Using a large sample of U.S. firms from 2002 to 2020, we investigate the relationship between corporate culture and the extent of carbon emissions. We provide evidence that the quantum of carbon emissions is negatively associated with corporate cultural attributes manifested by integrity, teamwork, innovation, and respect. These results hold after controlling for potential endogeneity issues using several identification techniques. We also document that the negative culture–emissions relationship is magnified in firms with weak corporate governance and in those operating in environmentally sensitive industries. Additionally, this relationship is less salient in the presence of social capital. Finally, we demonstrate that in firms with a stronger culture, elevated carbon emissions result in a lower firm value. Our findings may be of interest to environmental regulators and management in their pursuit of firm-level carbon emission targets.

中文翻译：

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企业文化与碳排放绩效


我们利用 2002 年至 2020 年的大量美国企业样本，调查了企业文化与碳排放程度之间的关系。我们提供的证据表明，碳排放量与诚信、团队合作、创新和尊重所体现的企业文化属性呈负相关。在使用多种识别技术控制潜在的内生性问题后，这些结果仍然成立。我们还记录了，在公司治理薄弱的公司和环境敏感行业的公司中，文化与排放的负面关系被放大。此外，在存在社会资本的情况下，这种关系就不那么明显了。最后，我们证明，在文化更强的公司中，碳排放量增加会导致公司价值降低。我们的研究结果可能会引起环境监管机构和管理层追求企业层面碳排放目标的兴趣。