The impact of strategic climate planning on carbon performance: an empirical examination of mexican listed firms.

• Autores: Alan Francisco Rodri guez Jasso, Arturo Briseño García, Ana Luz Zorrilla del Castillo
• Localización: UCJC Business & Society Review, ISSN-e 2659-3270, Vol. 18, Nº. 3, 2021, págs. 52-125
• Idioma: inglés
• Títulos paralelos:
  • El impacto de la planificación estratégica climática en el desempeño del carbono: un examen empírico de las empresas mexicanas que cotizan en bolsa.
• Enlaces
  • Texto completo
• Resumen
  • español

    El cambio climático es una preocupación internacional que debe abordarse a corto plazo y las empresas tienen un papel activo en su reducción. Este trabajo analiza el efecto que la planifi-cación estratégica climática tiene sobre el desempeño de carbono en las empresas mexicanas que cotizan en bolsa. Las perspectiva institucional y de los grupos de interés proporcionan un marco teórico para explicar la presión externa que modifica la lógica económica actual para obtener legitimidad sobre el cambio climático. Utilizando datos de Bloomberg y Thom-son Eikon de 2014-2018, así como una regresión de análisis de panel de efectos aleatorios, nuestros resultados sugieren un efecto significativo de la planificación estratégica junto con el componente de comercio de emisiones sobre el desempeño de carbono

  • English

    Climate change is an international concern to be addressed in the short term, and firms have an active role in its reduction. This paper analyzes the effect that strategic climate planning has on carbon performance in Mexican listed firms. The stakeholder and institutional perspectives provide a theoretical framework to explain the external pressure that modifies the current eco-nomic logic to obtain legitimacy on climate change. Using Bloomberg and Thomson Eikon data from 2014-2018 and a random-effect method panel analysis regression, our results suggest a significant effect of strategic planning along with the emission trading component on carbon performance

