Rethinking complementarity: The co-evolution of public and private governance in corporate climate disclosure

IF 3.2 2区 社会学 Q1 LAW
Christian Elliott, Amy Janzwood, Steven Bernstein, Matthew Hoffmann
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引用次数: 0

Abstract

In its 20 years of operation, the Carbon Disclosure Project (CDP) has been enormously successful as a private governor of corporate climate risk disclosure. Despite an influx of potentially competitive government-led disclosure initiatives and interventions, the use of CDP's platform has nonetheless accelerated. To explain this outcome, we argue that public interventions augment the value of private governance for firms when the costs of compliance overlap, benefits of compliance with private rules are undiminished, and normalization helps kickstart positive feedback effects. These conditions of complementarity are made possible by private governors leveraging authority, access, and adaptability as public responses materialize. We illustrate our argument with two cases: the Non-Financial Reporting Directive in the European Union and the G20's Taskforce for Climate-Related Financial Disclosures. In elaborating the conditions for complementarity beyond a functional division of governing labor, our study helps clarify how public and private governance co-evolve in a mutually reinforcing manner.
重新思考互补性:企业气候信息披露中公私治理的共同演变
在其20年的运作中,碳信息披露项目(CDP)作为企业气候风险披露的私人管理者取得了巨大的成功。尽管政府主导的潜在竞争性信息披露计划和干预措施不断涌现,但CDP平台的使用仍在加速。为了解释这一结果,我们认为,当合规成本重叠时,公共干预增加了公司私人治理的价值,遵守私人规则的好处没有减少,正常化有助于启动正反馈效应。这些互补性条件是通过私人管理者利用权力、访问和适应性来实现的,因为公共反应是现实的。我们用两个案例来说明我们的观点:欧盟的非财务报告指令和20国集团气候相关财务披露工作组。我们的研究阐述了治理劳动职能分工之外的互补性条件,有助于阐明公共治理和私人治理如何以一种相互加强的方式共同发展。
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来源期刊
CiteScore
7.80
自引率
10.00%
发文量
57
期刊介绍: Regulation & Governance serves as the leading platform for the study of regulation and governance by political scientists, lawyers, sociologists, historians, criminologists, psychologists, anthropologists, economists and others. Research on regulation and governance, once fragmented across various disciplines and subject areas, has emerged at the cutting edge of paradigmatic change in the social sciences. Through the peer-reviewed journal Regulation & Governance, we seek to advance discussions between various disciplines about regulation and governance, promote the development of new theoretical and empirical understanding, and serve the growing needs of practitioners for a useful academic reference.
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