Firm's emission reduction effectiveness and the influence of the five institutional dimensions of the quintuple helix model: European evidence

Abstract

[EN] Based upon the quintuple helix model (QHM), this study explores whether the differ-ences in firms' emission reduction effectiveness can be attributed to the five institu-tional helices related to educational system, economic development, political–legalsystem, cultural orientation, and the natural capital. Using a set of listed Europeanfirms for the 2015–2020 period, we show that firms with better emission reductioneffectiveness operate in nations with more public educational expenditure and scien-tific production, more extensive economic development, and better institutional andgovernance quality. Moreover, emission reduction strategies are more pronouncedin firms located in countries characterized by less masculinity, individualism, powerdistance, and uncertainty avoidance, and more long-term orientation and indulgence.In addition, we find that companies with better emission reduction effectiveness arefound in countries with more natural capital, characterized by a life in harmony withnature and employing the finite resources available in a sustainable and environmen-tally conscious manner. Moreover, employing a two-stage model to identify the mostrelevant helix, we find that the political–legal system helix is the most pivotal in pro-moting firms' commitment to reducing environmental emissions