CSR activity in response to the Paris Agreement exit

In 2017, U.S. President Donald Trump announced his intention to withdraw the United States from the Paris Agreement. Although there were concerns that the exit would impede the global effort to reduce greenhouse gas emissions, the environmental performance of U.S. firms in carbon‐intensive sectors i...

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Bibliographic Details
Published in:European financial management : the journal of the European Financial Management Association 2023-06, Vol.29 (3), p.667-691
Main Authors: Klaus, J. Philipp, Nishi, Hirofumi, Peabody, S. Drew, Reichert, Carolyn
Format: Article
Language:English
Subjects:
Agreements
Climate change
Companies
corporate social responsibility
environment
Greenhouse gases
Paris Agreement
Scrutiny
signalling
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Summary:In 2017, U.S. President Donald Trump announced his intention to withdraw the United States from the Paris Agreement. Although there were concerns that the exit would impede the global effort to reduce greenhouse gas emissions, the environmental performance of U.S. firms in carbon‐intensive sectors improved after the announcement at a significantly higher pace than firms in other sectors. Moreover, our findings are concentrated among firms exposed to higher public attention. One implication is that firms under greater public scrutiny used the United States' departure from the agreement as an opportunity to credibly signal their commitment to combating global climate change.
ISSN:1354-7798
1468-036X
DOI:10.1111/eufm.12368