English (United Kingdom)

https://curated-unify.zendy.io/wp-json/zendy-region/v1/featured_content/oa?rat=en

https://curated-unify.zendy.io/wp-json/zendy-region/v1/highlighted_journal/

Global: Zendy Plus annual

Presents the access of premium content as premium feature

Premium Content

Presents the keyphrase highlighting as premium feature

Keyphrase Highlighting

Presents the summarisation as premium feature

Summarisation

Insights

Presents the pdf analysis as premium feature

PDF Analysis

Presents the zaia usage as premium feature

ZAIA

Global: Zendy Tools annual

Global: Zendy Free Plan

Global: Zendy Tools monthly

Global: Zendy Plus monthly

Many oil and gas firms claim they are going green. But are they actually walking the talk? We analyze the political and economic behavior of publicly traded oil majors to understand the degree to which they are decarbonizing. We collect a wide range of firm-level data from 2004 to 2019, including a novel measurement of political behavior based on original coding of corporate earnings calls. Our analysis yields four main findings. First, firms’ political and economic behavior are not necessarily correlated, demonstrating the value of a two-pronged political economy approach to the study of multinational firms. Second, not a single firm is shifting away from fossil fuels during the time frame studied. Changes in business behavior have been relatively modest in scope. The most ambitious firms are engaging in hedging—mitigating risk through diversification rather than moving toward decarbonization. Third, major oil and gas firms meliorate anti-climate political positions between 2010 and 2018. Finally, firms with greater progress towards decarbonization tend to be located in or sell their products in jurisdictions with more stringent environmental regulation, have smaller refining sectors, and be involved in more industry coalitions.

Transition, hedge, or resist? Understanding political and economic behavior toward decarbonization in the oil and gas industry