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Drivers of corporate environmental policy at country, sector, and firm levels

Published online by Cambridge University Press:  04 November 2024

Beatriz Jiménez-Parra Open the ORCID record for Beatriz Jiménez-Parra [Opens in a new window] ,
Roberto Fernández-Gago Open the ORCID record for Roberto Fernández-Gago [Opens in a new window] ,
José Luis Godos-Díez  and
Laura Cabeza-García Open the ORCID record for Laura Cabeza-García [Opens in a new window]
Beatriz Jiménez-Parra*
Affiliation:
Department of Management and Business Economics, Faculty of Economics and Business Sciences, Universidad de León, Campus de Vegazana, León, Spain
Roberto Fernández-Gago
Affiliation:
Department of Management and Business Economics, Faculty of Economics and Business Sciences, Universidad de León, Campus de Vegazana, León, Spain
José Luis Godos-Díez
Affiliation:
Department of Management and Business Economics, Faculty of Economics and Business Sciences, Universidad de León, Campus de Vegazana, León, Spain
Laura Cabeza-García
Affiliation:
Department of Management and Business Economics, Faculty of Economics and Business Sciences, Universidad de León, Campus de Vegazana, León, Spain
*
Corresponding author: Beatriz Jiménez-Parra; Email: [email protected]
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Abstract

This study provides a holistic approach to the potential drivers of corporate environmental policy. Institutional and/or stakeholder theories are used to explain any influence on this type of policy in situations with different characteristics. Specifically, the analysis considers country-, industry-, and firm-level determinants of an international sample of listed companies. Exploratory factor analysis was first applied to the variables at the country level because their underlying interrelationships were unknown. Using ordered probit models clustered at the firm level, we found that some environmental characteristics of a country and some macro-level variables considered together affect corporate environmental policy, along with pressure from industry peers. Moreover, we observed that companies with better policies for stakeholders, greater board independence, and greater gender diversity tended to develop better environmental policies. This study offers insight into fostering environmental responsibility through policy incentives and effective corporate governance structures.

Keywords

corporate environmental policycountry-level determinantsindustry-level determinantsfirm-level determinantssustainability
Type
Research Article
Information
Journal of Management & Organization , First View , pp. 1 - 25
Copyright
© The Author(s), 2024. Published by Cambridge University Press in association with Australian and New Zealand Academy of Management.

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