Inovação ambiental e iniciativas gerenciais de redução de carbono: o efeito moderador do poder do CEO
DOI:
https://doi.org/10.5007/2175-8069.2023.e84757Palavras-chave:
Inovação Ambiental, Redução de carbono, Poder do CEO, Teoria da Legitimidade, Teoria dos SkakeholdersResumo
Baseado nas teorias da legitimidade e stakeholders, este artigo investiga como a inovação ambiental afeta as iniciativas gerenciais para a redução de carbono e se o poder do Chief Executive Officer (CEO) modera esta relação. Foram analisadas observações de 331 empresas latino-americanas e como variável dependente utilizou-se um índice de iniciativas gerenciais para redução de carbono. Os resultados da regressão Feasible Generalized Least Squares (FGLS) indicam que a inovação ambiental influencia positivamente as iniciativas gerenciais para a redução de carbono. Os resultados também mostram que o poder do CEO modera positivamente esta relação. Além disso, o comitê de responsabilidade social corporativa e o tamanho da empresa influenciam positivamente as iniciativas gerenciais para redução de carbono e a alavancagem tem uma relação negativa com estas iniciativas. A pesquisa reforça a importância da inovação ambiental no combate às mudanças climáticas e ao aquecimento global.
Referências
Adams, R. B., Almeida, H., & Ferreira, D. (2005). Powerful CEOs and their impact on corporate performance. The Review of Financial Studies, 18(4), 1403–1432. https://doi.org/10.1093/rfs/hhi030
Afonso, T. L., Marques, A. C., & Fuinhas, J. A. (2021). Does energy efficiency and trade openness matter for energy transition? Empirical evidence for countries in the Organization for Economic Co-operation and Development. Environment, Development and Sustainability, 1–21. https://doi.org/10.1007/s10668-021-01228-z
Aibar-Guzmán, B., & Frías-Aceituno, J.-V. (2021). Is It Necessary to Centralize Power in the CEO to Ensure Environmental Innovation? Administrative Sciences, 11(1), 27. https://doi.org/10.3390/admsci11010027
Aksoy, M., Yilmaz, M. K., Tatoglu, E., & Başar, M. (2020). Antecedents of corporate sustainability performance in Turkey: The effects of ownership structure and board attributes on non-financial companies. Journal of Cleaner Production, 124284. https://doi.org/10.1016/j.jclepro.2020.124284
Alam, M. S., Safiullah, M., & Islam, M. S. (2022). Cash-rich firms and carbon emissions. International Review of Financial Analysis, 81, 102106. https://doi.org/10.1016/j.irfa.2022.102106
Albitar, K., Al-Shaer, H., & Liu, Y. S. (2023). Corporate commitment to climate change: The effect of eco-innovation and climate governance. Research Policy, 52(2), 104697. https://doi.org/10.1016/j.respol.2022.104697
Andries, P., & Stephan, U. (2019). Environmental innovation and firm performance: How firm size and motives matter. Sustainability (Switzerland), 11(13). https://doi.org/10.3390/su11133585
Azócar, G., Billi, M., Calvo, R., Huneeus, N., Lagos, M., Sapiains, R., & Urquiza, A. (2021). Climate change perception, vulnerability, and readiness: inter-country variability and emerging patterns in Latin America. Journal of Environmental Studies and Sciences, 11(1), 23–36. https://doi.org/10.1007/s13412-020-00639-0
Bananuka, J., Bakalikwira, L., Nuwagaba, P., & Tumwebaze, Z. (2021). Institutional pressures, environmental management practices, firm characteristics and environmental performance. Accounting Research Journal, 34(6). https://doi.org/10.1108/ARJ-06-2020-0143
Beck, N., & Katz, J. N. (1995). What to do (and not to do) with time-series cross-section data. American Political Science Review, 89(3), 634–647. https://doi.org/10.2307/2082979
Breuer, W., Hass, M., & Rosenbach, D. J. (2022). The impact of CEO power and institutional discretion on CSR investment. Review of Financial Economics, 40(1), 20–43. https://doi.org/10.1002/rfe.1131
