Beyond Carbon: Corporate Environmental Performance Across Multiple Domains
研究了企业环境绩效作为多维系统而非孤立结果，分析S&P 500公司在碳排放、废物、能源和水四个领域的数据，发现行业规范和相对盈利能力与环境结果关联相似，而多领域表现好的公司估值溢价最高。
ABSTRACT We examine corporate environmental performance (CEP) as a multidimensional system rather than isolated outcomes. Combining institutional and behavioral perspectives, we analyze four domains—CO 2 emissions, waste, energy, and water—using S&P 500 firms that disclosed data on all four domains (2006–2024). Seemingly, unrelated regressions suggest that industry norms and profitability relative to peers are associated with environmental outcomes similarly across domains, while slack shows weaker patterns. Within this reporting sample, lower emissions, waste, and energy use are associated with higher subsequent Tobin's Q, and firms performing well across all four domains receive the largest valuation premium. These findings suggest that, among large firms with mature disclosure, CEP may reflect integrated capability development rather than domain‐specific responses.