Table 1.
Overview of the corporate climate policies studied (treated as binary–YES/NO).
Table 2.
Descriptive statistics and correlation coefficients.
Fig 1.
Evolution of existent corporate climate policies (treated as binary–YES/NO) across sample companies from 2010–2022.
Fig 2.
Number of companies with a comprehensive policy mix I (A and B) and a comprehensive policy mix II (C-D).
Fig 3.
Relationship between corporate climate policies and absolute emissions (panel a) and emission intensities (panel b) as the dependent variable. The error bars represent the standard errors. Robust standard errors are computed using the Huber-White heteroskedasticity-consistent estimator. The specifications include either sector, region, and year fixed effects (green lines) or company and year fixed effects (blue lines). Across all specifications, log-transformed revenue the debt ratio, a dummy to indicate a public company, the percentile of emissions as well as the green financial policy density in the country of the company’s headquarters serve as control variables. The dependent variable includes scope 1 and 2 emissions and is lagged by one year. All specifications only include observations for which all variable data is present (the number of observations for each specification is shown in Tables 3–6).
Table 3.
Relationship between corporate climate policies and absolute emissions as the dependent variable with sector, region, and year fixed effects.
The dependent variable includes scope 1 and 2 emissions and is lagged by one year. All specifications only include observations for which all variable data is present. Robust standard errors are computed using the Huber-White heteroskedasticity-consistent estimator.
Table 4.
Relationship between corporate climate policies and emission intensities as the dependent variable with sector, region, and year fixed effects.
The dependent variable includes scope 1 and 2 emissions and is lagged by one year. All specifications only include observations for which all variable data is present. Robust standard errors are computed using the Huber-White heteroskedasticity-consistent estimator.
Table 5.
Relationship between corporate climate policies and absolute emissions as the dependent variable with company and year fixed effects.
The dependent variable includes scope 1 and 2 emissions and is lagged by one year. All specifications only include observations for which all variable data is present. Robust standard errors are computed using the Huber-White heteroskedasticity-consistent estimator.
Table 6.
Relationship between corporate climate policies and emission intensities as the dependent variable with company and year fixed effects.
The dependent variable includes scope 1 and 2 emissions and is lagged by one year. All specifications only include observations for which all variable data is present. Robust standard errors are computed using the Huber-White heteroskedasticity-consistent estimator.
Fig 4.
Relationship between the comprehensive policy mix I (i.e., at least one policy introduced from each of the four areas) and the comprehensive policy mix II (i.e., all corporate climate policies introduced that have been included in the CDP questionnaire in a given year) and absolute emissions (panel a) and emission intensities (panel b) as the dependent variable.
The error bars represent the standard errors. Robust standard errors are computed using the Huber-White heteroskedasticity-consistent estimator. The specifications include either sector, region, and year fixed effects as well as company and year fixed effects. Across all specifications, log-transformed revenue, the debt ratio, a dummy to indicate a public company, the percentile of emissions as well as the green financial policy density in the country of the company’s headquarters serve as control variables. The dependent variable includes scope 1 and 2 emissions and is lagged by one year. All specifications only include observations for which all variable data is present (the number of observations for each specification is shown in Tables 7 and 8).
Table 7.
Relationship between the comprehensive policy mix I (i.e., at least one policy introduced from each of the four areas) and the comprehensive policy mix II (i.e., all policies introduced that have been included in the CDP questionnaire in a given year) and absolute emissions (specifications 1+2) and emission intensities (specifications 3+4) as the dependent variable with sector, region, and year fixed effects.
The dependent variable includes scope 1 and 2 emissions and is lagged by one year. All specifications only include observations for which all variable data is present. Robust standard errors are computed using the Huber-White heteroskedasticity-consistent estimator.
Table 8.
Relationship between the comprehensive policy mix I (i.e., at least one policy introduced from each of the four areas) and the comprehensive policy mix II (i.e., all policies introduced that have been included in the CDP questionnaire in a given year) and absolute emissions (specifications 1+2) and emission intensities (specifications 3+4) as the dependent variable with company and year fixed effects.
The dependent variable includes scope 1 and 2 emissions and is lagged by one year. All specifications only include observations for which all variable data is present. Robust standard errors are computed using the Huber-White heteroskedasticity-consistent estimator.