Burkhardt, K., Nguyen, P., & Poincelot, E. (2020). Agents of change: Women in top management and corporate environmental performance. Corporate Social Responsibility and Environmental Management, September 2019, 1–14. https://doi.org/10.1002/csr.1907
Chen, Z., & Hamilton, T. (2020). What is driving corporate social and environmental responsibility in China? An evaluation of legacy effects, organizational characteristics, and transnational pressures. Geoforum, 110, 116–124. https://doi.org/10.1016/j.geoforum.2020.02.004
Cheng, G., Zhao, C., Iqbal, N., Gülmez, Ö., Işik, H., & Kirikkaleli, D. (2021). Does energy productivity and public-private investment in energy achieve carbon neutrality target of China? Journal of Environmental Management, 298, 113464. https://doi.org/10.1016/j.jenvman.2021.113464
Daniel-Vasconcelos, V., Ribeiro, M. de S., & Crisóstomo, V. L. (2022). Does gender diversity moderate the relationship between CSR committees and Sustainable Development Goals disclosure? Evidence from Latin American companies. RAUSP Management Journal, 57(4), 434–456. https://doi.org/10.1108/RAUSP-02-2022-0063
Datt, R. R., Luo, L., & Tang, Q. (2019). Corporate voluntary carbon disclosure strategy and carbon performance in the USA. Accounting Research Journal, 17(3). https://doi.org/10.2308/jiar-52221
Datt, R. R., Luo, L., Tang, Q., & Mallik, G. (2018). An international study of determinants of voluntary carbon assurance. Journal of International Accounting Research, 17(3), 1–20. https://doi.org/10.2308/jiar-52221
Deegan, C., Rankin, M., & Tobin, J. (2002). An examination of the corporate social and environmental disclosures of BHP from 1983‐1997: A test of legitimacy theory. Accounting, Auditing & Accountability Journal. 10.1108/09513570210435861
Ellimäki, P., Aguilera, R. V, Hurtado-Torres, N. E., & Aragón-Correa, J. A. (2023). The link between foreign institutional owners and multinational enterprises’ environmental outcomes. Journal of International Business Studies. https://doi.org/10.1057/s41267-022-00580-0
Elsalih, O., Sertoglu, K., & Besim, M. (2020). Environmental performance, comparative advantage of crude oil and the role of institutional quality. Environmental Science and Pollution Research, 27(3), 3489–3496. https://doi.org/10.1007/s11356-019-06838-9
Erla Jonsdottir, G., Mitchell, J., Olaf Sigurjonsson, T., & Rahnema Alavi, A. (2023). Responsible ownership fostering green tech innovation. Sustainable Energy Technologies and Assessments, 55, 102923. https://doi.org/10.1016/j.seta.2022.102923
Fabrizi, M., Mallin, C., & Michelon, G. (2014). The Role of CEO’s Personal Incentives in Driving Corporate Social Responsibility. Journal of Business Ethics, 124(2), 311–326. https://doi.org/10.1007/s10551-013-1864-2
Farza, K., Ftiti, Z., Hlioui, Z., Louhichi, W., & Omri, A. (2021). Does it pay to go green? The environmental innovation effect on corporate financial performance. Journal of Environmental Management, 300, 113695. https://doi.org/10.1016/j.jenvman.2021.113695
Fernando, S., & Lawrence, S. (2014). A theoretical framework for CSR practices: Integrating legitimacy theory, stakeholder theory and institutional theory. Journal of Theoretical Accounting Research, 10(1), 149–178.
Finkelstein, S. (1992). Power in Top Management Teams: Dimensions, Measurement, and Validation. Academy of Management Journal, 35(3), 505–538. https://doi.org/10.5465/256485
Fiorillo, P., Meles, A., Mustilli, M., & Salerno, D. (2022). How does the financial market influence firms’ Green innovation? The role of equity analysts. Journal of International Financial Management & Accounting, n/a(n/a). https://doi.org/10.1111/jifm.12152
Francoeur, C., Lakhal, F., Gaaya, S., & Ben Saad, I. (2021). How do powerful CEOs influence corporate environmental performance? Economic Modelling, 94, 121–129. https://doi.org/10.1016/j.econmod.2020.09.024
Freeman, R. E. (1984). Stakeholder management: framework and philosophy. Pitman, Mansfield, MA.
