Environmental Performance Drivers: A Political Cost Approach
研究了政治成本压力对英国上市公司环境绩效的影响，发现政治成本压力显著降低碳排放，尤其是监管和处罚相关披露的效果最强。
ABSTRACT We contribute to the business strategy and the environment literature by examining the effect of political cost pressures on corporate environmental performance in the context of United Kingdom‐listed firms. Drawing on a sample of non‐financial firms from the FTSE All‐Share Index over a period of 10 years (2013–2022), we construct novel indices of political cost pressures, regulatory compliance, penalties and fines, strategic and risk management and market/social expectations, using textual analysis of annual reports. Employing firm fixed effects and two‐stage least squares (2SLS) models, we find that political cost pressures are significantly associated with lower carbon emissions (Scope 1 and Scope 2), with the strongest effects observed for regulatory and penalty‐related disclosures. The results persist over time when lead variables are used, supporting the temporal validity of the relationships. Overall, our findings advance the political cost hypothesis by demonstrating that mandatory disclosure and external scrutiny prompt firms to enhance their actual environmental performance, thereby reinforcing institutional and stakeholder accountability mechanisms.