GHG emissions and firm performance: The role of CEO gender socialization

Swarnodeep Homroy

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Corporate Social Responsibility Reporting Climate Change Policy and Economics Environmental Sustainability in Business

Abstract

In this paper, I examine the effect of corporate greenhouse gas emissions (GHG) on profitability. I use the gender composition of the CEOs' children as an identification strategy to investigate the impact of GHG emissions on profits. CEOs who father a daughter are associated with a 10% reduction in GHG emissions. The reduction in emissions, in turn, improves profitability. A one standard deviation decrease in GHG emissions leads to a 0.14 standard deviations increase in profitability. Examining the channels, I show that CEOs with daughters are more likely to adopt a climate-integrated business strategy and set emission-reduction targets. Emission reduction affects profitability through both information advantage (protection from negative industry shocks, and lower cost of capital), and operational efficiency (lower operating costs and energy consumption) channels.

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References

1997On Persistence in Mutual Fund Performance 1995Toward a New Conception of the Environment-Competitiveness Relationship 1997Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?2000Economics and Identity*2014The Impact of Corporate Sustainability on Organizational Processes and Performance 2013Corporate social responsibility and access to finance 2005CEO Overconfidence and Corporate Investment 2004The Cash Flow Sensitivity of Cash

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