Freeman, R. E., Phillips, R., & Sisodia, R. (2020). Tensions in Stakeholder Theory. Business and Society, 59(2), 213–231. https://doi.org/10.1177/0007650318773750
Gallego-Álvarez, I., García-Rubio, R., & Martínez-Ferrero, J. (2018). Environmental performance concerns in Latin America: Determinant factors and multivariate analysis . Revista de Contabilidad-Spanish Accounting Review, 21(2), 206–221. https://doi.org/10.1016/j.rcsar.2018.05.003
Gallén, M. L., & Peraita, C. (2018). The effects of national culture on corporate social responsibility disclosure: a cross-country comparison. Applied Economics, 50(27), 2967–2979. https://doi.org/10.1080/00036846.2017.1412082
Ganda, F. (2021). The influence of carbon performance on the financial debt of listed companies in an emerging economy: Does company size matter? Business Strategy & Development. https://doi.org/10.1002/bsd2.182
Garcia-Sanchez, I.-M., Raimo, N., & Vitolla, F. (2020). CEO power and integrated reporting. Meditari Accountancy Research. https://doi.org/10.1108/MEDAR-11-2019-0604
García-Sánchez, I.-M., Raimo, N., & Vitolla, F. (2021). Are Environmentally Innovative Companies Inclined towards Integrated Environmental Disclosure Policies? Administrative Sciences, 11(1), 29. https://doi.org/10.3390/admsci11010029
García‐Sánchez, I., Gallego‐Álvarez, I., & Zafra‐Gómez, J. (2021). Do independent, female and specialist directors promote eco‐innovation and eco‐design in agri‐food firms? Business Strategy and the Environment, 30(2), 1136–1152. https://doi.org/10.1002/bse.2676
García Martín, C. J., & Herrero, B. (2020). Do board characteristics affect environmental performance? A study of EU firms. Corporate Social Responsibility and Environmental Management, 27(1), 74–94. https://doi.org/10.1002/csr.1775
Giannarakis, G., Konteos, G., Sariannidis, N., & Chaitidis, G. (2017). The relation between voluntary carbon disclosure and environmental performance: The case of S&P 500. International Journal of Law and Management. https://doi.org/10.1108/IJLMA-05-2016-0049
Gómez-Bolaños, E., Ellimäki, P., Hurtado-Torres, N. E., & Delgado-Márquez, B. L. (2022). Internationalization and environmental innovation in the energy sector: Exploring the differences between multinational enterprises from emerging and developed countries. Energy Policy, 163, 112867. https://doi.org/10.1016/j.enpol.2022.112867
Gössling, S., Balas, M., Mayer, M., & Sun, Y.-Y. (2023). A review of tourism and climate change mitigation: The scales, scopes, stakeholders and strategies of carbon management. Tourism Management, 95, 104681. https://doi.org/10.1016/j.tourman.2022.104681
Haque, F., & Ntim, C. G. (2020). Executive Compensation, Sustainable Compensation Policy, Carbon Performance and Market Value. British Journal of Management, 31(3), 525–546. https://doi.org/10.1111/1467-8551.12395
Harper, J., & Sun, L. (2019). CEO power and corporate social responsibility. American Journal of Business, 34(2), 93–115. https://doi.org/10.1108/AJB-10-2018-0058
Hassan, M. K., Houston, R., Karim, M. S., & Sabit, A. (2023). CEO duality and firm performance during the 2020 coronavirus outbreak. The Journal of Economic Asymmetries, 27, e00278. https://doi.org/10.1016/j.jeca.2022.e00278
Hossain, S. (2016). Foreign direct investment (FDI) and corruption: Is it a major hindrance for encouraging inward FDI? African Journal of Business Management, 10(10), 256. https://doi.org/10.5897/AJBM2016.8032
Hussain, M. J., Tian, G., Ashraf, A., Khan, M. K., & Ying, L. (2023). Chief executive officer ability and corporate environmental sustainability information disclosure. Business Ethics, the Environment & Responsibility, 32(1), 24–39. https://doi.org/10.1111/beer.12485
Husted, B. W., & Sousa-Filho, J. M. de. (2019). Board structure and environmental, social, and governance disclosure in Latin America. Journal of Business Research, 102, 220–227. https://doi.org/10.1016/j.jbusres.2018.01.017
Iqbal, N., Abbasi, K. R., Shinwari, R., Guangcai, W., Ahmad, M., & Tang, K. (2021). Does exports diversification and environmental innovation achieve carbon neutrality target of OECD economies? Journal of Environmental Management, 291, 112648. https://doi.org/10.1016/j.jenvman.2021.112648