• Referencias bibliográficas
  • Acar, M., & Temiz, H. (2020). Empirical analysis on corporate environmental performance and environmental disclosure in an emerging market...
  • Aggarwal, R., & Dow, S. (2012). Corporate governance and business strategies for climate change and environmental mitigation. European...
  • Alin, A. (2010). Multicollinearity. Wiley Interdisciplinary Reviews: Computational Statistics, 2(3), 370–374. https://doi.org/10.1002/wics.84
  • Alsaifi, K. (2020). Carbon disclosure and carbon performance: Evidence from the UK’s listed companies. Management Science Letters, 11(1),...
  • Aragon-Correa, J. A. (1998). Strategic proactivity and firm approach to the natural environment. Academy of Management Journal, 41, 556–567.
  • Arellano, M., & Bover, O. (1990). La econometria de datos de panel. Investigaciones Económicas, 1, 3–45.
  • Asteriou, D., & Hall, S. (2011). Applied Econometrics (2nd.). Palgrave Macmillan.
  • Bansal, P. (2003). From issues to actions: The importance of individual concerns and organizational values in responding to natural environmental...
  • Bebbington, J., & Larrinaga-Gonzalez, C. (2008). Carbon trading: Accounting and Reporting Issues. European Accounting Review, 17(4), 697–717.
  • Belsley, D. A., Kuh, E., & Welsch, R. E. (1980). Regression diagnostics. Wiley.
  • BMV. (2020). Acerca de la Bolsa Mexicana de Valores. https://www.bmv.com.mx/es/grupo-bmv/acerca-de
  • Bui, B., & de Villiers, C. (2016). Business strategies and management accounting in response to climate change risk exposure and regulatory...
  • Busch, T., & Lewandowski, S. (2017). Corporate carbon and financial performance a meta-analysis. Journal of Industrial Ecology, 22(4),...
  • Cadena, A., Remes, J., Grosman, N., & de Oliveira, A. (2017). Where will Latin America’s growth come from? (Issue April). https://www.mckinsey.com/featured-insights/employment-and-growth/how-to-counter-three-threats-to-growth-in-latin-america
  • Choi, B., Luo, L., & Shrestha, P. (2020). The value relevance of carbon emissions information from Australian-listed companies. Australian...
  • Christmann, P., & Taylor, G. (2006). Firm self-regulation through international certifiable standards: Determinants of symbolic versus...
  • Dahlmann, F., Branicki, L., & Brammer, S. (2017). Managing carbon aspirations: The influence of corporate climate change targets on environmental...
  • Dahlmann, F., & Grosvold, J. (2017). Environmental Managers and Institutional Work: Reconciling Tensions of Competing Institutional Logics....
  • Damert, M., & Baumgartner, R. J. (2017). External pressures or internal governance – What determines the extent of corporate responses...
  • Daniel, B., Guy-Dinesh, F., & Arindam, T. (2013). Bankruptcy risk, productivity and firm strategy. Review of Accounting and Finance, 12(4),...
  • Darus, F., Mohd-Zuki, H., & Yusoff, H. (2020). The path to sustainability: Understanding organisations’ environmental initiatives and...
  • Delmas, M. A., Etzion, D., & Nairn-Birch, N. (2013). Triangulating environmental performance: what do corporate social responsibility...
  • Delmas, M. A., Nairn-Birch, N., & Lim, J. (2015). Dynamics of environmental and financial performance: The case of greenhouse gas emissions....
  • Delmas, M., & Montes-Sancho, M. (2009). Voluntary agreements to improve environmental quality: Symbolic and substantive cooperation. Strategic...
  • DiMaggio, P. J., & Powell, W. W. (1983). The iron cage revisited. Institutional isomorphism and collective rationality in organizational...
  • Dixon-Fowler, H. R., Slater, D. J., Johnson, J. L., Ellstrand, A. E., & Romi, A. M. (2012). Beyond “Does it Pay to be Green?” A Meta-Analysis...
  • Dubey, R., Gunasekaran, A., & Ali, S. (2015). Exploring the relationship between leadership, operational practices, institutional pressures...
  • Eikelmann, N. (2020). Value-Based Performance Measures. Theoretical evaluation and empirical analysis of their application and value relevance...
  • Fethi, S., & Rahuma, A. (2020). The impact of eco-innovation on CO2 emission reductions: Evidence from selected petroleum companies. Structural...
  • Freeman, R. E. (1984). Strategic Management: A Stakeholder Approach. Pitman.
  • Ganda, F. (2018). The effect of carbon performance on corporate financial performance in a growing economy. Social Responsibility Journal,...
  • Gasbarro, F., Rizzi, F., & Frey, M. (2016). Adaptation Measures of Energy and Utility Companies to Cope with Water Scarcity Induced by...
  • Gondivan, K. (2017). Sustainable consumption and production in the food supply chain: A conceptual framework. International Journal of Production...
  • Graham, S. (2017). The Influence of External and Internal Stakeholder Pressures on the Implementation of Upstream Environmental Supply Chain...
  • Greene, W. (2012). Econometric analysis (7th ed.). Pearson/Prentice Hall.
  • Greene, W. H. (2003). Econometric Analysis (5th.). Prentice-Hall.Hart, S. L. (1995). A natural-resource-based view of the firm. Academy of...
  • Hausman, J. A. (1978). Specification tests in econometrics. Journal of the Econometric Society, 1251–1271.
  • Henri, J., & Journeault, M. (2010). Eco-control: The influence of management control systems on environmental and economic performance....
  • Henri, J., & Journeault, M. (2018). Antecedents and consequences of eco-control deployment: Evidence from Canadian manufacturing firms....
  • Herold, D., Farr-Wharton, B., Lee, K., & Groschopf, W. (2018). The interaction between institutional and stakeholder pressures: Advancing...
  • Herold, D., & Lee, K. (2017). The influence of the sustainability logic on carbon disclosure in the global logistics industry: The case...
  • Hossain, M., & Farooque, O. (2019). The emission trading system, risk management committee and voluntary corporate response to climate...
  • Hrasky, S. (2011). Carbon footprints and legitimation strategies: symbolism or action? Accounting, Auditing and Accountability Journal, 25(1),...
  • Hughes, P., & Hodgkinson, I. (2020). Knowledge management activities and strategic planning capability development. European Business...
  • Imtiaz, M., Adams, C. A., & Boyce, G. (2019). Institutional drivers of environmental management accounting adoption in public sector water...
