Beyond Carbon: Corporate Environmental Performance Across Multiple Domains

ABSTRACT

We examine corporate environmental performance (CEP) as a multidimensional system rather than isolated outcomes. Combining institutional and behavioral perspectives, we analyze four domains—CO ₂ emissions, waste, energy, and water—using S&P 500 firms that disclosed data on all four domains (2006–2024). Seemingly, unrelated regressions suggest that industry norms and profitability relative to peers are associated with environmental outcomes similarly across domains, while slack shows weaker patterns. Within this reporting sample, lower emissions, waste, and energy use are associated with higher subsequent Tobin's Q, and firms performing well across all four domains receive the largest valuation premium. These findings suggest that, among large firms with mature disclosure, CEP may reflect integrated capability development rather than domain‐specific responses.