Does CSR Governance Improve Social Sustainability and Reduce the Carbon Footprint: International Evidence from the Energy Sector

Asif Saeed, Umara Noreen, Akbar Azam and Muhammad Sohail Tahir
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Asif Saeed: FAST School of Management, National University of Computer and Emerging Sciences, Lahore 54000, Pakistan
Umara Noreen: College of Business Administration, Prince Sultan University, Riyadh 11586, Saudi Arabia
Akbar Azam: FAST School of Management, National University of Computer and Emerging Sciences, Lahore 54000, Pakistan
Muhammad Sohail Tahir: Department of Management Science, COMSATS University Islamabad, Vehari 45550, Pakistan

Sustainability, 2021, vol. 13, issue 7, 1-16

Abstract: In today’s world, the energy sector is considered the backbone of any economy and plays a key role in carbon trading markets and mitigation actions. This study explores the impact of CSR governance on carbon footprints and the social performances of the energy sector. Using an international sample of 45 countries from 2002 to 2017, we find that the existence of a CSR committee improves the firm’s social responsibility and effectively mitigates the carbon footprint. Further, our results present that a large CSR committee with more experienced board members are effective to implement sustainable business practices. Furthermore, a CSR committee with experienced board members does not mitigate the environmental and social concerns, when energy firms have more powerful CEOs. Collectively, our evidence indicates that the existence of CSR governance is favorable to focus on social issues than environmental ones.

Keywords: CSR committee; carbon footprint; social performance; environmental performance; sustainable development; energy sector (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (15)

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