  • Jennings, P. D., & Zandbergen, P. A. (1955). Ecologically sustainable organizations: An institutional approach. Academy of Management,...
  • Jose, M. L., Nichols, L. M., & Stevens, J. L. (1986). Contributions of diversification, promotion, and R&D to the value of multiproduct...
  • Judge, W. Q., & Douglas, T. J. (1998). Performance implications of incorporating natural environmental issues into the strategic planning...
  • Kinney, S., & Dunson, D. (2008). Bayesian Model Uncertainty in Mixed Effects Models. In D. B. Dunson (Ed.), Random Effect and Latent Variable...
  • Kılıç, M., & Kuzey, C. (2018). The effect of corporate governance on carbon emission disclosures: Evidence from Turkey. International...
  • Kolk, A., Levy, D., & Pinkse, J. (2008). Corporate responses in an emerging climate regime: The institutionalization and commensuration...
  • Kouloukoui, D., Marinho, M., Gomes, S., Kiperstok, A., & Torres, E. (2019). Corporate climate risk management and the implementation of...
  • Kumarasiri, J. (2017). Stakeholder pressure on carbon emissions: strategies and the use of management accounting. Australasian Journal of...
  • Lam, J., & Lim, J. (2016). Incorporating corporate social responsibility in strategic planning: Case of ship-operating companies. International...
  • Liu, Z., Li, W., Hao, C., & Liu, H. (2020). Corporate environmental performance and financing constraints: An empirical study in the Chinese...
  • Luo, L., & Tang, Q. (2014). Does voluntary carbon disclosure reflect underlying carbon performance? Journal of Contemporary Accounting...
  • Luo, L., & Tang, Q. (2020). Corporate governance and carbon performance: role of carbon strategy and awareness of climate risk. Accounting...
  • Masyitoh, O., & Adhariani, D. (2010). The analysis of determinants of going concern audit report. Journal of Modern Accounting and Auditing,...
  • OECD et al. (2019). Latin American Economic Outlook 2019: Development in transition. In OECD Publishing. https://doi.org/10.1787/9789264279438-zh
  • Oliveira, T., Gurgel, A., & Tonry, S. (2019). The effects of a linked carbon emissions trading scheme for Latin America. Climate Policy,...
  • Palea, V., & Drogo, F. (2020). Carbon emissions and the cost of debt in the eurozone: The role of public policies, climate-related disclosure...
  • Pérez, C., Gómez, D., & Lara, G. (2018). Determinantes de la capacidad tecnológica en América Latina: Una aplicación empírica con datos...
  • Pinkse, J., & Busch, T. (2013). The emergence of corporate carbon norms: Strategic directions and managerial implications. Thunderbird...
  • Pinkse, J., & Kolk, A. (2009). International business and global climate change. Routledge.Post, C., Rahman, N., & McQuillen, C. (2014)....
  • Qian, W., & Schaltegger, S. (2017). Revisiting carbon disclosure and performance: Legitimacy and management views. British Accounting...
  • Qian, W., Suryani, A. W., & Xing, K. (2020). Does carbon performance matter to market returns during climate policy changes? Evidence...
  • Ramani, V., & Ward, B. (2019). How Board Oversight Can Drive Climate and Sustainability Performance. Journal of Applied Corporate Finance,...
  • Rodríguez-Jasso, A. F., Briseño, A., & Zorrilla, A. L. (2020). Climate Inaction in Business Management : An Exploratory Review of the...
  • Sakhel, A. (2017). Corporate climate risk management: Are European companies prepared? Journal of Cleaner Production, 165, 103–118. https://doi.org/10.1016/j.jclepro.2017.07.056
  • Schaltegger, S., & Burrit, R. (2015). Business cases and corporate engagement with sustainability: Differentiating ethical motivations....
  • Schneider, A. (2014). Reflexivity in Sustainability Accounting and Management: Transcending the Economic Focus of Corporate Sustainability....
  • Shahwan, T. M. (2015). The effects of corporate governance on financial performance and financial distress: Evidence from Egypt. Corporate...
  • Simamora, R. A., & Hendarjatno, H. (2019). The effects of audit client tenure, audit lag, opinion shopping, liquidity ratio, and leverage...
  • Siminica, M., Circiumaru, D., & Simion, D. (2012). The correlation between the return on assets and the measures of financial balance...
  • Statista. (2020). Largest producers of fossil fuel CO2 emissions worldwide in 2019. https://www.statista.com/statistics/271748/the-largest-emitters-of-co2-in-the-world/#statisticContainer
  • Tabassum, N., & Singh, S. (2020). Corporate Governance and Organisational Performance. The impact of Board Structure. Palgrave Macmillan.
  • Tachizawa, E., Giminez, C., & Sierra, V. (2015). Green supply chain management approaches: Drivers and performance implications. International...
  • Trumpp, C., & Guenther, T. (2015). Too Little or too much? Exploring U-shaped Relationships between Corporate Environmental Performance...
  • UCS. (2020). Each Country’s Share of CO2 Emissions. Union of Concerned Scientists.https://www.ucsusa.org/resources/each-countrys-share-co2-emissions
  • Van-Staden, C., & Hooks, J. (2007). A comprehensive comparison of corporate environmental reporting and responsiveness. The British Accounting...
  • Verbeek, M. (2008). A guide to modern econometrics (3rd ed.). John Wiley & Sons, Ltd.
  • Wang, K., Xian, Y., Zhang, J., Li, Y., & Che, L. (2016). Potential carbon emission abatement cost recovery from carbon emission trading...
  • Weinhofer, G., & Busch, T. (2013). Corporate Strategies for Managing Climate Risks. Business Strategy and the Environment, 22(2), 121–144....
  • Weinhofer, G., & Hoffmann, V. H. (2010). Mitigating climate change - How do corporate strategies differ? Business Strategy and the Environment,...
  • Wisner, P., Epstein, M., & Bagozzi, R. (2006). Organizational antecedents and consequences of environmental performance. Environmental...
  • Wolf, C., & Floyd, S. W. (2017). Strategic Planning Research: Toward a Theory-Driven Agenda. Journal of Management, 43(6), 1754–1788....
  • Wooldridge, J. M. (1994). Estimation and inference for dependent processes. Handbook of Econometrics, 4(1), 2639–2738.Wooldridge, J. M. (2010)....
  • WRI. (2020). World ten top emitters. World Resources Institute. https://www.wri.org/blog/2020/12/interactive-chart-top-emitters