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Tackling Climate Change Requires Organizational Purpose

Author

Listed:
  • Rebecca Henderson
  • George Serafeim

Abstract

The public debate about how to tackle climate change has been overwhelmingly dominated by the assumption that it can be solved through the adoption of an appropriate pricing regime. This paper argues that while the development of such a regime will be critical to slowing climate change, it is a necessary, but not a sufficient, condition. We argue that it will also be important to accelerate rates of innovation and cooperation across the economy and that one important tool for doing this is the active encouragement of the development of authentically "purpose-driven" organizations.

Suggested Citation

  • Rebecca Henderson & George Serafeim, 2020. "Tackling Climate Change Requires Organizational Purpose," AEA Papers and Proceedings, American Economic Association, vol. 110, pages 177-180, May.
    • Handle: RePEc:aea:apandp:v:110:y:2020:p:177-80
    DOI: 10.1257/pandp.20201067
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    Citations

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    Cited by:

    1. Steve J. Bickley & Alison Macintyre & Benno Torgler, 2021. "Artificial Intelligence and Big Data in Sustainable Entrepreneurship," CREMA Working Paper Series 2021-11, Center for Research in Economics, Management and the Arts (CREMA).
    2. Nicolai J. Foss & Peter G. Klein & Lasse B. Lien & Thomas Zellweger & Todd Zenger, 2021. "Ownership competence," Strategic Management Journal, Wiley Blackwell, vol. 42(2), pages 302-328, February.
    3. Chatjuthamard, Pattanaporn & Singh, Simran & Jiraporn, Pornsit & Lee, Sang Mook, 2024. "Climate change exposure, shareholder wealth, and the adoption of the Paris agreement: A text-based approach," International Review of Financial Analysis, Elsevier, vol. 94(C).
    4. Francesca Collevecchio & Gianluca Gionfriddo, 2023. "Adopting a social purpose in for-profit firms: the role of the board of directors," International Entrepreneurship and Management Journal, Springer, vol. 19(3), pages 1467-1499, September.
    5. Terzi, Alessio, 2020. "Crafting an effective narrative on the green transition," Energy Policy, Elsevier, vol. 147(C).
    6. Ongsakul, Viput & Papangkorn, Suwongrat & Jiraporn, Pornsit, 2023. "Estimating the effect of climate change exposure on firm value using climate policy uncertainty: A text-based approach," Journal of Behavioral and Experimental Finance, Elsevier, vol. 40(C).
    7. Chatjuthamard, Pattanaporn & Mook Lee, Sang & Kim, Young S. & Jiraporn, Pornsit & Potosky, Denise, 2024. "Climate change and shareholder value: Evidence from textual analysis and Trump’s unexpected victory," Journal of Business Research, Elsevier, vol. 180(C).
    8. Rebecca M Henderson, 2021. "Changing the purpose of the corporation to rebalance capitalism [‘Towards Collaborative Community’]," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 37(4), pages 838-850.

    More about this item

    JEL classification:

    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • Q55 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Technological Innovation
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy

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