Jabbour, A. B. L. de S., Jabbour, C. J. C., Sarkis, J., Latan, H., Roubaud, D., Godinho Filho, M., & Queiroz, M. (2020). Fostering low-carbon production and logistics systems: framework and empirical evidence. International Journal of Production Research, 1–20. https://doi.org/10.1080/00207543.2020.1834639
Jain, T., & Zaman, R. (2020). When boards matter: The case of corporate social irresponsibility. British Journal of Management, 31(2), 365–386. https://doi.org/10.1111/1467-8551.12376
Javeed, S. A., Latief, R., Jiang, T., San Ong, T., & Tang, Y. (2021). How environmental regulations and corporate social responsibility affect the firm innovation with the moderating role of Chief executive officer (CEO) power and ownership concentration? Journal of Cleaner Production, 308, 127212. https://doi.org/10.1016/j.jclepro.2021.127212
Javeed, S. A., & Lefen, L. (2019). An analysis of corporate social responsibility and firm performance with moderating effects of CEO power and ownership structure: A case study of the manufacturing sector of Pakistan. Sustainability (Switzerland), 11(1). https://doi.org/10.3390/su11010248
Jia, X., Liao, S., Van der Heijden, B., & Li, W. (2022). Power and responsibility: How different sources of CEO power affect firms’ corporate social responsibility practices. Business Ethics, the Environment & Responsibility, 31(3), 682–701. https://doi.org/10.1111/beer.12438
Jiakui, C., Abbas, J., Najam, H., Liu, J., & Abbas, J. (2023). Green technological innovation, green finance, and financial development and their role in green total factor productivity: Empirical insights from China. Journal of Cleaner Production, 382, 135131. https://doi.org/10.1016/j.jclepro.2022.135131
Jiang, Y., Luo, L., Xu, J., & Shao, X. (2021). The value relevance of corporate voluntary carbon disclosure: Evidence from the United States and BRIC countries. Journal of Contemporary Accounting & Economics, 17(3), 100279. https://doi.org/10.1016/j.jcae.2021.100279
Jiao, J., Chen, C., & Bai, Y. (2020). Is green technology vertical spillovers more significant in mitigating carbon intensity? Evidence from Chinese industries. Journal of Cleaner Production, 257, 120354. https://doi.org/10.1016/j.jclepro.2020.120354
Jiraporn, P., & Chintrakarn, P. (2013). How do powerful CEOs view corporate social responsibility (CSR)? An empirical note. Economics Letters, 119(3), 344–347. https://doi.org/10.1016/j.econlet.2013.03.026
Jizi, M. I., Salama, A., Dixon, R., & Stratling, R. (2014). Corporate Governance and Corporate Social Responsibility Disclosure: Evidence from the US Banking Sector. Journal of Business Ethics, 125(4), 601–615. https://doi.org/10.1007/s10551-013-1929-2
Jouber, H. (2019). How does CEO pay slice influence corporate social responsibility? US–Canadian versus Spanish–French listed firms. Corporate Social Responsibility and Environmental Management, 26(2), 502–517. https://doi.org/10.1002/csr.1728
Jouber, H. (2021). Is the effect of board diversity on CSR diverse? New insights from one-tier vs two-tier corporate board models. Corporate Governance: The International Journal of Business in Society. https://doi.org/10.1108/CG-07-2020-0277
Keltner, D., Gruenfeld, D. H., & Anderson, C. (2003). Power, approach, and inhibition. In Psychological Review (Vol. 110, pp. 265–284). American Psychological Association. https://doi.org/10.1037/0033-295X.110.2.265
Kemp, R., & Pontoglio, S. (2011). The innovation effects of environmental policy instruments—A typical case of the blind men and the elephant? Ecological Economics, 72, 28–36. https://doi.org/10.1016/j.ecolecon.2011.09.014
Khan, Z., Ali, S., Umar, M., Kirikkaleli, D., & Jiao, Z. (2020). Consumption-based carbon emissions and International trade in G7 countries: The role of Environmental innovation and Renewable energy. Science of The Total Environment, 730, 138945. https://doi.org/10.1016/j.scitotenv.2020.138945
Kılıç, M., Uyar, A., Kuzey, C., & Karaman, A. S. (2021). Drivers and consequences of sustainability committee existence? Evidence from the hospitality and tourism industry. International Journal of Hospitality Management, 92, 102753. https://doi.org/10.1016/j.ijhm.2020.102753
