Dual Role Executives and Corporate Membership of Emission Trading Schemes: The Role of Board Structure
研究发现CEO双重角色（兼任董事长）会降低企业参与排放交易计划的可能性，但董事会任期、规模、国籍多样性和独立董事比例等结构特征会调节这一关系。
ABSTRACT This study examines the impact of CEO duality on the likelihood of corporate participation in an emissions trading scheme. The results indicate that firms led by dual‐role executives are less likely to participate in emissions trading schemes. However, we document that the core relationship is moderated by board composition, including board tenure, board size, the nationality mix of board members, and the proportion of independent directors. Firms' continent of operation and law of origin also affect the probability of joining emission trading schemes. Financing frictions such as bankruptcy risk, degree of financial constraint, and firm growth opportunities are also important considerations.