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Thesis/Dissertation
Date
2024-08
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Business Administration/International Business Administration
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http://dx.doi.org/10.34944/dspace/10677
Abstract
Climate change is a critical issue, as emphasized by the latest Intergovernmental Panel on Climate Change report (2023). Business organizations significantly contribute to greenhouse gas emissions but also play a crucial role in developing decarbonization solutions. A surge in scholarly attention since the mid-2010s has provided valuable insights into the dynamic interplay between firms and climate change. Studies have quantified risks and assessed the impact of environmental practices, while others have examined proactive measures by firms in response to regulatory landscapes and stakeholder expectations. External stakeholders, including governments, shareholders, and business partners, play a pivotal role in steering firms toward low-carbon strategies. However, there remains a gap in understanding the true impact of firm strategies on ecosystem health – for example on firms’ carbon footprint. This research aims to explore the influence of various actors on firms' decarbonization strategies and explores how firms navigate their transition towards low carbon amid conflicting pressures from financial markets, governments, and corporate customers in global value chains. The first essay reviews the literature on the challenges faced by multinational companies (MNCs) when trying to implement more sustainable practices in their supply chains. The second essay empirically investigates MNCs' impact on their suppliers' environmental performance, highlighting the importance of scrutiny, enforcement and economic leverage. The third essay analyzes investor reactions to coal plant divestment announcements by U.S. electric utilities, revealing increasing investor support for divestment. Overall, this work contributes to the literature at the intersection between firms and the environment in a global transition context, by taking a multidisciplinary and integrative approach. It also offers valuable insights for managers and policymakers as it highlights the necessity to account for contextual dynamics (e.g., change in value among stakeholders), and the breadth of the issues at stake (e.g., greenhouse gas emissions are concentrated at the manufacturing stages) to design more efficient environmental strategies and policies.
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