Do Corporate Governance Mechanisms Help to Reduce Carbon Emissions? Some Empirical Evidence on Listed Companies in France, Germany, the United Kingdom, and Japan
研究了董事会性别多样性、可持续发展委员会等公司治理机制对305家欧洲和日本上市公司碳排放强度的影响，发现性别多样性和可持续发展委员会能有效降低碳排放，而董事会规模、独立性和高管薪酬则无显著效果。
ABSTRACT Climate change is one of the greatest challenges facing humanity today. In this paper, we analyze the role of firms in mitigating climate change through their model of corporate governance. We examine the impact of key organizational control and incentive mechanisms on firms' carbon emission intensity. Using a panel of 305 listed firms in France, Germany, the United Kingdom, and Japan over the period 2015–2021, we show that board gender diversity plays a crucial role in reducing both firms' direct and indirect carbon emissions. Moreover, the presence of a sustainability committee can be an effective arrangement to limit direct GHG emissions. However, our study finds no significant evidence for the variables of board size, board independence, and top sustainability‐based executive compensation. Our findings vary depending on the high‐ or low‐emission sector. Based on these results, we propose several managerial and policy implications that can help improve corporate climate performance.