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Common Ownership and Environmental Corporate Social Responsibility

Hirose, Kosuke and Matsumura, Toshihiro (2021): Common Ownership and Environmental Corporate Social Responsibility.

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Abstract

We theoretically investigate how common ownership (or the extent of collusion in an industry) affects firms' voluntary commitment with emission restrictions and emissions abatement activities in an oligopoly. We find that common ownership reduces emissions by reducing output, and may stimulate emissions abatement activities if the degree of common ownership is small. However, significant common ownership always reduces emissions abatement activities. Additionally, common ownership may or may not improve welfare, depending on the implicit carbon cost.

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