Konadu, R., Ahinful, G. S., Boakye, D. J., & Elbardan, H. (2022). Board gender diversity, environmental innovation and corporate carbon emissions. Technological Forecasting and Social Change, 174, 121279. https://doi.org/10.1016/j.techfore.2021.121279
Kraus, S., Rehman, S. U., & García, F. J. S. (2020). Corporate social responsibility and environmental performance: The mediating role of environmental strategy and green innovation. Technological Forecasting and Social Change, 160, 120262. https://doi.org/10.1016/j.techfore.2020.120262
Kyaw, K. (2022). Effect of policy uncertainty on environmental innovation. Journal of Cleaner Production, 363, 132645. https://doi.org/10.1016/j.jclepro.2022.132645
Le, T. T., & Ferasso, M. (2022). How green investment drives sustainable business performance for food manufacturing small- and medium-sized enterprises? Evidence from an emerging economy. Corporate Social Responsibility and Environmental Management, 29(4), 1034–1049. https://doi.org/10.1002/csr.2252
Li, D., Huang, M., Ren, S., Chen, X., & Ning, L. (2018). Environmental legitimacy, green innovation, and corporate carbon disclosure: Evidence from CDP China 100. Journal of Business Ethics, 150(4), 1089–1104. https://doi.org/10.1007/s10551-016-3187-6
Li, F., Li, T., & Minor, D. (2016). CEO power, corporate social responsibility, and firm value: a test of agency theory. International Journal of Managerial Finance, 12(5), 611–628. https://doi.org/10.1108/IJMF-05-2015-0116
Li, Y., Gong, M., Zhang, X.-Y., & Koh, L. (2018). The impact of environmental, social, and governance disclosure on firm value: The role of CEO power. The British Accounting Review, 50(1), 60–75.
Liao, Z. (2018a). Corporate culture, environmental innovation and financial performance. Business Strategy and the Environment, 27(8), 1368–1375. https://doi.org/10.1002/bse.2186
Liao, Z. (2018b). Environmental policy instruments, environmental innovation and the reputation of enterprises. Journal of Cleaner Production, 171, 1111–1117. https://doi.org/10.1016/j.jclepro.2017.10.126
Long, S., & Liao, Z. (2021). Would consumers pay for environmental innovation? The moderating role of corporate environmental violations. Environmental Science and Pollution Research, 1–10. https://doi.org/10.1007/s11356-021-12811-2
Long, X., Chen, Y., Du, J., Oh, K., Han, I., & Yan, J. (2017). The effect of environmental innovation behavior on economic and environmental performance of 182 Chinese firms. Journal of Cleaner Production, 166, 1274–1282. https://doi.org/10.1016/j.jclepro.2017.08.070
Lu, J., Javeed, S. A., Latief, R., Jiang, T., & Ong, T. S. (2021). The Moderating Role of Corporate Social Responsibility in the Association of Internal Corporate Governance and Profitability; Evidence from Pakistan. International Journal of Environmental Research and Public Health, 18(11), 5830. https://doi.org/10.3390/ijerph18115830
Lu, L. W., & Taylor, M. E. (2018). A study of the relationships among environmental performance, environmental disclosure, and financial performance. Asian Review of Accounting. https://doi.org/10.1108/ARA-01-2016-0010
Luan, B., Huang, J., & Zou, H. (2019). Domestic R&D, technology acquisition, technology assimilation and China’s industrial carbon intensity: Evidence from a dynamic panel threshold model. Science of The Total Environment, 693, 133436. https://doi.org/10.1016/j.scitotenv.2019.07.242
Luo, L., & Tang, Q. (2014). Does voluntary carbon disclosure reflect underlying carbon performance? Journal of Contemporary Accounting & Economics, 10(3), 191–205. https://doi.org/10.1016/j.jcae.2014.08.003
Luo, L., & Tang, Q. (2021). Corporate governance and carbon performance: role of carbon strategy and awareness of climate risk. Accounting & Finance, 61(2), 2891–2934. https://doi.org/10.1111/acfi.12687
Mahmood, N., Zhao, Y., Lou, Q., & Geng, J. (2022). Role of environmental regulations and eco-innovation in energy structure transition for green growth: Evidence from OECD. Technological Forecasting and Social Change, 183, 121890. https://doi.org/10.1016/j.techfore.2022.121890
Mahmoudian, F., Lu, J., Yu, D., Nazari, J. A., & Herremans, I. M. (2021). Inter-and intra-organizational stakeholder arrangements in carbon management accounting. The British Accounting Review, 53(1), 100933. https://doi.org/10.1016/j.bar.2020.100933
