The Mediating Role of Climate Targets in Corporate Emission Reductions
研究基于152家高碳排企业数据，发现采纳SDG 13承诺主要通过设定长期减排目标来降低温室气体排放，而短期目标效果较弱，揭示了承诺转化为实质减排的路径。
ABSTRACT Corporations worldwide increasingly commit to Sustainable Development Goal 13 (SDG 13), yet the extent to which such commitments translate into measurable greenhouse gas (GHG) reductions remains uncertain. Drawing on Institutional and Legitimacy Theory, this paper examines the mediating role of climate targets in the relationship between SDG 13 adoption and corporate emission outcomes. We compile a balanced panel of 152 publicly listed firms across 32 countries and seven carbon‐intensive industries, resulting in 760 firm‐year observations for the period 2020–2024, using data from Refinitiv Datastream. Structural equation modeling (SEM) is employed to test whether long‐term and short‐term GHG emission reduction targets serve as pathways through which SDG 13 commitments affect subsequent GHG performance. Our results show that SDG 13 adoption strongly predicts the establishment of long‐term targets, which are significantly associated with lower emissions. By contrast, short‐term targets are less frequently adopted and display weaker effects. Temporal analysis indicates a rapid institutionalization of SDG 13 commitments and target adoption during the 2020–2024 period, consistent with coercive, normative, and mimetic pressures. These findings suggest that while visible commitments enhance legitimacy, substantive emission reductions require embedding long‐term targets into corporate strategies. The study contributes to climate governance research by clarifying the symbolic versus substantive nature of corporate climate action. It offers practical implications for managers and policymakers seeking to strengthen climate accountability.