The effect of co-opted boards on corporate carbon performance: Evidence from financially material industries
研究发现合谋董事会降低了财务重要性行业的温室气体强度，但对非财务重要性行业无影响；在财务重要性行业中，该效应随时间变化，且与研发投入交互时呈正向关系，表明合谋董事会导致研发资源配置低效。
We examine the relationship between co-opted boards and corporate carbon performance. Results show that co-opted boards decrease GHG intensity in financially material industries with no effect in non-financially material industries. For firms in financially material industries, this relationship is time-variant and positive when we interact GHG intensity with R&D investments. This result posits inefficient R&D allocation in the presence of co-opted boards. Our findings bring a more nuanced picture concerning the influence of co-opted boards on corporate carbon performance.