The moderating role of board characteristics in the relationship between carbon emission performance and firm value
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2021-11-01
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en
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Abstract
Reducing carbon emissions has been on the minds of stakeholders since the start of the millennium, which has prompted firms to respond. To contribute to this debate, this thesis tests the relationship between carbon emission performance and firm value. Additionally, this research will test the potential moderating effects of board characteristics on this relationship. The panel data research will use a dataset consisting of 4,271 firms over the period 2015 – 2020. The results show a significant relationship between carbon emission performance and firm when adding lags or, in some cases, with interaction variables. A strengthening effect has been found with board independence. However, surprisingly, a weakening effect has been found with board diversity and board size. The weakening effects of these two variables reject the assumptions of previous research. Therefore, the results can lead to new empirical research on the moderating effects of board characteristics.
Keywords: carbon emission performance, firm value, board diversity, board independence, environmental committee, CEO duality, board size
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Faculteit der Managementwetenschappen