Can board environmental orientation improve U.S. firms' carbon performance? The mediating role of carbon strategy
研究了董事会环境导向如何通过碳战略影响美国企业的碳绩效，发现董事会环境导向越强，温室气体排放越低，且碳战略起中介作用，在高碳密集型行业为部分中介，低碳密集型行业为完全中介。
Abstract Overwhelming evidence from prior research suggests a positive association between corporate board characteristics and carbon performance; however, very little is known about the mechanisms linking the two variables. This study attempts to fill this gap by developing and empirically testing a conceptual model that highlights the role of carbon strategy in the relationship between board environmental orientation (BEO) and carbon performance. We argue that BEO can directly and indirectly influence carbon performance through carbon strategy. Using structural equation modelling to analyse data consisting of 2,301 U.S. firm‐year observations over the 2005–2015 period, we find that the greater the BEO is, the better its carbon performance (i.e., lower greenhouse gas emissions). The results also provide evidence of the mediating effect of carbon strategy on the relationship between BEO and carbon performance. Splitting the sample into high and low carbon‐intensive industries shows a partial mediation effect in high carbon‐intensive industries and a full mediation effect in low carbon‐intensive industries. The findings of the study and its implications for scholars, policymakers, managers, investors, and environmentalists are discussed.