Marcon Nora, G. A., Alberton, A., & Ayala, D. H. F. (2023). Stakeholder theory and actor-network theory: The stakeholder engagement in energy transitions. Business Strategy and the Environment, 32(1), 673–685. https://doi.org/10.1002/bse.3168
Martínez‐Ferrero, J., Lozano, M. B., & Vivas, M. (2021). The impact of board cultural diversity on a firm’s commitment toward the sustainability issues of emerging countries: The mediating effect of a CSR committee. Corporate Social Responsibility and Environmental Management, 28(2), 675–685. https://doi.org/10.1002/csr.2080
Maswadi, L., & Amran, A. (2023). Does board capital enhance corporate social responsibility disclosure quality? The role of CEO power. Corporate Social Responsibility and Environmental Management, 30(1), 209–225. https://doi.org/10.1002/csr.2349
Meirun, T., Mihardjo, L. W. W., Haseeb, M., Khan, S. A. R., & Jermsittiparsert, K. (2021). The dynamics effect of green technology innovation on economic growth and CO2 emission in Singapore: new evidence from bootstrap ARDL approach. Environmental Science and Pollution Research, 28(4), 4184–4194. https://doi.org/10.1007/s11356-020-10760-w
Meles, A., Salerno, D., Sampagnaro, G., Verdoliva, V., & Zhang, J. (2023). The influence of green innovation on default risk: Evidence from Europe. International Review of Economics & Finance, 84, 692–710. https://doi.org/10.1016/j.iref.2022.11.036
Montalbano, P., & Nenci, S. (2019). Energy efficiency, productivity and exporting: Firm-level evidence in Latin America. Energy Economics, 79, 97–110. https://doi.org/10.1016/j.eneco.2018.03.033
Moussa, T., Kotb, A., & Helfaya, A. (2022). An Empirical Investigation of U.K. Environmental Targets Disclosure: The Role of Environmental Governance and Performance. European Accounting Review, 31(4), 937–971. https://doi.org/10.1080/09638180.2021.1890173
MSCI. (2021). MSCI Emerging Markets Latin America Index (USD).
Naeem, M. A., Appiah, M., Karim, S., & Yarovaya, L. (2023). What abates environmental efficiency in African economies? Exploring the influence of infrastructure, industrialization, and innovation. Technological Forecasting and Social Change, 186, 122172. https://doi.org/10.1016/j.techfore.2022.122172
Nkundabanyanga, S. K., Muramuzi, B., & Alinda, K. (2021). Environmental management accounting, board role performance, company characteristics and environmental performance disclosure. Journal of Accounting & Organizational Change. https://doi.org/10.1108/JAOC-03-2020-0035
Nylund, P. A., Brem, A., & Agarwal, N. (2021). Enabling technologies mitigating climate change: The role of dominant designs in environmental innovation ecosystems. Technovation, 102271. https://doi.org/10.1016/j.technovation.2021.102271
Orazalin, N., & Mahmood, M. (2021). Toward sustainable development: Board characteristics, country governance quality, and environmental performance. Business Strategy and the Environment, 30(8), 3569–3588. https://doi.org/10.1002/bse.2820
Paolone, F., Pozzoli, M., Cucari, N., & Bianco, R. (2022). Longer board tenure and audit committee tenure. How do they impact environmental performance? A European study. Corporate Social Responsibility and Environmental Management, n/a(n/a). https://doi.org/10.1002/csr.2359
Pareek, R., Sahu, T. N., & Gupta, A. (2021). Gender diversity and corporate sustainability performance: empirical evidence from India. Vilakshan-XIMB Journal of Management. https://doi.org/10.1108/XJM-10-2020-0183
Pathan, S. (2009). Strong boards, CEO power and bank risk-taking. Journal of Banking & Finance, 33(7), 1340–1350. https://doi.org/10.1016/j.jbankfin.2009.02.001
Pucheta-Martínez, M. C., & Gallego-Álvarez, I. (2021). The Role of CEO Power on CSR Reporting: The Moderating Effect of Linking CEO Compensation to Shareholder Return. Sustainability, 13(6), 3197. https://doi.org/10.3390/su13063197
Rahman, M., Rodríguez-Serrano, M. Á., & Faroque, A. R. (2021). Corporate environmentalism and brand value: A natural resource-based perspective. Journal of Marketing Theory and Practice, 1–17. https://doi.org/10.1080/10696679.2021.1872387
