多样性报告增强假设。结果表明，企业积极主动地管理与监管不确定性相关的生物多样性风险。这样做可以为公司带来各种好处，包括提高声誉，以及表明公司准备遵守即将出台的生物多样性报告法规。

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

Business Strategy and The Environment Multiple-

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.