{"title":"Corporate carbon emission governance: The mediating role of financial leverage","authors":"Guangyu Guo , Ouwen Lin , Yan Li , Jiyang Ruan","doi":"10.1016/j.iref.2024.103734","DOIUrl":null,"url":null,"abstract":"<div><div>This study examines the impact of board composition and CEO behavior on corporate carbon management across 2012–2021. Based on agency theory and resource dependence theory, this study establishes panel quantile regression and mediation effect models to analyze the impact of corporate governance composition and financial leverage on corporate carbon emissions. The findings reveal that diverse boards reduce carbon emissions, highlighting the value of inclusive decision-making. Additionally, the relationship between board size and emissions follows a U-shaped curve, suggesting an optimal size for efficient decision-making; overconfident CEOs tend to increase emissions due to their optimistic risk assessments; and financial leverage further moderates the impact of board size on emissions. This study demonstrates the importance of environmentally responsible leadership and offers insights into how board composition and CEO attributes shape corporate environmental strategies.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103734"},"PeriodicalIF":4.8000,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Review of Economics & Finance","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1059056024007263","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
This study examines the impact of board composition and CEO behavior on corporate carbon management across 2012–2021. Based on agency theory and resource dependence theory, this study establishes panel quantile regression and mediation effect models to analyze the impact of corporate governance composition and financial leverage on corporate carbon emissions. The findings reveal that diverse boards reduce carbon emissions, highlighting the value of inclusive decision-making. Additionally, the relationship between board size and emissions follows a U-shaped curve, suggesting an optimal size for efficient decision-making; overconfident CEOs tend to increase emissions due to their optimistic risk assessments; and financial leverage further moderates the impact of board size on emissions. This study demonstrates the importance of environmentally responsible leadership and offers insights into how board composition and CEO attributes shape corporate environmental strategies.
本研究探讨了 2012-2021 年间董事会构成和 CEO 行为对企业碳管理的影响。基于代理理论和资源依赖理论，本研究建立了面板量化回归和中介效应模型，分析公司治理构成和财务杠杆对企业碳排放的影响。研究结果表明，多元化的董事会能减少碳排放，凸显了包容性决策的价值。此外，董事会规模与碳排放量之间的关系呈 U 型曲线，表明最佳规模有利于高效决策；过于自信的首席执行官往往会因为其乐观的风险评估而增加碳排放量；财务杠杆进一步调节了董事会规模对碳排放量的影响。这项研究表明了对环境负责的领导力的重要性，并就董事会的组成和首席执行官的特质如何影响企业环境战略提供了见解。
期刊介绍：
The International Review of Economics & Finance (IREF) is a scholarly journal devoted to the publication of high quality theoretical and empirical articles in all areas of international economics, macroeconomics and financial economics. Contributions that facilitate the communications between the real and the financial sectors of the economy are of particular interest.
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