Ramoglou, S., Zyglidopoulos, S., & Papadopoulou, F. (2023). Is There Opportunity Without Stakeholders? A Stakeholder Theory Critique and Development of Opportunity-Actualization. Entrepreneurship Theory and Practice, 47(1), 113–141. https://doi.org/10.1177/10422587211043354
Rao, P., & Griliches, Z. (1969). Small-sample properties of several two-stage regression methods in the context of auto-correlated errors. Journal of the American Statistical Association, 64(325), 253–272. https://doi.org/10.1080/01621459.1969.10500968
Rashid, A., Shams, S., Bose, S., & Khan, H. (2020). CEO power and corporate social responsibility (CSR) disclosure: does stakeholder influence matter? Managerial Auditing Journal. https://doi.org/10.1108/MAJ-11-2019-2463
Razzaq, A., Sharif, A., Afshan, S., & Li, C. J. (2023). Do climate technologies and recycling asymmetrically mitigate consumption-based carbon emissions in the United States? New insights from Quantile ARDL. Technological Forecasting and Social Change, 186, 122138. https://doi.org/10.1016/j.techfore.2022.122138
Reed, W. R., & Ye, H. (2011). Which panel data estimator should I use? Applied Economics, 43(8), 985–1000. https://doi.org/10.1080/00036840802600087
Refinitiv. (2022a). Environmental, Social and Governance (ESG) Scores from Refinitiv. https://www.refinitiv.com/content/dam/marketing/en_us/documents/methodology/refinitiv-esg-scores-methodology.pdf
Refinitiv. (2022b). Environmental, Social and Governance Scores from Refinitiv. https://www.refinitiv.com/en/sustainable-finance/esg-scores
Rennings, K. (2000). Redefining innovation—eco-innovation research and the contribution from ecological economics. Ecological Economics, 32(2), 319–332. https://doi.org/10.1016/S0921-8009(99)00112-3
Russo, A., & Perrini, F. (2010). Investigating stakeholder theory and social capital: CSR in large firms and SMEs. Journal of Business Ethics, 91(2), 207–221. https://doi.org/10.1007/s10551-009-0079-z
Russo, S., Schimperna, F., Lombardi, R., & Ruggiero, P. (2022). Sustainability performance and social media: an explorative analysis. Meditari Accountancy Research, 30(4), 1118–1140. https://doi.org/10.1108/MEDAR-03-2021-1227
Shahbaz, S. (2019). An examination of the dimensions of CEO power and corporate social responsibility. Review of Accounting and Finance, 18(2), 221–244. https://doi.org/10.1108/RAF-01-2018-0034
Sheikh, S. (2019). An examination of the dimensions of CEO power and corporate social responsibility. Review of Accounting and Finance. https://doi.org/10.1108/RAF-01-2018-0034
Singh, S. K., Giudice, M. Del, Chierici, R., & Graziano, D. (2020). Green innovation and environmental performance: The role of green transformational leadership and green human resource management. Technological Forecasting and Social Change, 150, 119762. https://doi.org/10.1016/j.techfore.2019.119762
Suchman, M. C. (1995). Managing legitimacy: Strategic and institutional approaches. Academy of Management Review, 20(3), 571–610. https://doi.org/10.5465/amr.1995.9508080331
Symeou, P. C., Zyglidopoulos, S., & Gardberg, N. A. (2019). Corporate environmental performance: Revisiting the role of organizational slack. Journal of Business Research, 96, 169–182. https://doi.org/10.1016/j.jbusres.2018.11.019
Töbelmann, D., & Wendler, T. (2020). The impact of environmental innovation on carbon dioxide emissions. Journal of Cleaner Production, 244, 118787. https://doi.org/10.1016/j.jclepro.2019.118787
Uyar, A., Kuzey, C., Kilic, M., & Karaman, A. S. (2021). Board structure, financial performance, corporate social responsibility performance, CSR committee, and CEO duality: Disentangling the connection in healthcare. Corporate Social Responsibility and Environmental Management. https://doi.org/10.1002/csr.2141
Velte, P. (2021). Environmental performance, carbon performance and earnings management: Empirical evidence for the European capital market. Corporate Social Responsibility and Environmental Management, 28(1), 42–53. https://doi.org/10.1002/csr.2030
Velte, P., Stawinoga, M., & Lueg, R. (2020). Carbon performance and disclosure: A systematic review of governance-related determinants and financial consequences. Journal of Cleaner Production, 254, 120063. https://doi.org/10.1016/j.jclepro.2020.120063
