Climate-linked compensation, societal values, and climate change impact: International evidence

Article

Bose, Sudipta, Burns, Natasha, Minnick, Kristina and Shams, Syed. 2023. "Climate-linked compensation, societal values, and climate change impact: International evidence." Corporate Governance (Oxford): an international review. 31 (5), pp. 759-785. https://doi.org/10.1111/corg.12504
Article Title

Climate-linked compensation, societal values, and climate change impact: International evidence

ERA Journal ID33012
Article CategoryArticle
AuthorsBose, Sudipta, Burns, Natasha, Minnick, Kristina and Shams, Syed
Journal TitleCorporate Governance (Oxford): an international review
Journal Citation31 (5), pp. 759-785
Number of Pages27
Year2023
PublisherJohn Wiley & Sons
Place of PublicationUnited Kingdom
ISSN0964-8410
1467-8683
Digital Object Identifier (DOI)https://doi.org/10.1111/corg.12504
Web Address (URL)https://onlinelibrary.wiley.com/doi/10.1111/corg.12504
Abstract

Research question/issue
We examine whether linking executive compensation to climate-related performance is associated with better firm-level climate change impact. We also explore the interaction of culture and climate-linked incentive compensation with climate change impact.

Research findings/insights
Using firm-level climate change strategy and carbon emissions to measure climate change impacts, we find that climate-linked compensation is associated with improved climate change strategy. Climate-related incentives for the CEO and other (operational) executives are found to be negatively associated with firm-level carbon emissions, although the relationship is not as strong; however, no such association is found for climate-linked compensation of the board and top-3 executives. Country-level attitudes to whether solutions for environmental issues are considered a joint (society) responsibility versus an individual's personal responsibility are found to have an effect on the association between climate-linked compensation and climate change impacts. We also find that country-level cultural views enhance the positive association between climate-linked compensation and climate change strategy but not the association with actual firm-level carbon emissions. Further analysis shows that non-US firms drive our study's findings. Finally, improvement in climate strategy is found to have a positive effect on Tobin's Q but has no effect on profitability.

Theoretical/academic implications
Academic research is growing on the role of climate change risk and carbon emissions in corporate decisions. The findings of our study are important given that linking executives' compensation with climate performance is gaining momentum. To the best of our knowledge, this is the first study to examine any link between climate-linked compensation and climate change impact.

Practitioner/policy implications
While climate-linked compensation is associated with positive changes in climate strategy, its association with firm-level carbon emissions is promising. This is particularly the case when this compensation is offered to executives who are likely to make operational decisions with a direct impact on a firm's carbon footprint and carbon emissions.

Keywordscarbonemissions; corporate governance; climate-related incentives; climate change performance; international
Contains Sensitive ContentDoes not contain sensitive content
ANZSRC Field of Research 20204101. Climate change impacts and adaptation
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Byline AffiliationsUniversity of Newcastle
University of Texas at San Antonio, United States
Bentley University, United States
University of Southern Queensland
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