There is widespread consensus that human activity has had a significant impact on global
climatic patterns which will have important consequences for much of society. Although there
has been much research on the relationship between corporate environmental performance and
corporate financial performance, empirical testing of the association between proactive
corporate climate-change strategies and financial (or accounting) performance is still in its
infancy. Based on the logic embodied in the Natural Resource-Based View (NRBV) of the firm, firms
that success fully implement strategies to lessen their effect on climate change should outperform
competitors who are less proactive in such efforts. This study uses a matched-pair design to
empirically demonstrate that firms with proactive climate change strategies achieved
significantly higher levels of accounting performance than competitors that were less
proactive, thus providing additional support for the NRBV.
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