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What drives internal carbon pricing as a climate risk management tool?
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Resumo(s)
Recent developments in climate regulation have led corporations to adjust their business models to
prepare for the transition to a low-carbon economy. To respond to existing legislation and hedge against
future climate regulations risk, an increasing number of mainly large corporations voluntarily embed an
internal carbon value in decision-making processes as part of their business strategy. The aim of this study
is to investigate the main forces that drive the adoption of such practice. A sample of 261 firms
participating in the Carbon Disclosure Project is used to test a framework based on stakeholder theory
and the resource-based view. The binary logistic regression analysis provides empirical evidence for the
positive effect of institutional and stakeholder pressure on internal carbon pricing adoption. This paper
finds that large corporations that employ a sustainability committee and rely on carbon-intense operations
are more likely to adopt it. The results of this research should be of interest to policymakers, executive
directors and external stakeholders engaged in climate change mitigation and adaptation policies.
Descrição
Palavras-chave
Internal carbon pricing Carbon management system Climate risk management Carbon disclosure project