Vural, G. (2021). Analyzing the impacts of economic growth, pollution, technological innovation and trade on renewable energy production in selected Latin American countries. Renewable Energy, 171, 210–216. https://doi.org/10.1016/j.renene.2021.02.072
Walls, J. L., & Berrone, P. (2017). The power of one to make a difference: How informal and formal CEO power affect environmental sustainability. Journal of Business Ethics, 145(2), 293–308. https://doi.org/10.1007/s10551-015-2902-z
Wang, L., Chang, H.-L., Rizvi, S. K. A., & Sari, A. (2020). Are eco-innovation and export diversification mutually exclusive to control carbon emissions in G-7 countries? Journal of Environmental Management, 270, 110829. https://doi.org/10.1016/j.jenvman.2020.110829
Wang, Y., Shen, T., Chen, Y., & Carmeli, A. (2021). CEO environmentally responsible leadership and firm environmental innovation: A socio-psychological perspective. Journal of Business Research, 126, 327–340. https://doi.org/10.1016/j.jbusres.2021.01.004
Wang, Z., Doren, C., Cai, S., & Ren, S. (2023). Enterprise level responses to environmental institutional pressure: Focus on legitimization strategies. Journal of Cleaner Production, 382, 135148. https://doi.org/10.1016/j.jclepro.2022.135148
Wedari, L. K., Moradi-Motlagh, A., & Jubb, C. (2023). The moderating effect of innovation on the relationship between environmental and financial performance: Evidence from high emitters in Australia. Business Strategy and the Environment, 32(1), 654–672. https://doi.org/10.1002/bse.3167
Wen, J., Zhao, X.-X., Fu, Q., & Chang, C.-P. (2023). The impact of extreme weather events on green innovation: Which ones bring to the most harm? Technological Forecasting and Social Change, 188, 122322. https://doi.org/10.1016/j.techfore.2023.122322
WWF. (2021). Latin America and Caribbean NDCs: Recomendations for Decision-Makers.
Yuan, Y., Hu, M., & Cheng, C. (2023). CEO succession and corporate innovation: A managerial myopic perspective. The North American Journal of Economics and Finance, 64, 101863. https://doi.org/10.1016/j.najef.2022.101863
Yurdakul, M., & Kazan, H. (2020). Effects of eco-innovation on economic and environmental performance: Evidence from Turkey’s manufacturing companies. Sustainability, 12(8), 3167. https://doi.org/10.3390/su12083167
Zaman, R., Atawnah, N., Haseeb, M., Nadeem, M., & Irfan, S. (2021). Does corporate eco-innovation affect stock price crash risk? The British Accounting Review, 101031. https://doi.org/10.1016/j.bar.2021.101031
Zhang, Y.-J., Peng, Y.-L., Ma, C.-Q., & Shen, B. (2017). Can environmental innovation facilitate carbon emissions reduction? Evidence from China. Energy Policy, 100, 18–28. https://doi.org/10.1016/j.enpol.2016.10.005
Zhang, Y., Li, J., Deng, Y., & Zheng, Y. (2022). Avoid or approach: How CEO power affects corporate environmental innovation. Journal of Innovation & Knowledge, 7(4), 100250. https://doi.org/10.1016/j.jik.2022.100250
Zhao, Y., Elahi, E., Khalid, Z., Sun, X., & Sun, F. (2023). Environmental, Social and Governance Performance: Analysis of CEO Power and Corporate Risk. Sustainability, 15(2). https://doi.org/10.3390/su15021471
Downloads
Publicado
Como Citar
Edição
Seção
Licença
Os Direitos Autorais para artigos publicados neste periódico são do autor, com direitos de primeira publicação para a Revista. Em virtude de aparecerem nesta Revista de acesso público, os artigos são de uso gratuito, com atribuições próprias, em aplicações educacionais, de exercício profissional e para gestão pública. A Revista adotou a licença Creative Commons Atribuição 4.0 Internacional - CC BY NC ND. Esta licença permite acessar, baixar (download), copiar, imprimir, compartilhar, reutilizar e distribuir os artigos desde que com a citação da fonte, atribuindo os devidos créditos de autoria. Nesses casos, nenhuma permissão é necessária por parte dos autores ou dos editores. Autores têm autorização para assumir contratos adicionais separadamente, para distribuição não-exclusiva da versão do trabalho publicada nesta revista (ex.: publicar em repositório institucional ou um capítulo de livro).
Esta obra está licenciada sob uma Licença Creative Commons.
