Board Networks and Corporate Carbon Emissions: A Cross‐Country Analysis of Causal Effects
取締役会ネットワークと企業の炭素排出：因果効果の国際比較分析 (AI 翻訳)
Katarzyna Burzynska, Sara Jonsson, Lu Liu, Michał Dzieliński
🤖 gxceed AI 要約
日本語
本研究は、取締役会ネットワークが企業の炭素排出に与える因果効果を、48カ国1952社のデータを用いて分析。外生的な炭素規制ショックを活用した動的積層回帰の結果、絶対排出量は約9%削減されるが、排出原単位は改善せず、ネットワークを通じた排出削減は事業縮小や売却によるもので、技術的脱炭素を伴わないことを示唆。
English
This study examines the causal effect of board networks on corporate carbon emissions using a sample of 1,952 firms across 48 countries from 2003 to 2020. Employing dynamic stacked regressions with exogenous carbon-regulation shocks, it finds a 9% reduction in absolute emissions but no improvement in emission intensity, suggesting network-driven reductions stem from divestment rather than operational decarbonization.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本では、有価証券報告書での気候関連開示が義務化されつつあり、取締役会の役割が注目されている。本稿のネットワーク効果に関する知見は、日本の企業統治と炭素排出削減の関係に示唆を与える。ただし、日本の独自性（例：取締役会の構成、株主構造）を考慮した追加分析が望まれる。
In the global GX context
This research provides novel causal evidence that board networks can transmit regulatory pressure across firms, leading to emissions reductions. For global disclosure frameworks like ISSB and TCFD, it highlights the importance of board composition and interlocking directorates as channels for climate action, while cautioning that emissions improvements may be superficial if intensity does not change.
👥 読者別の含意
🔬研究者:Provides a rigorous causal identification strategy for board network effects on emissions, relevant for corporate governance and environmental performance research.
🏢実務担当者:Corporate boards should recognize that network ties can drive emission reductions under regulatory pressure, but may not lead to genuine operational efficiency gains.
🏛政策担当者:Regulators can leverage board network channels to propagate climate policies; however, monitoring emission intensity is necessary to avoid mere asset shuffling.
📄 Abstract（原文）
ABSTRACT This study examines whether board networks influence corporate carbon emissions and the strategic pathways through which firms decarbonize. Using a sample of 1952 firms across 48 countries from 2003 to 2020, we employ dynamic stacked regressions that exploit exogenous carbon‐regulation shocks affecting firms connected through shared third‐party board memberships. We find that focal firms reduce absolute emissions by about 9%. The effect concentrates in high emitting firms operating under strict environmental regulations, with emission targets and policies, and low financial constraints. However, emission intensity does not improve. This pattern suggests that network‐driven emission reductions primarily reflect divestment or contraction of carbon‐intensive activities, rather than operational decarbonization through technological upgrading. While indirect board ties transmit regulatory responses, overall board centrality does not reduce emissions though it is associated with higher environmental ratings. Our findings challenge conventional wisdom about board networks and highlight their nuanced role in spreading environmental practices.
🔗 Provenance — このレコードを発見したソース
- crossref https://doi.org/10.1002/bse.70878first seen 2026-05-14 23:11:12
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